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Rising Home Values and Shifting Ownership in Larksville: 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
Larksville, located in Pennsylvania, is a small community with a rich history in the coal mining industry. As of 2022, the city had a population of 4,240 residents spread across 4.69 square miles. Over the past decade, Larksville has experienced fluctuations in homeownership rates and housing prices, with a general trend towards increased average home values and slightly decreased homeownership.
The homeownership rate in Larksville has shown a slight decline over the years, from 83% in 2019 to 78% in 2022. Despite this minor decrease, the average home prices have demonstrated a significant upward trend. In 2010, the average home price was $123,174, which steadily increased to $170,876 by 2022, representing a 38.7% increase over 12 years. This trend suggests that while fewer residents are homeowners, those who do own homes have seen substantial appreciation in their property values.
Federal interest rates have played a role in shaping homeownership trends in Larksville. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, hovering around 79-82%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership, dropping to 78% by 2022. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The renter population in Larksville has seen a modest increase, from 17% in 2019 to 22% in 2022. Interestingly, average rent prices have shown some volatility over the years. In 2013, the average rent was $879, which decreased to $850 in 2015, then rose to $899 in 2016. By 2022, the average rent had dropped significantly to $759. This decrease in rent prices, coupled with the increase in the renter population, suggests a potential oversupply of rental properties or economic factors affecting the local rental market.
In 2023 and 2024, Larksville experienced continued growth in average home prices. The average home price reached $176,690 in 2023 and further increased to $188,190 in 2024, representing a 10.1% increase over two years. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust housing market in Larksville, capable of withstanding higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Larksville will continue to rise over the next five years, potentially reaching around $220,000 by 2029. This projection assumes a continuation of the current growth rate and stable economic conditions. As for rent prices, the recent downward trend may stabilize, and we could see a gradual increase to approximately $800-$850 per month by 2029, assuming economic recovery and increased demand for rental properties.
In summary, Larksville has demonstrated resilience in its housing market, with steadily increasing average home prices despite slight decreases in homeownership rates. The rental market has shown more volatility, with recent decreases in average rent prices coinciding with an increase in the renter population. The city's ability to maintain rising home values even in the face of higher interest rates suggests a strong local housing market with potential for continued growth in the coming years.
