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Sunbury, PA: Average Home Values and Ownership Trends in a Dynamic Small City Market
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
Sunbury, a city in Pennsylvania with zip code 17801, offers a unique blend of small-town charm and urban amenities. Located along the Susquehanna River, this historic city has experienced interesting shifts in its housing market over the past decade. The ownership percentage has fluctuated, while average home prices have shown a general upward trend. Average rent prices have also increased, albeit with some variability.
The homeownership rate in Sunbury has seen subtle changes from 2013 to 2022. In 2013, the ownership rate stood at 48%, and by 2022, it had slightly increased to 49%. During this period, average home prices demonstrated a consistent upward trajectory. In 2013, the average home price was $113,996, and by 2022, it had risen to $156,735, representing a substantial increase of 37.5% over nine years.
Federal interest rates have played a significant role in shaping homeownership trends in Sunbury. From 2013 to 2016, interest rates remained relatively low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained stable at around 48-49%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a noticeable decline in homeownership, dropping to 42% in 2019. However, when interest rates plummeted to 0.08% in 2021, homeownership rebounded to 48%, illustrating the inverse relationship between interest rates and homeownership.
The rental market in Sunbury has shown interesting trends as well. The percentage of renters increased from 52% in 2013 to 58% in 2019, before settling back to 51% in 2022. Average rent prices have generally increased over this period, with some fluctuations. In 2013, the average rent was $668, which rose to $731 in 2019, coinciding with the peak in renter percentage. By 2022, the average rent had slightly decreased to $728. These trends suggest a complex interplay between rental demand, housing availability, and economic factors in the city.
In 2023, the average home price in Sunbury reached $157,895, showing continued growth from previous years. However, 2024 has seen a slight decline to $152,598. This downturn coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to the cooling of home prices in the city.
Looking ahead, based on historical trends and current market conditions, we can anticipate some potential developments in Sunbury's housing market over the next five years. Average home prices are likely to stabilize or experience modest growth, given the current high interest rate environment. We might expect prices to hover around $160,000 to $170,000 by 2029. Average rent prices could continue their gradual upward trend, potentially reaching $750 to $800 per month in the same timeframe. However, these projections could be influenced by various factors including economic conditions, local development initiatives, and changes in federal monetary policy.
In summary, Sunbury's housing market has demonstrated resilience and adaptability over the past decade. The city has maintained a relatively balanced mix of homeowners and renters, with slight shifts in response to economic factors. The steady increase in average home prices, despite some recent cooling, suggests a stable and attractive real estate market. The rental sector remains robust, with average rents showing an overall upward trend. These patterns, combined with the city's historical charm and strategic location, position Sunbury as an interesting market for both homeowners and investors in the coming years.
