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Shawnee, Oklahoma: Rising Home Values Amidst Steady Ownership in a Vibrant 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
Shawnee, Oklahoma, a vibrant city located in Pottawatomie County, has experienced notable shifts in its housing landscape over the past decade. With a population of 37,520 in 2022 and covering an area of 45.93 square miles, Shawnee has seen fluctuations in homeownership rates, average home prices, and average rent prices. The city has maintained a relatively stable homeownership rate, hovering around 60%, while average home prices have shown a consistent upward trend, and average rent prices have experienced more variability.
The relationship between homeownership rates and average home prices in Shawnee presents an interesting dynamic. In 2013, the homeownership rate stood at 63% with an average home price of $89,639. Despite a slight decrease in homeownership to 60% by 2016, average home prices continued to rise, reaching $97,806. This trend persisted through 2022, where the homeownership rate remained steady at 62%, while average home prices surged to $149,047, representing a significant increase of 66% from 2013 to 2022.
Federal interest rates have played a role in shaping homeownership trends in Shawnee. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the stability in homeownership rates despite rising home prices. As interest rates began to climb from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Shawnee remained resilient, suggesting other factors such as local economic conditions may have offset the potential negative impact of higher borrowing costs.
Renter percentages and average rent prices in Shawnee have shown some correlation, but with interesting nuances. In 2013, the renter-occupied rate was 37%, with an average rent of $727. By 2018, the renter percentage increased to 41%, coinciding with a significant jump in average rent to $906. However, this trend reversed slightly by 2022, with the renter percentage decreasing to 38% and average rent moderating to $791. This fluctuation could be attributed to changes in housing supply, local economic factors, or shifts in population demographics.
Looking at the most recent data, 2023 saw average home prices in Shawnee reach $156,432, with a further increase to $162,127 in 2024. These figures represent a continued upward trajectory in the housing market. Notably, federal interest rates also rose significantly, hitting 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the city.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in Shawnee to continue their upward trajectory, potentially reaching around $180,000 to $190,000 by 2029. Average rent prices, which have shown more volatility, are projected to stabilize and potentially increase moderately, possibly reaching $850 to $900 per month in the same timeframe. These projections assume a continuation of current economic conditions and housing market dynamics.
In summary, Shawnee's housing market has demonstrated resilience and growth over the past decade. The city has maintained a stable homeownership rate despite significant increases in average home prices, suggesting a strong local economy and desirable living conditions. The rental market has shown more fluctuation, reflecting the dynamic nature of Shawnee's housing ecosystem. As the city continues to evolve, monitoring these trends will be crucial for understanding the future of Shawnee's housing landscape.
