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Rising Home Values and Shifting Ownership in Spring Valley, Ohio: 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
Spring Valley, Ohio is a small community with a population that has fluctuated between 618 and 877 residents over the past decade. The city has experienced notable changes in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Spring Valley has shown a general decline from 2013 to 2022. In 2013, 75% of residents owned their homes, but by 2022, this figure had decreased to 71%. This shift coincided with a significant increase in average home prices. In 2013, the average home price was $225,686, and by 2022, it had risen to $381,849, representing a 69% increase over nine years.
The relationship between federal interest rates and homeownership rates in Spring Valley aligns with well-established economic principles. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained high, peaking at 90% in 2014. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates gradually declined, dropping to 71% by 2022.
The rental market in Spring Valley has shown interesting trends. The percentage of renters increased from 25% in 2013 to 29% in 2022. Average rent prices have fluctuated over this period, with a general upward trend. In 2013, the average rent was $633, rising to $964 by 2022, a 52% increase. This growth in rent prices, coupled with the increase in the renter population, suggests a growing demand for rental properties in the area.
In 2023 and 2024, Spring Valley continued to see growth in average home prices. The average home price reached $399,493 in 2023 and further increased to $414,623 in 2024. These increases occurred despite rising federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing despite higher borrowing costs.
Looking ahead to the next five years, the housing market in Spring Valley is likely to continue its upward trajectory, albeit at a potentially slower pace due to higher interest rates. Average home prices could reach approximately $450,000 by 2029, assuming a more moderate annual growth rate of 2-3%. Rent prices may also continue to rise, potentially reaching an average of $1,100-$1,200 per month by 2029, driven by increasing demand for rental properties and overall housing market appreciation.
In summary, Spring Valley has experienced a shift towards more renters and higher housing costs over the past decade. The interplay between rising home prices, changing interest rates, and evolving homeownership patterns reflects both local market conditions and broader economic factors. As the community continues to grow and change, these trends will likely shape the future of housing in Spring Valley.
