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Rising Home Values and Stable Ownership Rates in Cleves, Ohio: 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
Cleves, a charming village in Ohio, has experienced notable shifts in its housing market over the past decade. Located in Hamilton County, this small community of just 1.55 square miles has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Cleves has shown resilience, ranging from 72% to 81% between 2013 and 2022. This trend has coincided with a steady increase in average home prices, which rose from $188,868 in 2010 to $310,043 in 2022, representing a significant 64% increase over 12 years. The relationship between homeownership rates and average home prices reveals an interesting pattern. Despite rising home prices, the village maintained a relatively high rate of homeownership, suggesting a strong desire among residents to own property in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in Cleves. The period from 2010 to 2015 saw historically low interest rates, hovering around 0.1% to 0.18%. During this time, homeownership rates remained steady, likely supported by these favorable borrowing conditions. As interest rates began to rise gradually from 2016 onwards, reaching 1.68% in 2022, there was a slight fluctuation in homeownership rates, but they remained resilient, ranging between 72% and 81%.
The rental market in Cleves has also experienced changes. The percentage of renters fluctuated between 19% and 28% from 2013 to 2022. Average rent prices showed volatility, starting at $966 in 2013, dropping to $643 in 2014, and then gradually increasing to $977 by 2022. This represents a modest overall increase of 1.1% in average rent prices over nine years. The fluctuations in rent prices and renter percentages suggest a dynamic rental market, possibly influenced by changes in the local economy and housing supply.
In 2023 and 2024, Cleves saw a continuation of the upward trend in average home prices. The average home price reached $328,222 in 2023 and further increased to $339,146 in 2024. This represents a significant jump of 9.4% from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the previous years.
Looking ahead, predictive models suggest that average home prices in Cleves may continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting ongoing demand for rental properties in the area. However, the rate of increase for both home prices and rents may be tempered by broader economic factors and local market conditions.
In summary, Cleves has demonstrated a robust housing market characterized by strong homeownership rates and steadily increasing average home prices. The village has maintained a high proportion of homeowners despite rising property values, indicating a stable and desirable residential community. The rental market, while smaller, has shown resilience with gradual increases in average rents. As Cleves moves forward, it is likely to continue balancing the interests of both homeowners and renters, adapting to changing economic conditions while maintaining its appeal as a residential community.
