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Average Home Values and Ownership in Zip Code 17365: Wellsville'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
Zip code 17365, representing Wellsville in Pennsylvania, offers an intriguing snapshot of housing trends in a small town setting. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 17365 has shown a general upward trend, increasing from 85% in 2013 to 88% in 2022. This rise in homeownership coincides with a significant increase in average home prices, which grew from $186,396 in 2013 to $291,992 in 2022, representing a 56.7% increase over this period. The most dramatic price surge occurred between 2020 and 2022, with average home prices jumping from $240,239 to $291,992, a 21.5% increase in just two years.
Federal interest rates have played a crucial role in shaping homeownership trends in this zip code. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. This low-interest environment likely contributed to the steady increase in homeownership rates, peaking at 90% in 2021 when interest rates hit a low of 0.08%. However, as interest rates began to rise sharply in 2022 to 1.68%, we observed a slight dip in homeownership to 88%.
Renter percentages in zip code 17365 have inversely mirrored homeownership trends, decreasing from 15% in 2013 to 12% in 2022. Interestingly, average rent prices have shown volatility during this period. They peaked at $902 in 2017 before declining to $736 in 2022, a 18.4% decrease. This trend suggests that despite the overall increase in property values, the rental market in this area has become more affordable, possibly due to factors such as increased housing supply or shifts in local economic conditions.
In 2023 and 2024, we see a continuation of the upward trend in average home prices in zip code 17365. The average home price reached $311,903 in 2023 and further increased to $327,221 in 2024, representing a 12.1% increase from 2022 to 2024. This price growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or limited housing supply in the area.
Looking ahead, our predictive models suggest that average home prices in zip code 17365 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We anticipate average home prices could reach approximately $370,000 by 2029. Rent prices, which have shown a declining trend in recent years, may stabilize or see modest increases, potentially reaching around $800 per month by 2029, as the market adjusts to changing economic conditions and housing demand.
In summary, zip code 17365 has demonstrated resilience in its housing market, with increasing homeownership rates and rising property values despite recent interest rate hikes. The area has also seen a trend towards more affordable rentals, creating a diverse housing landscape. As we move forward, the interplay between interest rates, local economic factors, and housing supply will continue to shape the real estate market in this Pennsylvania borough.
