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Zip Code 65752: South Greenfield's Housing Market Fluctuations and Rising Home Values
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
South Greenfield, located in zip code 65752 in Missouri, has experienced significant fluctuations in its housing market and demographic composition over the past decade. This small community, with a population of 389 in 2022, has seen notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local dynamics.
The homeownership rate in South Greenfield has shown a general decline over the years, with some fluctuations. In 2013, the area boasted a high homeownership rate of 81%. However, by 2020, this figure had dropped to 62%, indicating a substantial shift in the local housing market. Interestingly, there was a slight recovery in 2021 and 2022, with homeownership rising to 70%. This trend coincides with changes in average home prices, which have shown a marked increase in recent years. The average home price in the area rose from $160,321 in 2021 to $194,735 in 2022, representing a significant 21.5% increase in just one year.
The relationship between federal interest rates and homeownership rates in South Greenfield follows a generally inverse pattern. For instance, when interest rates were at historic lows of 0.08% in 2021, the area saw a rebound in homeownership to 70% from the previous year's 62%. This aligns with the well-established trend that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Renter percentages in the area have generally increased over time, mirroring the decline in homeownership. The renter-occupied rate rose from 19% in 2013 to a peak of 38% in 2020, before settling at 29% in 2022. Average rent prices have shown volatility, with significant fluctuations. In 2013, the average rent was $631, which decreased to $383 in 2016, then rose sharply to $722 in 2018. By 2022, the average rent stood at $718. These changes in rent prices and renter percentages seem to be influenced by the area's changing population, which has decreased from 544 in 2010 to 389 in 2022.
Looking at the most recent data, the average home price in South Greenfield continued to rise, reaching $195,705 in 2023 and $198,508 in 2024. This represents a modest but steady increase of 0.5% from 2022 to 2023, and a further 1.4% from 2023 to 2024. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in South Greenfield will continue to rise, albeit at a more moderate pace. Based on the recent growth rates, we project average home prices could reach approximately $210,000 to $220,000 by 2029. For rent prices, considering the historical volatility, we expect them to stabilize with a slight upward trend, potentially reaching an average of $750 to $800 per month in the next five years.
In summary, South Greenfield has experienced a shifting housing landscape characterized by declining homeownership rates, rising home prices, and fluctuating rent prices. The interplay between federal interest rates, local economic conditions, and population changes has significantly influenced these trends. As the community moves forward, it will likely continue to see gradual increases in housing costs, with potential stabilization in the rental market.
