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Average Home Values and Ownership in Zip Code 12980: A Decade of Growth in St. Regis Falls
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 12980, located in St. Regis Falls, New York, has experienced significant changes in homeownership rates and property values over the past decade. This rural area, spanning 382.16 square miles, has seen a general trend of increasing homeownership and fluctuating average home prices. The ownership percentage in zip code 12980 has shown a notable upward trend, rising from 78% in 2013 to 85% in 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $60,153, which steadily increased to $105,919 by 2022, representing a 76% increase over this period. The most significant jump occurred between 2020 and 2021, with average home prices surging from $79,013 to $97,626, a 23.6% increase in just one year.
Federal interest rates have played a role in homeownership trends in zip code 12980. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, likely contributed to the increase in homeownership. As interest rates remained low, more residents may have found homeownership financially accessible, leading to the observed increase from 78% to 85% ownership during this time.
Conversely, the renter percentage in zip code 12980 has decreased from 22% in 2013 to 15% in 2022. Despite this decline in the renter population, average rent prices have shown volatility. In 2013, the average rent was $896, which decreased to $708 in 2016 before rising again to $866 in 2022. Interestingly, the highest average rent of $1,035 was recorded in 2021, coinciding with a peak in the area's population of 1,888 residents in 2015. The subsequent population decline to 1,523 in 2022 may have influenced the slight decrease in average rent prices.
Looking at the most recent data, the average home price in zip code 12980 for 2023 was $104,950, showing a slight decrease from 2022. In 2024, the average home price further decreased to $103,833. This recent downward trend coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the cooling of home prices in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 12980 may experience modest growth, potentially reaching around $110,000 to $115,000 by 2029. This projection considers the recent cooling trend and the impact of higher interest rates. For average rent prices, we expect a gradual increase, potentially reaching $950 to $1,000 by 2029, assuming stable economic conditions and population trends.
In summary, zip code 12980 has seen a significant increase in homeownership rates and average home prices over the past decade, likely influenced by low interest rates. However, recent data suggests a cooling trend in home prices, coinciding with rising interest rates. The rental market has shown volatility, with decreasing renter percentages but fluctuating rent prices. Moving forward, we anticipate moderate growth in both home prices and rent, subject to economic conditions and population dynamics in this rural New York area.
