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White Hall, Arkansas: Rising Home Values Amidst 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
White Hall, located in Arkansas, is a community that has experienced notable shifts in its housing landscape over the past decade. The city, covering an area of 7.06 square miles, has seen fluctuations in its homeownership rates and housing prices, reflecting broader economic trends and local market dynamics. From 2013 to 2022, White Hall witnessed a significant decline in homeownership rates. In 2013, 76% of residents owned their homes, but by 2022, this figure had dropped to 67%. This 9 percentage point decrease indicates a substantial shift in the local housing market. Concurrently, average home prices in White Hall have shown a steady upward trend. In 2013, the average home price was $88,800, which increased to $135,478 by 2022, representing a substantial 52.6% rise over this period.
The relationship between federal interest rates and homeownership rates in White Hall demonstrates some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 75%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 67%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The rental market in White Hall has shown inverse trends to homeownership. As the percentage of renters increased from 24% in 2013 to 32% in 2022, average rent prices also saw an overall increase. In 2013, the average rent was $762, which rose to $760 by 2022, after peaking at $882 in 2018. This represents a relatively stable rental market over the decade, with some fluctuations. The increase in the renter population, from about 1,650 in 2013 to approximately 2,206 in 2022, likely contributed to the sustained demand for rental properties.
Looking at the most recent data, the average home price in White Hall for 2023 was $134,352, showing a slight decrease from 2022. However, in 2024, the average home price has risen again to $136,058. This recent uptick occurs against the backdrop of significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher rates may impact affordability and future homeownership trends in the city.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in White Hall will continue to rise, albeit at a more moderate pace. Given the historical data and current economic conditions, we project average home prices could reach approximately $150,000 to $160,000 by 2029. For rent prices, the forecast suggests a potential increase to around $850 to $900 per month over the next five years, assuming steady demand and economic stability.
In summary, White Hall has experienced a notable shift from homeownership to renting over the past decade, with a concurrent rise in average home prices. The rental market has remained relatively stable with moderate price increases. Recent data shows a continued upward trend in home prices despite higher interest rates, suggesting ongoing demand in the local housing market. These trends highlight the dynamic nature of White Hall's housing landscape and the interplay between various economic factors affecting homeownership and rental patterns.
