Loading Content...
Rising Home Values and Shifting Ownership in Ewing, Springfield: A Decade of Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ewing, a neighborhood in Springfield, Missouri, has experienced significant changes in its housing market over the past decade. This area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic and demographic shifts in the region.
The relationship between homeownership percentages and average home prices in Ewing reveals interesting patterns. In 2013, the homeownership rate was 9%, with average home prices at $62,268. Over the next few years, homeownership remained relatively stable, hovering around 9-10%, while average home prices steadily increased. By 2019, average home prices had risen to $90,872, yet homeownership had slightly decreased to 8%. However, a notable shift occurred in 2020, with homeownership increasing to 11% as average home prices reached $99,447. This upward trend continued, with homeownership rising to 20% by 2022, coinciding with average home prices surging to $136,458.
Federal interest rates have played a significant role in shaping homeownership trends in Ewing. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%, which typically encourages homeownership. However, Ewing's homeownership rates remained relatively stable during this time. As interest rates began to rise from 2016 onwards, reaching 2.16% in 2019, Ewing initially saw a slight decrease in homeownership. Interestingly, despite rising interest rates, homeownership in Ewing increased significantly from 2020 to 2022, suggesting other local factors may have influenced this trend.
Renter percentages and average rent prices in Ewing have shown their own distinct patterns. In 2013, 83% of the population were renters, with an average rent of $262. The renter percentage remained relatively stable, between 81-83%, from 2013 to 2018, while average rent prices gradually increased to $296. A notable shift occurred in 2019, with the renter percentage jumping to 86% and average rent at $290. However, 2020 marked a significant change, with average rent prices surging to $839, while the renter percentage increased slightly to 89%. By 2022, the renter percentage had decreased to 80%, with average rent reaching $906.
In 2023 and 2024, Ewing has seen continued growth in average home prices, reaching $147,416 in 2023 and $151,829 in 2024. This represents a 7.3% increase from 2022 to 2023 and a further 3% increase from 2023 to 2024. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Ewing may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, possibly at a more moderate pace, as the market adjusts to changes in housing demand and supply.
In summary, Ewing has experienced significant changes in its housing market over the past decade. The neighborhood has seen a notable increase in homeownership rates, particularly from 2020 to 2022, despite rising home prices. Average rent prices have also increased substantially, especially since 2020. These trends, coupled with recent interest rate hikes, suggest a dynamic and evolving housing market in Ewing, with potential for continued growth and change in the coming years.
