Williamsport, PA: Home Values Rise Amid Population Decline in Little League World Series Host City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
Williamsport, Pennsylvania, located in the scenic Susquehanna Valley, is known for being the birthplace of Little League Baseball. This city of approximately 28,000 residents has experienced interesting shifts in its housing market over the past decade. The ownership percentage has fluctuated, while average home prices have steadily increased, and average rent prices have shown some volatility.
The homeownership rate in Williamsport has seen notable changes from 2013 to 2022. Starting at 42% in 2013, it peaked at 49% in 2016 before declining to 44% in 2022. Despite these fluctuations, average home prices have consistently risen. In 2013, the average home price was $128,526, which increased to $179,510 by 2022, representing a 39.7% growth over this period. This trend suggests that while homeownership rates have been variable, the value of homes in Williamsport has been appreciating steadily.
Federal interest rates appear to have influenced homeownership rates in Williamsport. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 42% to 49%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 44%. This pattern aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in Williamsport have mirrored the inverse of homeownership rates, ranging from 58% in 2013 to 56% in 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $748, which increased to a peak of $840 in 2021 before decreasing to $780 in 2022. This represents a 4.3% overall increase in average rent from 2013 to 2022. The fluctuations in rent prices may be influenced by changes in the city's population, which decreased from 29,431 in 2013 to 27,755 in 2022, potentially affecting housing demand.
In 2023 and 2024, Williamsport's housing market continued to evolve. The average home price reached $188,665 in 2023 and further increased to $194,056 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the city.
Looking ahead, based on the historical trends and current market conditions, we can project potential 5-year trends for Williamsport's housing market. Average home prices are likely to continue their upward trajectory, potentially reaching around $225,000 by 2029. However, the rate of increase may slow due to higher interest rates. Average rent prices may stabilize or show modest increases, potentially reaching approximately $850 by 2029, assuming the population stabilizes and demand remains consistent.
In summary, Williamsport's housing market has demonstrated resilience with steadily increasing average home prices despite fluctuations in homeownership rates. The inverse relationship between interest rates and homeownership percentages has been evident. Rent prices have shown some volatility but have generally increased over time. As the city moves forward, it will likely continue to see appreciation in home values, while rent prices may experience more moderate growth.
