Loading Content...
Rising Home Values and Shifting Ownership in Woodson Terrace, Missouri: 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
Woodson Terrace, a small urban community in Missouri with a population of 4,015 as of 2022, has experienced significant changes in its housing market and demographic composition over the past decade. This compact city, spanning just 0.77 square miles, has seen notable shifts in homeownership rates and substantial changes in average home and rent prices.
The homeownership rate in Woodson Terrace has shown a declining trend from 2013 to 2018, followed by a slight recovery in recent years. In 2013, 62% of residents were homeowners, but this figure dropped to a low of 49% in 2018. Since then, there has been a gradual increase, with homeownership reaching 55% in 2022. This trend correlates with the movement in average home prices. The average home price in the city hit its lowest point at $49,377 in 2013 and has since experienced a substantial rise, reaching $113,975 in 2022, representing a remarkable 130% increase over nine years.
The relationship between federal interest rates and homeownership rates in Woodson Terrace follows a general trend observed nationwide. As interest rates remained low between 2013 and 2016, hovering around 0.1%, the city experienced its highest homeownership rates of 62-64%. However, as interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, homeownership rates declined to their lowest point of 49%. The subsequent stabilization and slight increase in homeownership rates from 2019 to 2022 occurred despite rising interest rates, suggesting other local factors may have influenced this trend.
Renter percentages in Woodson Terrace have generally mirrored the inverse of homeownership trends. The proportion of renters increased from 38% in 2013 to a peak of 51% in 2018, before slightly decreasing to 45% in 2022. Average rent prices have shown an overall upward trend, rising from $891 in 2013 to $975 in 2022, an increase of about 9.4%. However, there have been fluctuations within this period, with the highest average rent of $1,053 recorded in 2016 when the renter percentage was 44%.
In 2023 and 2024, Woodson Terrace continued to see growth in average home prices. The average home price reached $121,958 in 2023 and further increased to $124,872 in 2024, representing a 7% and 2.4% year-over-year growth, respectively. This growth occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which are significantly higher than the rates seen in the previous decade.
Looking ahead, based on the observed trends and current economic conditions, we can project potential scenarios for the next five years. Average home prices in Woodson Terrace may continue to rise, albeit at a more moderate pace, potentially reaching around $140,000 to $150,000 by 2029. Average rent prices could also see a steady increase, potentially reaching $1,100 to $1,200 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Woodson Terrace has experienced significant changes in its housing market over the past decade. The city has seen a shift from a predominantly homeowner community to a more balanced mix of owners and renters. Average home prices have shown substantial growth, particularly in recent years, while average rent prices have also increased, though at a more moderate rate. These trends, coupled with fluctuating interest rates, have reshaped the housing landscape of this small Missouri city.
