Loading Content...
Rising Home Values and Stable Ownership in Fort Shaw, Montana: 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
Fort Shaw, located in Montana, is a small community that has experienced notable demographic and real estate changes over the past decade. The city has seen fluctuations in homeownership rates, with a general trend towards higher owner-occupancy. Average home prices have shown a consistent upward trajectory, while average rent prices have also increased, albeit at a more moderate pace.
Analysis of homeownership trends reveals that the percentage of owner-occupied homes in Fort Shaw has remained relatively stable, with some minor fluctuations. In 2013, the homeownership rate was 82%, which slightly decreased to 77% in 2016. However, it rebounded to 83% in 2017 and 2018, before settling at 78% in 2022. Concurrently, average home prices have shown a steady increase. In 2013, the average home price was $190,934, which rose to $252,770 by 2018, representing a 32.4% increase over five years. This upward trend continued, with the average home price reaching $419,824 in 2022, a significant 119.9% increase from 2013.
The relationship between federal interest rates and homeownership rates in Fort Shaw appears to follow the general trend observed nationally. When interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates in Fort Shaw remained relatively high, fluctuating between 77% and 82%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Fort Shaw showed resilience, maintaining at 78% in 2022.
Regarding rental trends, the percentage of renter-occupied homes in Fort Shaw has shown some variability. In 2013, the renter percentage was 18%, which increased to 23% in 2016, before decreasing to 16% in 2017. By 2022, it had risen again to 22%. Average rent prices have demonstrated a general upward trend. In 2013, the average rent was $518, which increased to $690 by 2017, representing a 33.2% increase. The average rent continued to rise, reaching $735 in 2022, a 41.9% increase from 2013.
In 2023, the average home price in Fort Shaw reached $422,311, showing a slight increase from the previous year. The federal interest rate in 2023 was 5.02%. Moving into 2024, the average home price has further increased to $439,931, while the federal interest rate has risen to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Fort Shaw will continue to rise, potentially reaching around $550,000 by 2029. Average rent prices are also expected to increase, possibly approaching $900 per month over the same period. These projections are based on the historical trends observed and assume relatively stable economic conditions.
In summary, Fort Shaw has experienced a consistent increase in average home prices over the past decade, with homeownership rates remaining relatively stable despite fluctuations in federal interest rates. The rental market has also seen growth, with both the percentage of renters and average rent prices showing an overall upward trend. The community's real estate market appears to be robust, with continued growth expected in both home values and rental prices in the coming years.
