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Washington, Georgia: Rising Home Values Amid Historical Roots
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Washington, Georgia: A Small Urban Area with Revolutionary Roots and Evolving Housing Market Washington, located in Georgia, is a small urban area with a rich history dating back to the American Revolution. Over the past decade, this city has experienced notable shifts in its housing market, characterized by fluctuating homeownership rates and significant changes in average home and rent prices. The trend in homeownership in Washington has shown a gradual decline from 2013 to 2022. In 2013, the homeownership rate stood at 68%, but by 2022, it had decreased to 65%. This decline coincides with a substantial increase in average home prices. In 2013, the average home price was $70,932, which steadily rose to $131,831 by 2022, representing an impressive 85.9% increase over this period. The most dramatic surge occurred between 2020 and 2022, with average home prices jumping from $91,184 to $131,831, a 44.6% increase in just two years.
Federal interest rates appear to have influenced homeownership rates in Washington. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 66-68%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.83% by 2018, homeownership rates started to decline, dropping to 61% in 2018. This trend suggests that higher interest rates may have made home financing less affordable for some residents.
The rental market in Washington has shown interesting trends as well. The percentage of renters increased from 32% in 2013 to 35% in 2022. This rise in renter-occupied housing coincided with a substantial increase in average rent prices. In 2013, the average rent was $667, which rose to $923 by 2022, a 38.4% increase. The most significant jump occurred between 2020 and 2021, with average rent increasing from $849 to $934, a 10% rise in a single year. This trend aligns with the population decrease from 6,159 in 2013 to 5,067 in 2022, suggesting that despite a shrinking population, demand for rental properties remained strong.
Looking at the most recent data, the average home price in Washington continued its upward trajectory, reaching $140,811 in 2023 and further increasing to $146,111 in 2024. This represents a 6.8% and 3.8% year-over-year increase in 2023 and 2024, respectively. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the city.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in Washington. Based on the historical data and current market conditions, average home prices could potentially reach around $175,000 to $185,000 by 2029. Similarly, average rent prices may increase to approximately $1,100 to $1,200 per month over the same period.
In summary, Washington has experienced a gradual shift towards a higher proportion of renters, coupled with substantial increases in both average home prices and rent prices. The interplay between federal interest rates, population changes, and housing market dynamics has shaped these trends. As the city moves forward, it faces the challenge of balancing housing affordability with market growth, particularly in light of rising home prices and interest rates.
