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Surging Home Values and Stable Ownership in Leslie, Missouri: A Decade of Housing Market Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Leslie, Missouri: A Small Community with High Homeownership Leslie, located in Missouri, is a small community with a unique charm and a population that has fluctuated over the years. As of 2022, the village had 3,235 residents occupying just 0.17 square miles, resulting in a remarkably high population density of 18,992 people per square mile. The village has experienced notable trends in homeownership rates and housing prices over the past decade, reflecting broader economic shifts and local market dynamics.
Homeownership Trends and Housing Prices The homeownership rate in Leslie has shown a significant upward trend, particularly in recent years. In 2013, the homeownership rate stood at 95%, and after a period of decline, it has rebounded strongly. By 2022, the rate reached an impressive 96%, indicating a strong preference for homeownership among residents. This trend has coincided with fluctuations in average home prices. In 2013, the average home price was $140,354, and it has since experienced substantial growth. By 2022, the average home price had risen to $251,178, representing a 78.9% increase over this period.
Interest Rates and Homeownership The relationship between federal interest rates and homeownership rates in Leslie appears to follow expected patterns. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 0.4%, homeownership rates generally remained high. The slight dip in homeownership to 88% in 2018 occurred when interest rates rose to 1.83%, suggesting a potential correlation. However, the subsequent increase in homeownership rates to 96% by 2022, despite rising interest rates (1.68% in 2022), indicates that other local factors may have played a significant role in encouraging homeownership.
Rental Market Trends Renter percentages in Leslie have inversely mirrored the homeownership trends. In 2013, only 5% of residents were renters. This percentage increased to a peak of 12% in 2018 before declining back to 4% in 2022. Average rent prices have shown volatility during this period. In 2013, the average rent was $774 per month. It peaked at $774 in 2015 before experiencing a general downward trend, reaching $652 in 2022. This 15.8% decrease in average rent over the period is notable, especially considering the simultaneous increase in home prices.
Recent Housing Market Developments In 2023 and 2024, Leslie continued to see growth in average home prices. The average home price reached $260,738 in 2023 and further increased to $274,105 in 2024. This represents a 9.1% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Future Projections Looking ahead, predictive models suggest that average home prices in Leslie may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices, which have been declining, may stabilize or potentially increase slightly as the rental market adjusts to overall housing market conditions and potential shifts in demand.
Conclusion In summary, Leslie has experienced a strong trend towards homeownership, with rates reaching 96% by 2022. This has occurred alongside significant increases in average home prices, which have more than doubled since 2010. The rental market has shrunk considerably, with both the percentage of renters and average rent prices decreasing. The village's housing market has shown resilience and growth, even in the face of rising interest rates, suggesting a robust local economy and high desirability of the area for homeowners.
