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Rising Home Values and Steady Ownership in Parkesburg: A Decade of Housing Market Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Parkesburg, located in Pennsylvania, is a small but vibrant community with a rich history dating back to the 19th century. The city has experienced steady population growth over the past decade, reaching 3,889 residents in 2022. Homeownership rates in Parkesburg have remained relatively stable, while average home prices have shown a significant upward trend. Average rent prices, on the other hand, have fluctuated over the years but have generally increased.
The homeownership rate in Parkesburg has remained fairly consistent, with slight fluctuations between 65% and 70% from 2013 to 2022. In 2013, the homeownership rate was 70%, which decreased slightly to 65% in 2018 before rising again to 66% in 2022. During this period, average home prices in the borough have shown a substantial increase. In 2013, the average home price was $179,055, which rose steadily to $290,104 by 2022, representing a 62% increase over nine years.
Federal interest rates have played a role in homeownership trends in Parkesburg. From 2013 to 2016, when interest rates were at historic lows (0.11% to 0.40%), homeownership rates remained relatively stable. As interest rates began to rise from 2017 (1.00%) to 2019 (2.16%), there was a slight dip in homeownership rates, reaching a low of 65% in 2018. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight increase in homeownership rates to 68% and 67%, respectively.
The renter population in Parkesburg has shown an inverse relationship to homeownership rates, ranging from 30% to 35% between 2013 and 2022. Average rent prices have fluctuated during this period. In 2013, the average rent was $1,198, which decreased to $1,015 in 2019 before rising again to $1,023 in 2022. The population growth from 3,612 in 2013 to 3,889 in 2022 may have contributed to the overall upward pressure on rent prices, despite some year-to-year fluctuations.
In 2023 and 2024, Parkesburg has seen continued growth in average home prices. The average home price reached $303,265 in 2023 and further increased to $317,341 in 2024, representing a 4.6% and 9.4% increase from 2022, respectively. This growth occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong demand for housing in the area.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in Parkesburg to continue their upward trajectory over the next five years. Projecting the current growth rate, average home prices could potentially reach around $380,000 to $400,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase, potentially reaching $1,100 to $1,200 per month by 2029, assuming continued population growth and economic stability in the region.
In summary, Parkesburg has demonstrated resilience in its housing market, with steady homeownership rates and significant growth in average home prices over the past decade. The interplay between federal interest rates, population growth, and housing demand has shaped these trends. As the community continues to grow, it will be important to monitor how these factors influence future housing market dynamics in Parkesburg.
