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Walpole, NH: Home Values Surge Amid 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
Walpole, located in New Hampshire, is a small community with a rich history dating back to the 18th century. Known for its picturesque New England charm, this town has experienced notable shifts in homeownership rates and property values over the past decade. The overall trend shows a decrease in owner-occupied housing, while average home prices have steadily increased. Average rent prices have fluctuated but generally trended upward.
The percentage of owner-occupied housing in Walpole has seen a significant decline from 2013 to 2022. In 2013, 79% of housing units were owner-occupied, reaching a peak of 83% in 2016. However, by 2022, this figure had dropped to 64%. Conversely, average home prices have shown a consistent upward trend. In 2013, the average home price was $193,829, and by 2022, it had risen to $357,006, representing an impressive 84% increase over this period. This inverse relationship suggests that rising home prices may be making homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in Walpole. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates in Walpole were at their highest, peaking at 83% in 2016. As interest rates began to rise more substantially from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The percentage of renter-occupied housing in Walpole has increased from 21% in 2013 to 36% in 2022, mirroring the decline in homeownership. Average rent prices have shown some volatility but have generally increased over time. In 2013, the average rent was $1,055, rising to a peak of $1,147 in 2021 before dropping to $934 in 2022. The population of Walpole grew from 2,540 in 2013 to 2,879 in 2022, which may have contributed to increased demand for rental properties and influenced rent prices.
In 2023, the average home price in Walpole reached $386,085, and as of 2024, it has further increased to $413,803. This represents a continued upward trend in property values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in Walpole are likely to continue their upward trajectory over the next five years, potentially reaching around $500,000 by 2029. Average rent prices may also see moderate increases, possibly stabilizing around $1,200-$1,300 per month within the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, Walpole has experienced a notable shift from homeownership to renting over the past decade, coinciding with substantial increases in average home prices. The inverse relationship between homeownership rates and property values, influenced by fluctuating interest rates, highlights the changing dynamics of the local housing market. As the community continues to grow and evolve, these trends are likely to shape the future of housing in Walpole.
