Loading Content...
Average Home Values and Ownership in Zip Code 14512: Naples's Resilient Real Estate Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 14512, located in Naples, New York, presents an interesting case study of homeownership and rental trends. This area has maintained a consistently high rate of owner-occupied housing, hovering around 85% throughout the observed period. The average home prices and average rent have shown notable fluctuations over the years, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 14512 has remained remarkably stable, with only minor fluctuations between 83% and 86% from 2013 to 2022. This stability in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $135,117, which rose consistently to reach $222,935 by 2022, representing a 65% increase over this period. This trend suggests that despite rising home values, the area has maintained its appeal for homeowners, possibly due to its strong community ties or desirable location.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate in the area remained high at 85%. Even as interest rates began to rise more sharply from 2017 (1.00%) to 2019 (2.16%), homeownership in the zip code remained stable, indicating a resilient local housing market.
Renter percentages in zip code 14512 have fluctuated slightly, ranging from 14% to 17% between 2013 and 2022. Interestingly, average rent prices have shown more volatility than homeownership rates. In 2013, the average rent was $708, which increased to a peak of $823 in 2021 before decreasing to $771 in 2022. This represents a total increase of about 8.9% over the decade, which is relatively modest compared to the growth in home prices. The population in the zip code has remained relatively stable, fluctuating between 4,505 and 4,876 residents, which may have contributed to the moderate changes in rental demand and prices.
In 2023 and 2024, the housing market in zip code 14512 continued to evolve. The average home price reached $236,933 in 2023 and further increased to $245,918 in 2024, representing a 10.3% growth over these two years. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, yet the continued rise in home prices suggests strong demand in this area.
Looking ahead, based on the historical trends and current market conditions, we can expect the average home prices in zip code 14512 to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. A conservative estimate would suggest average home prices could reach around $270,000 to $280,000 in the next five years. Average rent prices, which have shown more volatility, may stabilize or see modest increases, potentially reaching $850 to $900 per month in the same timeframe.
In summary, zip code 14512 demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. Despite rising interest rates and modest fluctuations in the rental market, the area has maintained its appeal to both homeowners and renters. The consistent growth in average home prices, even in the face of economic challenges, suggests a strong and resilient local real estate market for the foreseeable future.
