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Average Home Values and Ownership in Glen Rock's 07452 Zip Code: A Stable Market with Rising Prices
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
Glen Rock, New Jersey, zip code 07452, is a suburban community known for its high quality of life and excellent schools. This area has experienced notable trends in homeownership rates and housing prices over the past decade, reflecting broader economic shifts and local market dynamics. From 2013 to 2022, Glen Rock maintained a consistently high rate of homeownership, ranging between 90% and 94%. This stability in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $575,725, which rose to $813,873 by 2022, representing a significant 41.4% increase over this period. The peak of homeownership was observed in 2018 and 2019 at 94%, corresponding with average home prices of $675,641 and $675,393 respectively.
Federal interest rates have played a crucial role in shaping homeownership trends in Glen Rock. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates in Glen Rock remained high, between 92% and 94%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates in Glen Rock remained stable, suggesting the area's resilience to moderate interest rate increases.
Renter percentages in Glen Rock have shown a slight upward trend, increasing from 5% in 2013 to 10% in 2022. This shift coincided with a substantial rise in average rent prices. In 2013, the average rent was $1,210, which more than doubled to $2,366 by 2017. However, there was a slight decrease in subsequent years, with the average rent in 2022 being $1,957. The population of Glen Rock has remained relatively stable during this period, increasing from 11,634 in 2013 to 12,046 in 2022, suggesting that the rise in renter percentages and rent prices was not primarily driven by population growth.
In 2023, the average home price in Glen Rock reached $860,930, a 5.8% increase from 2022. This upward trend continued into 2024, with average home prices hitting $919,066, marking a further 6.8% increase. Notably, these price increases occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Glen Rock are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are expected to stabilize or show moderate increases, reflecting the area's desirability and the balance between supply and demand in the rental market.
In summary, Glen Rock's housing market has demonstrated remarkable strength and stability over the past decade. The area has maintained high homeownership rates despite rising home prices, indicating strong local demand and economic health. The slight increase in renter percentages, coupled with fluctuating but generally increasing rent prices, suggests a diversifying housing market. The continued rise in home prices, even in the face of higher interest rates, underscores Glen Rock's attractiveness as a residential location and points to a robust outlook for its real estate market in the coming years.
