Loading Content...
Average Home Values and Ownership in Zip Code 18088: A Decade of Growth in Cherryville, Pennsylvania
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Cherryville, located in zip code 18088 in Pennsylvania, is a community that has experienced notable shifts in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate dynamics.
The homeownership rate in Cherryville has remained relatively stable, with a slight overall decline from 91% in 2013 to 89% in 2022. During this period, average home prices have shown a significant upward trend. In 2013, the average home price was $172,185, which steadily increased to $286,348 by 2022, representing a substantial 66% growth over nine years. This trend suggests that while homeownership rates have remained high, the cost of purchasing a home has risen considerably.
Federal interest rates have played a role in shaping homeownership trends. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to maintaining the high homeownership rates in Cherryville. However, despite the increase in interest rates to 1.68% in 2022, the homeownership rate remained stable at 89%, indicating a strong preference for homeownership in this area.
The rental market in Cherryville has shown interesting fluctuations. The percentage of renters increased from 9% in 2013 to 15% in 2018, before decreasing to 11% in 2022. Concurrently, average rent prices have risen steadily, from $1,021 in 2013 to $1,127 in 2022, an increase of about 10% over nine years. This trend suggests that while the rental market has experienced some volatility, rent prices have continued to climb, albeit at a slower rate compared to home prices.
In 2023, the average home price in Cherryville reached $296,130, with federal interest rates rising to 5.02%. Moving into 2024, the average home price further increased to $312,249, while interest rates climbed to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates, potentially impacting affordability for prospective homebuyers.
Looking ahead, based on the historical data and current trends, it's projected that average home prices in Cherryville will continue to rise over the next five years, potentially reaching around $375,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $1,300 per month by 2029. These projections assume a continuation of current economic conditions and housing market trends.
In summary, Cherryville's housing market is characterized by consistently high homeownership rates, rapidly increasing average home prices, and steadily rising average rent prices. The community has maintained a strong preference for homeownership despite significant increases in home values. The rental market, while smaller, has shown resilience with gradual increases in average rents. As the area moves forward, it will be crucial to monitor how these trends impact housing affordability and community demographics in zip code 18088.
