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Average Home Values and Ownership in Zip Code 11709: Bayville's Resilient Housing Market
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
Bayville, located in zip code 11709 in New York, is a charming coastal community that has experienced notable shifts in its housing market over the past decade. The area has seen a general trend of increasing homeownership rates, rising average home prices, and fluctuating average rent prices, reflecting the dynamic nature of its real estate landscape.
The homeownership rate in Bayville has shown a steady increase from 83% in 2013 to 89% in 2022. This upward trend coincides with a significant rise in average home prices, which grew from $473,217 in 2013 to $673,508 in 2022, representing a 42.3% increase over nine years. The correlation between rising homeownership and increasing home values suggests a strong demand for property ownership in the area, possibly driven by the village's desirable location and community amenities.
Federal interest rates have played a crucial role in shaping homeownership trends in Bayville. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the initial increase in homeownership from 84% to 85% between 2013 and 2015. As interest rates began to rise more significantly from 2017 onwards, reaching 2.16% by 2019, the homeownership rate remained relatively stable around 83-85%. Interestingly, despite the sharp drop in interest rates to 0.08% in 2021, homeownership surged to 89%, suggesting that other factors, such as the pandemic-induced desire for more space, may have influenced buying decisions.
The rental market in Bayville has experienced inverse trends to homeownership. The percentage of renters decreased from 17% in 2013 to 11% in 2022. Despite this decline, average rent prices have shown an overall upward trajectory, rising from $1,519 in 2013 to $1,645 in 2022, with some fluctuations in between. Notably, there was a significant spike in average rent to $2,252 in 2021, which may have been an anomaly or influenced by short-term market factors. The general increase in rent prices, despite a decreasing renter population, could indicate a tightening rental market with limited available units.
In 2023 and 2024, the housing market in Bayville continued its upward trend. The average home price reached $699,265 in 2023 and further increased to $736,189 in 2024, representing a 5.3% year-over-year growth. This rise occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow housing market growth. The resilience of home prices in the face of higher interest rates suggests strong underlying demand for properties in the 11709 zip code area.
Looking ahead, predictive models forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to maintain their upward trajectory, potentially reaching or exceeding $800,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially surpassing $1,800 per month within the same timeframe. These projections assume continued economic stability and sustained demand for housing in the Bayville area.
In summary, Bayville has demonstrated a robust housing market characterized by increasing homeownership rates and rising property values. The inverse relationship between homeownership and rental percentages, coupled with the overall increase in both home prices and rents, indicates a strong preference for property ownership in the area. The market's resilience in the face of rising interest rates further underscores the desirability of this coastal community, suggesting that Bayville will likely remain an attractive location for homebuyers in the coming years.
