Loading Content...
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Waynesville, Missouri, a city known for its proximity to Fort Leonard Wood, has experienced significant shifts in its housing market and demographics over the past decade. The city's homeownership rates and housing prices have fluctuated, reflecting broader economic trends and local dynamics. From 2013 to 2021, Waynesville saw a general decline in homeownership rates, dropping from 67% to 48%. However, 2022 marked a notable rebound, with homeownership increasing to 60%.
Average home prices in Waynesville have followed a unique trajectory. Between 2010 and 2016, there was a gradual decline in average home prices, falling from $157,423 to $141,049. Since 2017, however, prices have been on an upward trend, reaching $198,861 in 2022, representing a 40.9% increase from the 2016 low. This trend occurred despite fluctuations in federal interest rates, which ranged from historically low levels of 0.09% to 0.18% between 2010 and 2015, and rose to 1.68% by 2022.
The rental market in Waynesville has also seen significant changes. Renter percentages generally increased from 33% in 2013 to 52% in 2021, before dropping to 40% in 2022. Average rent prices showed some volatility but maintained an overall upward trend, rising from $1,049 in 2013 to $1,119 in 2022, a 6.7% increase over the decade. The city's growing population, which increased from 7,359 in 2010 to 9,587 in 2022, likely contributed to the demand for rental properties and the upward pressure on rent prices.
In 2023 and 2024, Waynesville's housing market continued its upward trajectory. The average home price reached $212,364 in 2023 and further increased to $224,236 in 2024, marking a 12.8% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, predictive models suggest that Waynesville's housing market will continue to evolve. Over the next five years, average home prices are projected to maintain their upward trend, potentially reaching around $250,000 by 2029. Rent prices are also expected to increase, albeit at a slower pace, potentially reaching an average of $1,200 to $1,250 per month in the same timeframe.
In summary, Waynesville has experienced a complex interplay between homeownership rates, housing prices, and rental markets. The recent rebound in homeownership, coupled with rising home prices, suggests a strengthening local economy and increased demand for housing. However, the continuing rise in both home prices and rents, alongside high interest rates, may present affordability challenges for some residents in the coming years.