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Average Home Values and Ownership in Zip Code 17344: McSherrystown'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
McSherrystown, located in zip code 17344 in Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This small community of just over 3,600 residents has seen a general trend of increasing average home prices and fluctuating homeownership rates, with some interesting patterns emerging in recent years.
The homeownership rate in McSherrystown has shown variability from 2013 to 2022. In 2013, the homeownership rate was 54%, which increased to a peak of 61% in 2016 and 2018. However, by 2022, it had settled back to 56%. During this same period, average home prices in the area saw a consistent upward trend. In 2013, the average home price was $135,221, which steadily increased to $205,224 by 2022, representing a substantial 51.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in McSherrystown shows some correlation. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates increased from 54% to 61%. As interest rates began to rise more significantly from 2017 onwards, homeownership rates showed some fluctuation but generally remained higher than the 2013 levels, suggesting other factors were also influencing homeownership decisions in the area.
Renter percentages and average rent prices in McSherrystown have also shown interesting trends. The percentage of renters decreased from 46% in 2013 to 39% in 2016, before rising again to 44% by 2022. Average rent prices, however, have generally increased over this period. In 2013, the average rent was $857, which rose to $1,175 by 2022, a substantial 37.1% increase. This trend suggests that despite rising rent costs, there has been a persistent demand for rental properties in the area, possibly due to factors such as job market changes or shifts in housing preferences.
In 2023 and 2024, the housing market in McSherrystown continued its upward trajectory. The average home price reached $218,295 in 2023 and further increased to $229,313 in 2024, representing a 11.7% increase over two years. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years, albeit potentially at a more moderate pace. Average home prices could potentially reach around $260,000 to $275,000 by 2029, while average rent prices might approach $1,400 to $1,500 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, McSherrystown has experienced a significant increase in both average home prices and rent prices over the past decade, despite fluctuations in homeownership rates. The community has shown resilience in its housing market, with prices continuing to rise even in the face of increasing interest rates. The interplay between homeownership rates, rental demand, and housing costs suggests a dynamic and evolving housing market in this Pennsylvania borough.
