Loading Content...
Wolfeboro: Rising Home Values and Declining Ownership in New Hampshire's Lakeside Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Wolfeboro, New Hampshire, situated on the shores of Lake Winnipesaukee, is known as "The Oldest Summer Resort in America." This charming town has experienced fluctuating homeownership rates and significant changes in average home and rent prices over the past decade. The overall trend shows a slight decrease in homeownership, coupled with a substantial increase in average home prices and varying average rent prices.
From 2013 to 2022, Wolfeboro's homeownership rate declined from 83% to 75%, while average home prices surged from $269,394 to $561,838, marking a 108.5% increase. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents. In 2013, when the homeownership rate was at its peak of 83%, the average home price was relatively lower at $269,394. As prices climbed, reaching $307,927 in 2017 and $363,985 in 2020, homeownership rates fluctuated but generally trended downward, hitting 76% in 2020 and 75% in 2022.
Federal interest rates have played a role in homeownership trends in Wolfeboro. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable between 80% and 83%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates showed some volatility, dropping to 79% in 2017 before rebounding to 83% in 2018. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a decrease in homeownership to 76% and 70% respectively, likely influenced by other economic factors related to the global pandemic.
Renter percentages in Wolfeboro increased from 17% in 2013 to 25% in 2022, mirroring the decline in homeownership. Average rent prices, however, showed a different pattern. In 2013, the average rent was $1,124, peaking at $1,161 in 2014. Subsequently, rent prices fluctuated, dropping to $965 in 2019 and further to $843 in 2022. This decrease in average rent prices, despite the increase in renter percentages, could be attributed to various factors including changes in housing supply or local economic conditions.
In 2023 and 2024, Wolfeboro experienced further changes in the housing market. The average home price reached $582,306 in 2023, the highest in the recorded period, before slightly decreasing to $578,425 in 2024. This coincided with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home buying decisions and overall market dynamics.
Looking ahead, predictive models suggest that average home prices in Wolfeboro may continue to rise, albeit at a slower pace, potentially reaching around $600,000 by 2029. Average rent prices, which have been on a downward trend, may stabilize or see a slight increase, possibly returning to the $900-$1,000 range within the next five years.
In summary, Wolfeboro has experienced a gradual shift towards more renters, with homeownership rates declining as average home prices soared. Despite this, average rent prices have shown a counterintuitive decrease. The interplay between federal interest rates, home prices, and ownership rates highlights the complex dynamics of the local housing market. As Wolfeboro continues to evolve, these trends will likely shape the community's housing landscape in the coming years.
