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Riverplace, Columbus: Home Values Soar as Ownership Remains High Near Scioto River
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Riverplace, a neighborhood in Columbus, Ohio, has experienced notable shifts in homeownership rates and property values over the past decade. This area is characterized by a predominantly owner-occupied housing market, with a strong trend towards homeownership throughout the observed period. The homeownership rate in Riverplace has remained consistently high, fluctuating between 88% and 94% from 2013 to 2022. This stability in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $257,284, which rose to $456,269 by 2022, representing a substantial 77.3% increase over nine years. The year 2021 saw a particularly significant jump in average home prices, increasing from $361,628 in 2020 to $409,368, a 13.2% rise in a single year.
Federal interest rates have played a role in shaping homeownership trends in Riverplace. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates in Riverplace remained high, between 90% and 94%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, there was a slight dip in homeownership to 88% in 2019. However, the neighborhood quickly rebounded to 90% homeownership in 2020 when interest rates dropped again to 0.38%.
Renter percentages in Riverplace have been correspondingly low, ranging from 6% to 12% between 2013 and 2022. Despite the low percentage of renters, average rent prices have shown some volatility. In 2013, the average rent was $1,945, which decreased to $1,493 by 2020, a 23.2% reduction. Interestingly, this decrease in rent prices occurred alongside a slight increase in the renter population, from 9% in 2013 to 10% in 2020. The population of Riverplace has fluctuated over the years, with 4,641 residents in 2013, dipping to 4,234 in 2018, and then rebounding to 4,843 in 2022. These population changes may have influenced the rental market dynamics.
As of 2024, the average home price in Riverplace has reached $487,375, continuing the upward trend observed in previous years. This represents a 3.3% increase from the 2023 average of $471,909. Concurrently, federal interest rates have risen significantly, reaching 5.33% in 2024, up from 5.02% in 2023. This increase in interest rates could potentially impact future homeownership rates and property values in the neighborhood.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Riverplace may continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. If the current trajectory holds, average home prices could potentially reach around $550,000 to $600,000 by 2029. Average rent prices, which have shown a decreasing trend in recent years, may stabilize or potentially increase slightly, possibly reaching around $1,600 to $1,700 per month by 2029, assuming economic conditions remain favorable and demand for rentals in the area increases.
In summary, Riverplace has maintained a strong homeownership market with steadily increasing property values over the past decade. The neighborhood has shown resilience in maintaining high homeownership rates despite fluctuations in federal interest rates. While the rental market represents a small portion of the housing landscape, it has experienced some volatility in pricing. The recent sharp increase in interest rates may pose new challenges for the housing market in Riverplace, potentially affecting both homeownership rates and property values in the coming years.
