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Stone Ridge, NY: Rising Home Values and High Ownership Rates in a Small 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
Stone Ridge, New York, is a charming Census-Designated Place (CDP) located in Ulster County. This small community has experienced significant fluctuations in its housing market over the past decade. The ownership percentage has remained relatively high, ranging from 79% to 91%, while average home prices have shown a strong upward trend. Average rent prices have also varied, reflecting the dynamic nature of the local real estate market.
The homeownership rate in Stone Ridge has seen some notable changes over the years. In 2013, the ownership rate was 88%, which declined to 79% by 2017. However, there was a substantial increase to 91% in 2022. This trend generally aligns with the movement in average home prices. In 2013, the average home price was $234,432, which steadily increased to $475,820 by 2022, representing a significant 103% increase over this period. The correlation between rising home prices and homeownership rates suggests that Stone Ridge residents have been able to capitalize on the appreciating value of their properties.
Federal interest rates have played a role in shaping homeownership trends in Stone Ridge. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.40%), homeownership rates remained relatively stable, hovering around 81-88%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 79% in 2017, but it rebounded to 86% by 2019. Interestingly, despite the sharp increase in interest rates to 1.68% in 2022, Stone Ridge saw its highest homeownership rate of 91% that year, possibly indicating other local factors influencing this trend.
Renter percentages in Stone Ridge have generally been low, ranging from 9% to 18% between 2013 and 2022. The average rent prices have shown considerable volatility during this period. In 2013, the average rent was $1,207, which decreased to $897 by 2018, representing a 25.7% drop. However, rent prices then surged to $1,444 in 2022, a 61% increase from the 2018 low. This significant rise in rent prices coincides with a decrease in the renter percentage from 13% in 2018 to 9% in 2022, suggesting that higher rents may have encouraged some residents to transition to homeownership.
In 2023 and 2024, Stone Ridge continued to see growth in its housing market. The average home price reached $507,066 in 2023 and further increased to $537,933 in 2024, representing a 6.3% year-over-year growth. This upward trend occurred despite the Federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing in Stone Ridge.
Looking ahead, based on the historical trends and current market conditions, we can expect the average home prices in Stone Ridge to continue their upward trajectory over the next five years. Projecting the current growth rate, average home prices could potentially reach around $650,000 by 2029. As for rent prices, if the recent trend continues, we might see average rents climb to approximately $1,700-$1,800 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Stone Ridge has demonstrated a robust housing market with increasing home values and a high rate of homeownership. The community has shown resilience in the face of rising interest rates, maintaining strong property values and a preference for owner-occupied housing. The rental market, while smaller, has also seen significant price appreciation in recent years. These trends suggest that Stone Ridge remains an attractive location for both homeowners and investors, with potential for continued growth in the real estate sector.
