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Sherman, New York: Stable Home Values Amid Changing Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Sherman is a small community located in New York State, characterized by its close-knit atmosphere and rural charm. Over the past decade, the village has experienced fluctuations in homeownership rates and housing costs, reflecting broader economic trends and local demographic shifts.
The homeownership rate in Sherman has remained relatively stable, with a slight decline observed in recent years. In 2013, the homeownership rate stood at 79%, maintaining this level until 2017. However, by 2022, it had decreased to 74%. This shift coincided with changes in average home prices, though specific figures for earlier years are not available. The relationship between homeownership rates and average home prices in Sherman appears to follow typical market trends, where rising home prices can make homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in Sherman. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This likely contributed to the sustained high homeownership rate of 79% during those years. As interest rates began to rise in 2017 (1%) and continued upward to 1.68% in 2022, we observed a corresponding decline in homeownership to 74%, illustrating the inverse relationship between interest rates and homeownership rates.
The rental market in Sherman has shown interesting trends over the years. The percentage of renters increased from 21% in 2017 to 26% in 2022, inversely mirroring the decline in homeownership. Average rent prices have fluctuated, with notable changes occurring in recent years. In 2013, the average rent was $550, dropping to $505 in 2015. There was a significant increase to $613 in 2017, followed by a decline to $533 in 2019. By 2022, the average rent had surged to $733, representing a substantial 37.5% increase from 2019. These fluctuations in rent prices and renter percentages may be influenced by factors such as local economic conditions, housing availability, and population changes.
In 2023 and 2024, Sherman experienced stability in average home prices. The average home price in 2023 was $159,037, with a slight increase to $159,225 in 2024, representing a modest 0.12% growth. Interestingly, this period coincides with significantly higher federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. Despite these high interest rates, the housing market in Sherman appears to have remained resilient, maintaining steady home values.
Looking ahead to the next five years, predictive models suggest a continuation of the current trends. Average home prices are expected to show modest but steady growth, potentially reaching around $165,000 by 2029. Rent prices may continue their upward trajectory, possibly exceeding $800 per month within the same timeframe, assuming current economic conditions persist.
In summary, Sherman has demonstrated a gradual shift from a predominantly owner-occupied community to one with a growing rental market. The interplay between federal interest rates, homeownership rates, and housing costs has been evident, with recent years showing resilience in home values despite rising interest rates. The rental market has seen significant price increases, potentially reflecting growing demand. These trends suggest a changing housing landscape in Sherman, with implications for both current and future residents.
