Loading Content...
Average Home Values and Ownership in Zip Code 03748: A Decade of Growth in Enfield, New Hampshire
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The zip code 03748, encompassing Enfield in New Hampshire, presents an intriguing landscape of homeownership and real estate trends over the past decade. This rural area has experienced significant shifts in its housing market, reflecting broader economic changes and local dynamics.
Homeownership rates in Enfield have fluctuated notably between 2013 and 2022. In 2013, the area boasted a high 81% homeownership rate. However, this figure declined to a low of 66% in 2019 before rebounding to 79% in 2022. Concurrently, average home prices have shown a consistent upward trend, rising from $195,774 in 2010 to $367,418 in 2022, representing an impressive 87.7% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Enfield reveals some interesting patterns. From 2013 to 2015, as interest rates remained low (0.11% to 0.13%), homeownership rates decreased from 81% to 72%. However, as interest rates began to rise more significantly from 2016 onwards, reaching 1.68% in 2022, homeownership rates stabilized and even increased, reaching 79% in 2022. This trend suggests that other local factors, such as employment opportunities or demographic changes, may have played a more significant role in homeownership decisions than interest rates alone.
Renter percentages and average rent prices in Enfield have also shown notable trends. The percentage of renters increased from 19% in 2013 to a peak of 34% in 2019, before decreasing to 21% in 2022. Average rent prices fluctuated during this period, starting at $1,321 in 2013, dipping to $1,180 in 2016, and then rising to $1,360 in 2022. The population of the area remained relatively stable during this period, decreasing slightly from 4,813 in 2013 to 4,728 in 2022, suggesting that changes in rental trends were more likely influenced by economic factors rather than significant population shifts.
As of 2024, the average home price in Enfield has reached $409,151, a substantial increase from $389,819 in 2023. This represents a year-over-year growth of approximately 4.96%. Interestingly, this price increase has occurred despite a rise in federal interest rates, which stood at 5.02% in 2023 and further increased to 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $500,000 by 2029, assuming a conservative annual growth rate of 4-5%. Average rent prices, which have shown more volatility, might stabilize around $1,600-$1,700 per month, factoring in economic conditions and housing demand in the area.
In summary, Enfield (zip code 03748) has demonstrated a resilient and growing housing market over the past decade. Despite fluctuations in homeownership rates, the area has seen substantial appreciation in home values. The rental market has also shown strength, with rent prices generally trending upward despite some fluctuations. The recent surge in home prices, even in the face of rising interest rates, suggests a robust local real estate market with potential for continued growth in the coming years.
