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Stilson East: High Homeownership and Rising Property Values in Columbus Suburb
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
Stilson East, a neighborhood in Columbus, Ohio, has experienced significant growth in homeownership and property values over the past decade. This area has become known for its high rate of owner-occupied homes and steadily increasing real estate prices. From 2013 to 2022, the homeownership rate in Stilson East rose from 91% to 97%, indicating a strong preference for ownership in this community.
During this same period, average home prices in Stilson East saw a substantial increase. In 2013, the average home price was $301,346, but by 2022, it had risen to $527,346, representing a 75% increase over nine years. This significant appreciation in home values correlates closely with the rise in homeownership rates, suggesting a robust and desirable real estate market in the neighborhood.
Federal interest rates have played a crucial role in shaping homeownership trends in Stilson East. Between 2013 and 2020, interest rates remained relatively low, ranging from 0.09% to 0.38%. This period of low interest rates coincided with the most substantial increase in homeownership, from 91% to 98%. As interest rates began to rise more sharply in 2022 to 1.68%, there was a slight decrease in homeownership to 97%, demonstrating the inverse relationship between interest rates and homeownership rates.
The rental market in Stilson East, while relatively small, has shown some fluctuations. The percentage of renters increased slightly from 1% in 2013 to 3% in 2022. Despite this small increase, average rent prices have risen considerably. In 2013, the average rent was $1,203, and by 2022, it had increased to $1,357, a 12.8% rise. This increase in rent prices, along with the minor growth in the renter population, indicates a tightening rental market within the predominantly owner-occupied neighborhood.
Recent data shows continued growth in the Stilson East real estate market. The average home price reached $564,317 in 2023 and further increased to $590,746 in 2024, representing a 7% year-over-year increase. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, marking a significant increase from previous years. Despite these higher interest rates, home prices have continued to climb, indicating strong demand and potentially limited supply in the neighborhood.
Predictive models for 5-year trends suggest that average home prices in Stilson East will continue to rise, although potentially at a slower rate due to higher interest rates. By 2029, average home prices could reach approximately $750,000 to $800,000, assuming a moderate annual growth rate of 5-6%. For rent prices, projections indicate a continued upward trend, potentially reaching an average of $1,600 to $1,700 per month by 2029, based on historical increases and inflationary pressures.
In conclusion, Stilson East has demonstrated remarkable growth in homeownership rates and property values over the past decade. The neighborhood has maintained an exceptionally high rate of owner-occupied homes, reaching 97% in 2022. Average home prices have more than doubled since 2010, with the most recent data showing continued growth despite rising interest rates. The rental market, while small, has seen steady increases in average rent prices. These trends establish Stilson East as a desirable, predominantly owner-occupied neighborhood with a robust and appreciating real estate market.
