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Rising Home Values and Ownership Trends in Plevna, Montana: A Decade of Dynamic Housing Market Shifts
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
Plevna, a small town in Montana, has experienced dynamic shifts in its housing market over the past decade. This rural community has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local demographic changes.
The homeownership rate in Plevna has shown considerable variability from 2013 to 2022. In 2013, 77% of residents owned their homes. This rate peaked at 79% in 2021 before slightly decreasing to 72% in 2022. Simultaneously, average home prices have shown a steady upward trend. In 2016, the average home price was $145,471, which increased significantly to $277,148 by 2022, representing a 90.5% increase over six years.
Federal interest rates have played a crucial role in shaping homeownership trends in Plevna. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This coincided with relatively high homeownership rates in Plevna, ranging from 71% to 78%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership rates, dropping to 72% in 2022 from its peak of 79% in 2021.
Renter percentages and average rent prices in Plevna have also shown interesting trends. The percentage of renters fluctuated from a low of 21% in 2014 and 2021 to a high of 44% in 2016. Average rent prices have been volatile, ranging from $467 in 2013 to a peak of $1,530 in 2014, before settling at $635 in 2022. These fluctuations may be attributed to changes in the town's population, which varied from 824 in 2010 to 1,106 in 2022, potentially affecting housing demand and supply dynamics.
In 2023 and 2024, Plevna's housing market continued to evolve. The average home price in 2023 was $256,700, showing a slight decrease from 2022. However, it rose again to $261,250 in 2024. Interestingly, federal interest rates increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer behavior.
Looking ahead, predictive models suggest that Plevna's housing market may experience moderate growth over the next five years. Average home prices are projected to continue their upward trend, potentially reaching around $300,000 by 2029. Rent prices, while more volatile, are expected to stabilize and potentially increase slightly, possibly reaching an average of $1,200 per month by 2029. These projections assume stable economic conditions and consistent population growth in Plevna.
In summary, Plevna's housing market has demonstrated resilience and growth over the past decade. The town has maintained a relatively high homeownership rate despite rising home prices, suggesting a strong local economy and desirable living conditions. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics shaping Plevna's real estate landscape. As the town continues to grow, balancing affordability with market growth will likely be a key challenge for local policymakers and residents alike.
