Loading Content...
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Oakville, Missouri, is a suburban community located in St. Louis County. This area has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
Homeownership in Oakville has shown a slight upward trend, increasing from 84% in 2016 to 87% in 2022. This rise in homeownership coincides with a significant increase in average home prices, which grew from $227,095 in 2016 to $318,499 in 2022, representing a 40.2% increase over six years. This trend suggests a strong local housing market with growing demand for homeownership despite rising prices.
The relationship between federal interest rates and homeownership rates in Oakville presents an interesting dynamic. Despite fluctuations in interest rates, homeownership remained relatively stable, even increasing slightly. For instance, when interest rates rose from 1% in 2017 to 2.16% in 2019, homeownership actually increased from 85% to 87%. This suggests that local factors, such as strong employment or desirable community features, may have a more significant influence on homeownership than national interest rate trends in this area.
Renter percentages in Oakville have remained relatively stable, with a slight decrease from 14% in 2016 to 13% in 2022. Interestingly, average rent prices have shown some volatility during this period. Average rent peaked at $1,173 in 2016 before declining to $1,003 in 2019, then rebounding to $1,111 in 2022. This fluctuation in rent prices, coupled with the steady renter percentage, indicates a resilient rental market that has adapted to changing economic conditions and housing demand.
In 2023 and 2024, Oakville's housing market continued to show strength. Average home prices reached $333,597 in 2023 and further increased to $342,415 in 2024, representing a 7.5% growth over two years. This steady appreciation occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, demonstrating the robustness of the local housing market in the face of higher borrowing costs.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices over the next five years. Based on historical data and current market conditions, average home prices in Oakville could potentially reach around $380,000 by 2029. Average rent prices are projected to increase moderately, potentially reaching approximately $1,250 per month in the same timeframe. These projections assume continued economic stability and sustained demand for housing in the area.
In summary, Oakville has demonstrated a resilient and growing housing market characterized by increasing homeownership rates and rising home values. The area has maintained a strong preference for homeownership, even in the face of rising prices and fluctuating interest rates. The rental market, while smaller, has shown stability in occupancy rates with some variability in pricing. As the community continues to evolve, these trends suggest a robust housing market with potential for further growth in both the ownership and rental sectors.