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Wickliffe, Kentucky: Rising Home Values Amid Market Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Wickliffe, a small city in Kentucky, has experienced notable fluctuations in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in the city's real estate landscape. The homeownership rate in Wickliffe has shown a significant shift over the years. In 2013, the city boasted a high homeownership rate of 89%. However, this rate declined steadily to reach a low of 73% in 2017. Since then, there has been a gradual recovery, with the homeownership rate climbing back to 83% by 2022. Interestingly, this trend in homeownership has coincided with changes in average home prices. The average home price in Wickliffe rose from $56,753 in 2010 to $79,693 in 2020, representing a 40% increase over a decade. This upward trend continued, with average home prices reaching $105,327 in 2022, suggesting a strong housing market despite the earlier dip in homeownership rates.
The federal interest rates have played a role in shaping homeownership trends in Wickliffe. From 2010 to 2015, interest rates remained exceptionally low, hovering around 0.1% to 0.18%. This period coincided with relatively stable homeownership rates in Wickliffe. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, we observed a decline in homeownership rates. However, the subsequent recovery in homeownership rates from 2018 to 2022 occurred despite rising interest rates, indicating other local factors may have influenced this trend.
The renter population in Wickliffe has shown an inverse relationship to homeownership rates. The percentage of renters increased from 11% in 2013 to a peak of 27% in 2017, before declining to 17% in 2022. Average rent prices have fluctuated considerably during this period. In 2013, the average rent was $652, which increased to $742 in 2016. Interestingly, there was a sharp decline in average rent to $316 in 2017, coinciding with the peak in renter percentage. Subsequently, average rent prices rebounded, reaching $909 in 2019 before settling at $820 in 2022. These fluctuations in rent prices and renter percentages suggest a dynamic rental market in Wickliffe.
In 2023 and 2024, Wickliffe's housing market continued to show strength. The average home price increased to $111,763 in 2023 and further to $112,439 in 2024, representing a 6.8% increase from 2022 to 2024. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, the highest levels in over a decade.
Looking ahead, based on the historical trends and current market conditions, we can project potential scenarios for Wickliffe's housing market over the next five years. Average home prices are likely to continue their upward trajectory, albeit at a more moderate pace. We might expect average home prices to reach around $125,000 to $130,000 by 2029. Rent prices, which have shown volatility, may stabilize and gradually increase, potentially reaching an average of $900 to $950 per month by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, Wickliffe's housing market has demonstrated resilience and growth over the past decade. The city has experienced a recovery in homeownership rates, substantial increases in average home prices, and fluctuations in the rental market. The recent years have shown particularly strong growth in home values, even in the face of rising interest rates, indicating a robust local real estate market.
