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Average Home Values and Ownership in Zip Code 03224: 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
Zip code 03224, located in Concord, New Hampshire, is a predominantly owner-occupied area with a relatively stable population. This zip code covers an area of 41.88 square miles and has experienced some interesting trends in homeownership, average home prices, and average rent prices over the past decade.
The homeownership rate in zip code 03224 has remained consistently high, ranging from 92% to 95% between 2013 and 2022. This strong preference for homeownership has persisted despite significant changes in average home prices. In 2013, the average home price was $212,222, and it steadily increased to $429,169 by 2022, representing a substantial 102% increase over this period. Notably, the most rapid growth occurred between 2020 and 2022, with average home prices jumping from $307,971 to $429,169, a 39.4% increase in just two years.
The relationship between federal interest rates and homeownership rates in this zip code appears to be somewhat counterintuitive. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained relatively stable. This suggests that other factors, such as the area's desirability or local economic conditions, may have a stronger influence on homeownership in this particular zip code than national interest rates.
Renter percentages in zip code 03224 have fluctuated slightly between 5% and 8% from 2013 to 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $1,655, which increased gradually to $1,705 by 2016. However, there was a dramatic drop in 2018 to $800, followed by a further decrease to $710 in 2019. The average rent then rose sharply to $1,708 in 2021 before falling again to $720 in 2022. These fluctuations in rent prices do not seem to correlate strongly with the relatively stable renter percentages, suggesting that local market factors or changes in the types of rental properties available may be influencing these price swings.
In 2023 and 2024, the upward trend in average home prices continued, reaching $460,333 in 2023 and $490,733 in 2024. This represents a further increase of 14.3% from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates since 2007. Despite these higher interest rates, which typically discourage home purchases, the average home prices in this zip code continued to rise, indicating strong demand for housing in the area.
Looking ahead, based on the historical trends and recent data, we can predict that average home prices in zip code 03224 will likely continue to increase over the next five years, albeit potentially at a slower rate due to higher interest rates. A conservative estimate would project average home prices to reach around $550,000 to $600,000 by 2029. Average rent prices, given their historical volatility, are more challenging to predict. However, if the trend of high homeownership rates persists, we might expect average rents to stabilize or increase moderately, potentially reaching $1,800 to $2,000 per month by 2029.
In summary, zip code 03224 demonstrates a strong and persistent preference for homeownership, with average home prices showing substantial growth despite fluctuations in interest rates. The rental market, while smaller, has experienced significant price volatility that doesn't directly correlate with renter percentages. The continued rise in home prices, even in the face of increasing interest rates, suggests a robust housing market in this area of Concord, New Hampshire.
