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Sharpsburg, Kentucky: A Decade of Fluctuating Home Values and Ownership in a Small City
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
Sharpsburg, Kentucky is a small city with a population that has fluctuated over the past decade, reaching 1,298 residents in 2022. This community has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Sharpsburg has shown significant fluctuations over the years. In 2013, the city had a high homeownership rate of 75%, which gradually decreased to 60% by 2019. However, there was a notable reversal in this trend, with homeownership rising to 76% by 2022. Interestingly, this shift in homeownership coincided with changes in average home prices. From 2013 to 2022, average home prices in Sharpsburg increased from $69,402 to $135,111, representing a substantial 94.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Sharpsburg appears to follow some established patterns. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%) coincided with relatively high homeownership rates above 70%. However, as interest rates began to rise from 2017 to 2019 (reaching 2.16% in 2019), homeownership rates declined to 60%. Interestingly, despite rising interest rates in 2022 (1.68%), homeownership rebounded to 76%, suggesting other local factors may have influenced this trend.
Renter percentages in Sharpsburg have mirrored the inverse of homeownership trends. The renter population increased from 25% in 2013 to a peak of 40% in 2019, before declining to 24% in 2022. Average rent prices showed a general upward trend during this period, rising from $526 in 2013 to $702 in 2019. However, there was a noticeable decrease in average rent to $484 by 2022, which may have contributed to the decline in the renter population.
In 2023 and 2024, Sharpsburg's housing market continued to evolve. Average home prices reached $140,435 in 2023, showing a slight increase from the previous year. However, in 2024, there was a minor decrease to $139,869. This slight downturn coincides with significantly higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer demand.
Looking ahead, predictive models suggest that average home prices in Sharpsburg may continue to rise moderately over the next five years, albeit at a slower pace than observed in the early 2020s. This projection is based on historical trends and assumes relatively stable economic conditions. Average rent prices are expected to stabilize and potentially increase slightly, following the recent downward adjustment seen in 2022.
In summary, Sharpsburg has experienced significant shifts in homeownership rates and housing prices over the past decade. The city saw a notable increase in homeownership from 2019 to 2022, despite rising home prices and interest rates. The rental market has shown inverse trends, with recent decreases in both renter percentages and average rent prices. As Sharpsburg moves forward, the interplay between homeownership rates, housing prices, and broader economic factors will continue to shape its real estate landscape.
