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Average Home Values and Ownership in Zip Code 12804: A Decade of Growth in Glens Falls North, NY
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 12804, located in Glens Falls North, New York, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its proximity to the Adirondack Mountains, has seen a general trend of increasing average home prices and fluctuating homeownership rates.
The homeownership rate in zip code 12804 has shown some variability, with a peak of 76% in 2017 and a slight decline to 72% by 2022. This trend has coincided with significant changes in average home prices. In 2013, the average home price was $201,482, which steadily increased to $314,965 by 2022, representing a 56.3% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $245,934 to $280,542, a 14.1% rise in a single year.
Federal interest rates have played a role in homeownership trends in zip code 12804. From 2013 to 2016, when interest rates were historically low (ranging from 0.09% to 0.40%), homeownership rates remained stable at around 72-73%. As interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), we saw a corresponding increase in homeownership to 76% and 75% respectively, possibly due to homebuyers rushing to secure mortgages before rates increased further. However, as interest rates continued to climb in subsequent years, homeownership rates slightly declined, settling at 72% by 2022.
Renter percentages in zip code 12804 have inversely mirrored homeownership rates, ranging from a low of 24% in 2017 to 28% in 2022. Average rent prices have shown a general upward trend, increasing from $914 in 2013 to $1,034 in 2022, an overall increase of 13.1%. The highest average rent was recorded in 2018 at $1,098. Interestingly, the population of the area has grown from 26,485 in 2013 to 27,777 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in average rent prices.
In 2023, the average home price in zip code 12804 reached $333,787, a 6% increase from 2022. This trend continued into 2024, with average home prices rising to $348,756, representing a further 4.5% increase. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on historical trends and current economic factors, we can expect average home prices in zip code 12804 to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. Projecting the current trend, average home prices could reach approximately $400,000 by 2029. Average rent prices are also likely to increase, potentially reaching around $1,200 per month in the next five years, driven by population growth and housing demand in the area.
In summary, zip code 12804 has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in homeownership rates. The area has maintained a strong majority of owner-occupied housing units, even as rent prices have risen. The interplay between federal interest rates, population growth, and housing prices will continue to shape the real estate landscape in this New York community in the coming years.
