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Swan Valley's Housing Market: Rising Home Values and Stable Ownership in Eastern Idaho
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
Swan Valley, Idaho is a small city nestled in the eastern part of the state. Over the past decade, it has experienced fluctuations in population and housing trends. The city has maintained a high rate of homeownership, with average home prices showing a significant upward trend, particularly in recent years. Average rent prices have also increased, albeit with some volatility.
The homeownership rate in Swan Valley has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 79%, and it rose to 85% by 2022. This upward trend coincided with a substantial increase in average home prices. From 2018 to 2022, average home prices in Swan Valley surged from $311,434 to $504,430, representing a 62% increase over four years. This correlation suggests that rising property values may have incentivized homeownership, as residents sought to capitalize on appreciating assets.
Federal interest rates have played a role in homeownership trends in Swan Valley. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low rates coincided with the increase in homeownership from 79% to 85%. Lower interest rates typically make mortgages more affordable, encouraging home purchases. However, despite the sharp rise in interest rates to 5.02% in 2023 and 5.33% in 2024, Swan Valley's homeownership rate has remained stable at 85%, indicating other factors may be influencing local homeownership decisions.
The renter population in Swan Valley has decreased as homeownership increased. In 2013, 21% of residents were renters, which declined to 15% by 2022. Despite this decrease, average rent prices have shown an overall upward trend. The average rent rose from $752 in 2013 to $1,054 in 2022, a 40% increase. This trend suggests that while fewer people are renting, those who do are paying significantly more, possibly due to limited rental inventory or increased demand for higher-quality rental properties.
In 2023 and 2024, Swan Valley's housing market showed signs of stabilization after years of rapid growth. The average home price in 2023 was $467,030, a slight decrease from the 2022 peak of $504,430. In 2024, prices rebounded slightly to $476,168. This moderation in home prices occurred despite high federal interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting local market factors may be tempering the impact of national economic conditions.
Looking ahead, predictive models suggest that average home prices in Swan Valley may continue to rise moderately over the next five years, potentially reaching around $550,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,200 per month within the same timeframe. These projections assume continued economic stability and sustained local demand for housing.
In summary, Swan Valley has experienced a significant increase in homeownership rates and property values over the past decade. The city's housing market has shown resilience, maintaining high homeownership rates even in the face of rising interest rates. While the renter population has decreased, those who rent are paying considerably more. The recent stabilization in home prices suggests a maturing market, but continued growth is expected in both home values and rental costs in the coming years.
