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Springville, Alabama: Home Values and Ownership Trends in a Small-Town Setting
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
Springville, Alabama, a growing city in St. Clair County with a population of 6,693 in 2022, has experienced notable trends in homeownership rates and housing prices. This charming community has maintained a high rate of owner-occupied housing while average home prices have shown a consistent upward trend.
Homeownership rates in Springville have remained relatively stable, with minor fluctuations over the years. In 2013, the homeownership rate was 89%, which increased to 92% in 2019 before declining to 87% in 2022. During this same period, average home prices in Springville have steadily increased. In 2013, the average home price was $180,381, which rose to $230,362 in 2019 and further increased to $314,034 in 2022. This represents a significant 74% increase in average home prices over a nine-year period.
The relationship between federal interest rates and homeownership rates in Springville shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates in Springville stayed above 88%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership rates, dropping to 87% in 2022.
Renter percentages in Springville have shown a gradual increase over the years, from 7% in 2013 to 13% in 2022. Average rent prices have fluctuated during this period. In 2013, the average rent was $762, which decreased to $641 in 2017 before rising again to $753 in 2022. This represents a modest overall decrease of 1.2% in average rent prices over the nine-year period, despite the increasing renter population.
Looking at the most recent data, average home prices in Springville continued to rise in 2023, reaching $317,061. In 2024, there was a slight increase to $317,292. Federal interest rates also saw a significant jump, rising to 5.02% in 2023 and further increasing to 5.33% in 2024. These higher interest rates may impact homeownership trends in the coming years.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Springville will continue to rise, albeit at a slower pace due to the higher interest rates. By 2029, average home prices could reach approximately $350,000 to $375,000. Average rent prices are expected to increase more steadily, potentially reaching $900 to $950 by 2029, as the renter population continues to grow.
In summary, Springville has maintained a high rate of homeownership despite rising home prices. The recent surge in interest rates may lead to a slight decrease in homeownership rates and a potential slowdown in home price appreciation. Meanwhile, the rental market is likely to see continued growth in both renter percentages and average rent prices over the next five years.
