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Rising Home Values and Ownership Trends in Piedmont, Missouri: A Decade of Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Piedmont, Missouri, a small city in Wayne County, had a population of 3,976 in 2022. Over the past decade, the city has experienced changes in homeownership rates and housing prices, with a general trend towards increased homeownership and higher average home prices.
The homeownership rate in Piedmont increased from 65% in 2013 to 66% in 2022. During this period, average home prices rose significantly, growing from $68,164 in 2013 to $113,508 in 2022, a 66.5% increase. The relationship between homeownership rates and average home prices appears complex, with some years showing a positive correlation while others do not.
Federal interest rates have influenced homeownership trends in Piedmont. From 2013 to 2016, low interest rates (0.11% to 0.40%) coincided with stable homeownership rates of 65-67%. As interest rates rose more significantly from 2017 onwards, reaching 1.83% in 2018, the city saw its highest homeownership rate of 70% that year, suggesting local factors may have had a stronger influence on homeownership than national interest rates during this period.
Renter percentages in Piedmont have fluctuated inversely to homeownership rates, decreasing from 35% in 2013 to 34% in 2022. Average rent prices have shown volatility, with notable changes such as a decrease from $716 in 2013 to $565 in 2014, followed by an increase to $782 in 2016. By 2022, the average rent had settled at $559, a 22% decrease from 2013 levels. These fluctuations in rent prices do not show a clear correlation with changes in the renter population, suggesting other local economic factors may be influencing rental markets.
In 2023 and 2024, Piedmont's housing market showed signs of cooling. The average home price decreased to $108,961 in 2023 and further to $105,561 in 2024, a 7% decline from the 2022 peak. This decline coincides with a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer demand.
Looking ahead, predictive models suggest that average home prices in Piedmont may continue to face downward pressure in the short term due to high interest rates, but could stabilize and potentially see modest growth in the next 3-5 years as the market adjusts. Rent prices are projected to remain relatively stable with potential for slight increases, reflecting the overall housing market conditions and local economic factors.
In summary, Piedmont has experienced a general trend towards increased homeownership and rising average home prices over the past decade, with recent signs of market cooling. The rental market has shown volatility in both occupancy rates and prices. The interplay between federal interest rates, local economic conditions, and housing market dynamics will continue to shape Piedmont's real estate landscape in the coming years.
