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Unionville, NY: Rising Home Values and Shifting Ownership Trends
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
Unionville, located in New York state, is a small community with a rich history and a dynamic real estate market. Over the past decade, the village has experienced significant fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
The ownership percentage in Unionville has shown a notable decline from 2013 to 2022. In 2013, 81% of residents were homeowners, but by 2022, this figure had dropped to 69%. This 12 percentage point decrease coincided with a substantial increase in average home prices. In 2013, the average home price was $149,958, and by 2022, it had risen to $271,662, representing an impressive 81% increase over nine years.
The relationship between federal interest rates and homeownership rates in Unionville demonstrates some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates stayed relatively stable, ranging from 81% to 86%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline more rapidly, dropping from 88% in 2017 to 69% in 2022.
The renter percentage in Unionville has shown an inverse relationship to homeownership rates, increasing from 19% in 2013 to 31% in 2022. This rise in renters coincided with fluctuations in average rent prices. In 2013, the average rent was $1,206, and it experienced some volatility over the years, ultimately reaching $1,193 in 2022. Interestingly, despite the increase in renter percentage, the average rent price remained relatively stable, only decreasing by about 1% over this period.
In 2023 and 2024, Unionville continued to see growth in average home prices. The average home price in 2023 was $286,884, representing a 5.6% increase from 2022. In 2024, the average home price further increased to $308,319, a 7.5% jump from 2023. These increases occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, based on the observed trends, we can forecast potential 5-year trends for average home and rent prices in Unionville. If the current trajectory continues, average home prices could potentially reach around $400,000 by 2029, assuming an annual growth rate similar to recent years. Average rent prices, which have remained relatively stable, might see modest increases, potentially reaching around $1,300 per month by 2029, factoring in inflation and increased demand for rental properties.
In summary, Unionville has experienced a significant shift in its housing market over the past decade. The decline in homeownership rates, coupled with rising home prices and interest rates, suggests a changing landscape for residents. The stability in rent prices, despite an increasing renter population, indicates a complex interplay of supply and demand factors in the local rental market. As the village moves forward, these trends will likely continue to shape its real estate dynamics and community composition.
