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Sodus Point: Rising Home Values and Ownership in a Waterfront Community
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
Sodus Point, located in New York, is a picturesque community nestled on the shores of Lake Ontario. This charming village has experienced fluctuating trends in homeownership and housing prices over the past decade. The overall trajectory shows a gradual increase in homeownership rates, accompanied by a steady rise in average home prices, while average rent prices have shown some volatility.
The homeownership rate in Sodus Point has demonstrated a general upward trend from 2013 to 2022. In 2013, the percentage of owner-occupied housing units stood at 81%. This figure rose to 89% by 2017, marking the highest point of homeownership in the observed period. Although there were slight fluctuations in subsequent years, the rate remained relatively high, settling at 86% in 2022. Concurrently, average home prices in the village have shown a consistent upward trajectory. In 2013, the average home price was $128,116. By 2022, this figure had increased significantly to $216,084, representing a substantial 68.7% growth over the nine-year period.
Federal interest rates have played a role in shaping homeownership trends in Sodus Point. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates in the village increased from 81% to 86%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate showed some fluctuations but generally remained high, suggesting that other local factors may have also influenced homeownership decisions in the village.
The rental market in Sodus Point has experienced some interesting trends. The percentage of renter-occupied housing units decreased from 19% in 2013 to 14% in 2022, inversely mirroring the increase in homeownership. Average rent prices, however, showed some volatility. In 2013, the average rent was $1,054, which remained stable through 2014. There was a slight decrease to $1,038 in 2015, followed by an increase to $1,066 in 2016. The average rent then fluctuated, dropping to $961 in 2020 before rising again to $1,014 in 2022. These changes in rent prices and renter percentages could be influenced by the village's changing population, which decreased from 2,017 in 2013 to 2,169 in 2022, potentially affecting housing demand.
In 2023 and 2024, Sodus Point has continued to see growth in average home prices. The average home price reached $237,507 in 2023 and further increased to $252,470 in 2024. This represents a significant 16.8% increase from 2022 to 2024. Concurrently, federal interest rates have risen substantially, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the village.
Looking ahead, predictive models suggest that average home prices in Sodus Point are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices may stabilize or show modest increases as the rental market adjusts to changing demand and overall housing costs. However, the exact figures will depend on various economic factors and local market conditions.
In summary, Sodus Point has experienced a notable increase in homeownership rates and average home prices over the past decade. Despite some fluctuations, the village has maintained a high rate of owner-occupied housing units. The rental market has seen a decrease in the percentage of renters, with average rent prices showing some variability. Recent years have brought significant increases in both average home prices and interest rates, which may shape the village's housing market dynamics in the coming years.
