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Rising Home Values and Shifting Ownership in Scottsville, NY: A Decade of Real Estate Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Scottsville, located in New York, is a small community with a rich history and evolving real estate landscape. Over the past decade, the village has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Scottsville has shown some variability from 2013 to 2022. In 2013, the homeownership rate stood at 67%, and by 2022, it had decreased slightly to 62%. During this period, average home prices in the village demonstrated a consistent upward trend. In 2013, the average home price was $129,913, and by 2022, it had increased significantly to $214,802, representing a 65.3% increase over nine years. This substantial rise in home prices may have contributed to the slight decline in homeownership rates, as higher prices potentially made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in Scottsville. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with relatively stable homeownership rates, fluctuating between 63% and 69%. However, as interest rates began to rise more sharply in 2022 to 1.68%, the homeownership rate dipped to 62%, suggesting that higher borrowing costs may have impacted some residents' ability or willingness to purchase homes.
Renter percentages in Scottsville have shown an inverse relationship to homeownership rates, naturally. The renter population increased from 33% in 2013 to 38% in 2022. Interestingly, average rent prices have also risen during this period, albeit with some fluctuations. In 2013, the average rent was $841, and by 2022, it had increased to $1,088, representing a 29.4% increase. This rise in rent prices, coupled with the increase in the renter population, suggests a growing demand for rental properties in the village.
In 2023 and 2024, Scottsville continued to see growth in average home prices. The average home price reached $229,855 in 2023 and further increased to $241,248 in 2024, representing a 12.3% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $280,000 to $300,000 by 2029. Average rent prices are expected to follow a similar trajectory, potentially rising to $1,300-$1,400 per month in the same timeframe.
In summary, Scottsville has experienced a gradual shift towards a slightly higher proportion of renters, accompanied by substantial increases in both average home prices and rent prices. The interplay between federal interest rates, local market dynamics, and broader economic factors has shaped these trends. As the village continues to evolve, monitoring these indicators will be crucial for understanding the future of Scottsville's real estate market and its impact on residents.
