Loading Content...
Spickard, Missouri: Rising Home Values and High Ownership in a Small City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Spickard, a small city in Missouri with a population of 731 as of 2022, has experienced notable changes in its housing market over the past decade. The city has seen a slight decrease in homeownership rates while average home prices have increased significantly, especially in recent years.
The homeownership rate in Spickard has fluctuated but shown a slight downward trend. In 2013, the rate was 79%, which increased to 84% by 2019, but then decreased to 75% by 2022. Conversely, average home prices in the city have steadily increased. The average home price rose from $72,945 in 2013 to $162,809 in 2022, representing a substantial 123% increase over this period.
The relationship between federal interest rates and homeownership rates in Spickard does not always follow the typical inverse correlation. From 2013 to 2019, when interest rates were generally low (ranging from 0.11% to 2.16%), homeownership rates increased from 79% to 84%. However, the recent decline in homeownership rates from 84% in 2019 to 75% in 2022 coincides with a period of historically low interest rates, contrary to the typical trend.
Rental trends in Spickard have shown fluctuation with a general upward trend in recent years. The renter-occupied rate was 20% in 2013, decreased to 15% by 2019, and then increased to 25% by 2022. Average rent prices have been volatile. In 2013, the average rent was $415, which increased to $482 by 2018. Despite the increase in renter percentage, average rent prices decreased significantly to $279 by 2022.
Recent data shows that the average home price in Spickard reached $171,444 in 2023 and further increased to $180,438 in 2024, representing a 10.8% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the city.
Predictive models forecast that average home prices in Spickard will continue their upward trajectory, potentially reaching around $220,000 by 2029. This projection is based on the consistent growth observed in recent years. The forecast for rent prices is less certain due to recent volatility. However, if the trend of increasing renter percentages continues, average rent prices might gradually increase, potentially reaching around $350-$400 by 2029.
In summary, Spickard has experienced a slight decrease in homeownership rates in recent years, coupled with a significant increase in average home prices. The rental market has shown more volatility, with an increasing percentage of renters but fluctuating rent prices. The city's housing market appears to be evolving, with homeownership potentially becoming less affordable for some residents, leading to an increase in the renter population.
