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Wardsville's Rising Home Values and Ownership: A Decade of Change in Missouri's Small Village
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
Wardsville, located in Missouri, has experienced significant changes in its housing market over the past decade. This small community has seen a notable increase in homeownership rates, accompanied by fluctuations in average home prices and average rent prices. The city's population has grown moderately, reaching 3,483 residents in 2022.
The trend of homeownership in Wardsville has shown a consistent upward trajectory. In 2013, the homeownership rate was 82%, and it steadily increased to 91% by 2022. This substantial rise in homeownership coincided with an overall increase in average home prices. In 2012, the average home price was $188,014, and it rose to $315,962 by 2022, representing a 68% increase over this period. The most significant year-over-year increase occurred between 2020 and 2021, when average home prices jumped from $249,917 to $279,582, a 11.9% increase.
Federal interest rates have played a role in shaping homeownership trends in Wardsville. From 2013 to 2016, interest rates remained low, hovering around 0.1% to 0.4%. During this period, homeownership rates increased from 82% to 84%. As interest rates began to rise more substantially from 2017 to 2019, reaching 2.16% in 2019, homeownership continued to climb, reaching 87%. This suggests that other local factors may have been more influential in driving homeownership than national interest rates.
The percentage of renters in Wardsville has decreased correspondingly with the rise in homeownership. In 2013, 18% of residents were renters, but by 2022, this figure had dropped to just 9%. Despite this decline in the renter population, average rent prices have shown significant volatility. In 2013, the average rent was $354, which increased to $429 in 2016. However, it then decreased to $386 in 2019 before surging to $796 in 2022. This substantial increase in average rent prices, despite a shrinking renter population, suggests a potential shortage of rental properties or an increase in the quality of available rentals.
In 2023, the average home price in Wardsville reached $331,226, with interest rates at 5.02%. Moving into 2024, the average home price further increased to $345,250, while interest rates slightly rose to 5.33%. These figures indicate a continuing upward trend in home values, even as interest rates remain relatively high compared to the previous decade.
Looking ahead, based on the historical data and current trends, we can forecast that average home prices in Wardsville are likely to continue their upward trajectory over the next five years. Assuming a similar growth rate to recent years, we might expect average home prices to reach approximately $400,000 by 2029. Average rent prices, which have shown volatility, may stabilize or continue to increase moderately, potentially reaching around $900-$950 per month in the same timeframe.
In summary, Wardsville has experienced a significant shift towards homeownership, with a corresponding decrease in the renter population. Average home prices have shown steady growth, while average rent prices have been more volatile. The community's strong trend towards homeownership, even in the face of rising interest rates, suggests a robust local housing market and a strong preference for home ownership among residents.
