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Average Home Values and Ownership in Zip Code 12853: North Creek's Mountain 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
Zip code 12853, located in North Creek, New York, showcases an intriguing real estate landscape with fluctuating homeownership rates and evolving property values. This area has experienced notable shifts in its housing market, with ownership percentages generally remaining high but showing some recent decline, while average home prices have seen substantial growth, particularly in recent years.
The homeownership rate in zip code 12853 has shown a general upward trend from 2013 to 2019, increasing from 79% to 86%. This rise in homeownership coincided with a moderate increase in average home prices, which grew from $163,252 in 2013 to $169,202 in 2019, representing a 3.6% increase over six years. However, from 2019 to 2022, there was a notable shift as homeownership rates decreased from 86% to 77%, while average home prices surged dramatically from $169,202 to $239,273, a striking 41.4% increase in just three years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. The period of low interest rates from 2013 to 2015 (0.11% to 0.13%) coincided with an increase in homeownership from 79% to 80%. As interest rates began to rise more significantly from 2016 to 2019 (0.4% to 2.16%), homeownership rates continued to climb, reaching 86% in 2019. However, the sharp drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) did not prevent a decline in homeownership to 82% by 2021, suggesting other local factors were at play.
Renter percentages in zip code 12853 have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The average rent prices, however, have not followed a consistent pattern. From 2013 to 2015, as the renter percentage decreased from 21% to 20%, the average rent also decreased from $898 to $791. Interestingly, from 2015 to 2019, while the renter percentage further decreased to 14%, the average rent remained relatively stable, fluctuating between $699 and $784. The most recent data shows an increase in renter percentage to 23% in 2022, with the average rent at $786, indicating a potential shift in the local rental market.
In 2023 and 2024, the average home prices in zip code 12853 continued their upward trajectory, reaching $259,449 in 2023 and $274,268 in 2024. This represents a further 14.6% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and property values in the area.
Looking ahead, based on the trends observed, we can predict that average home prices in zip code 12853 may continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices might also see moderate increases as the renter population grows. However, if interest rates remain high, we could see a stabilization or even a slight decrease in homeownership rates, which could lead to increased demand for rentals and potentially drive up average rent prices.
In summary, zip code 12853 has experienced significant changes in its housing market, with a recent decline in homeownership rates contrasting with substantial growth in average home prices. The interplay between interest rates, property values, and ownership trends suggests a dynamic real estate environment that will likely continue to evolve in the coming years.
