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Seymour, Missouri: Average Home Values Soar 136% in a Decade
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Seymour, Missouri, a small city in Webster County, has undergone significant changes in its housing market over the past decade. With a population increase from 5,657 in 2013 to 6,380 in 2022, covering an area of 3.48 square miles, Seymour has experienced fluctuations in homeownership rates, average home prices, and average rent prices that reflect broader economic trends and local dynamics.
The homeownership rate in Seymour has seen a slight decline, moving from 83% in 2013 to 76% in 2022. This change coincided with a substantial increase in average home prices. In 2013, the average home price in Seymour was $96,607, which rose dramatically to $212,680 by 2022, representing a 120% increase over nine years.
The relationship between federal interest rates and homeownership rates in Seymour shows some correlation. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 0.4%, the homeownership rate experienced only minor fluctuations. However, the slight decrease in homeownership from 83% in 2013 to 76% in 2022 occurred despite these low interest rates, suggesting that other factors, such as rising home prices, may have played a more significant role in affecting homeownership.
Renter percentages in Seymour have shown a modest increase, from 17% in 2013 to 24% in 2022. This trend coincides with an increase in average rent prices. In 2013, the average rent was $539, which increased to $712 by 2022, representing a 32% rise. The growth in the renter population and rent prices may be attributed to the city's population growth, potentially creating more demand for rental properties.
In 2023 and 2024, Seymour's housing market continued to evolve. The average home price reached $222,703 in 2023 and further increased to $229,079 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the city.
Looking ahead, predictive models suggest that average home prices in Seymour may continue to rise over the next five years, potentially reaching around $260,000 by 2029 if current trends persist. Average rent prices are also expected to increase, potentially surpassing $800 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Seymour has experienced a notable increase in average home prices and rent over the past decade, with a slight decrease in homeownership rates. The city's growing population and the interplay between housing prices, interest rates, and rental market dynamics will likely continue to shape Seymour's housing landscape in the coming years.
