Housing Market Analysis: Update

Ranson is undergoing a transition from a small industrial town to a community that blends commercial and residential growth this is attracting national attention.  The City has positioned itself through a balance of investment and support of multiple federal grants, and through private sector development investment throughout the City. This work through Public/Private Partnerships maximized grants that have improved sites for redevelopment, upgraded public infrastructure, and outlined a clear community vision and code to guide private investment.

The Council contracted with a residential market analysis firm, Duggal Real Estate Advisors, to get a better understanding of the housing market’s role in the community planning and economic development underway in the City. While Ranson’s Smart Code is very builder-friendly, the best methods for developer solicitation and attraction are not always apparent. To this end, a comprehensive market study analyzing the for-sale and for-rent residential markets in Ranson provides a guide in understanding key housing issues, market opportunities and barriers, and other issues that may impact community development was commissioned. Ultimately, this analysis will provide insight on housing priorities and what steps should be taken to ensure adequate provision of housing over the short- and mid-terms.

The full, 2017 Housing Market Analysis,  study can be downloaded from our Resources Tab

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Key Findings:

  • Future demand for housing in Ranson is stable and strong.
    • Demand for new for-sale homes in Ranson is 35-45 per year, on average.
    • This is consistent with the historical average.
    • For-rent opportunities in the city will be sporadic and opportunistic. The demand for rental is limited.
  • The SmartCode in Ranson allows for a variety of product types and tenure within a TND-style community. The only product type it excludes is a front-load townhome (meaning the garage is in the front of the unit). It does allow for rear-load townhomes and townhomes with no garages.
  • Buyer Preferences:
    • Buyer preference can be increased by providing the type of TND that is allowed in the Ranson SmartCode. The SmartCode allows for some front-facing single-family detached product. In some cases, up to 60% to 70% of product in a project could be front-facing single-family detached product since it is allowed in the T2 and T3 Transect Districts. 
    • 80% of buyers in areas like Ranson prefer conventional and 20% of buyers prefer TND communities
    • 85% of re-sale homes purchased in Jefferson County are for single-family detached (SFD), and 15% are for attached homes. Excluding apartments and mobile homes, 70% of the homes in Ranson are SFD and 30% are attached. It is reasonable to expect between 15-25% of demand in the city will be for attached homes.
  • The Smart Code, adopted in 2012, does not appear to have had an impact on SF permits. From 2008-2011, the average was 29, and from 2012- 2016, the average was 34. In Jefferson County, without a SmartCode, the trend was very similar.

 If you have additional questions on this analysis, or you are interested in investing in Ranson, please do not hesitate to contact our Community Development Department.