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Rising Home Values and Stable Ownership: Womelsdorf's Housing Market Trends
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
Womelsdorf, located in Pennsylvania, is a small community with a rich history dating back to the 18th century. Over the past decade, this charming town has experienced subtle shifts in its housing market, with homeownership rates and average home prices showing interesting trends. Meanwhile, the rental market has also seen notable changes in both occupancy rates and average rent prices.
The homeownership rate in Womelsdorf has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate stood at 73%, and by 2022, it had increased marginally to 74%. During this period, average home prices in the area demonstrated a steady upward trend. In 2013, the average home price was $151,101, and by 2022, it had risen significantly to $252,336, representing a 67% increase over nine years.
The relationship between federal interest rates and homeownership rates in Womelsdorf appears to follow expected patterns. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates remained relatively high, hovering around 76-77%. As interest rates began to rise from 2017 onwards, there was a slight dip in homeownership rates, reaching 70% in 2019 when the federal interest rate was 2.16%.
Regarding the rental market, the percentage of renters in Womelsdorf has shown slight variations over the years. In 2013, 27% of residents were renters, and this figure remained relatively stable, with 26% of residents renting in 2022. Average rent prices, however, have experienced more significant changes. In 2013, the average rent was $871, which fluctuated over the years before reaching $1,077 in 2022, representing a 24% increase over the nine-year period.
Looking at the most recent data from 2023 and 2024, we see that average home prices in Womelsdorf have continued to rise. In 2023, the average home price reached $266,740, and in 2024, it further increased to $277,905. This represents a 10% increase from 2022 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Womelsdorf to continue their upward trajectory, potentially reaching around $320,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,300 per month within the same timeframe. However, these projections may be influenced by various factors such as economic conditions, local development, and changes in federal interest rates.
In summary, Womelsdorf has maintained a relatively stable housing market over the past decade, with a slight increase in homeownership rates and significant growth in average home prices. The rental market has seen moderate increases in average rent prices while maintaining a consistent proportion of renters. Recent data shows continued growth in home values, despite rising interest rates, suggesting a resilient local housing market. As the community moves forward, it will be interesting to observe how these trends evolve and shape the future of Womelsdorf's housing landscape.
