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Shell Knob: Stable Homeownership Amidst Rising Home Values in Ozarks Lake Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Shell Knob, Missouri, is a picturesque community nestled in the Ozarks, known for its beautiful Table Rock Lake. This small town has experienced fluctuations in its ownership rates and housing market over the past decade. The overall trend shows a slight decrease in homeownership, while average home prices have seen a significant increase, particularly in recent years. Average rent prices have also risen, though at a more moderate pace.
Homeownership rates in Shell Knob have slightly decreased from 94% in 2013 to 90% in 2022. Despite this minor decline, the community maintains a high rate of owner-occupied housing. Concurrently, average home prices have shown a substantial increase. In 2013, the average home price was $131,730, which rose steadily to $305,078 by 2022, representing a remarkable 131.6% increase over nine years. This trend suggests that while homeownership rates have slightly decreased, property values have appreciated significantly, potentially making it more challenging for new buyers to enter the market.
Federal interest rates have played a role in shaping homeownership trends in Shell Knob. From 2013 to 2020, interest rates remained relatively low, hovering between 0.08% and 2.16%. This period coincided with the highest homeownership rates in the community, peaking at 94% in 2013. As interest rates began to rise more sharply in 2022 to 1.68%, we see a corresponding dip in homeownership to 90%, illustrating the inverse relationship between interest rates and homeownership.
The renter population in Shell Knob has seen a slight increase, from 6% in 2013 to 10% in 2022. This change correlates with the rise in average rent prices, which increased from $507 in 2013 to $795 in 2022, a 56.8% increase. However, it's important to note that the overall population has decreased from 2,566 in 2013 to 2,395 in 2022, which may have influenced the rental market dynamics.
In 2023, the average home price in Shell Knob reached $322,794, showing a continued upward trend. By 2024, this figure further increased to $332,442. Interestingly, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates, combined with increasing home prices, may present challenges for potential homebuyers in the near future.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Shell Knob are likely to continue their upward trajectory over the next five years, albeit possibly at a slower rate due to higher interest rates. Average rent prices are also expected to increase, potentially at a rate similar to or slightly below that of home prices. However, if interest rates remain high, we might see a further slight decrease in homeownership rates and a corresponding increase in the renter population.
In summary, Shell Knob has experienced a significant appreciation in property values over the past decade, with a slight shift towards more renters. The interplay between federal interest rates, home prices, and rental rates has shaped the housing market dynamics in this small Missouri community. As we move forward, the balance between these factors will continue to influence homeownership trends and housing affordability in Shell Knob.
