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Average Home Values and Ownership in Zip Code 30346: A Decade of Change in Dunwoody's Compact Urban Area
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 30346, located in Dunwoody, Georgia, presents an intriguing case study of evolving housing dynamics. This area has experienced significant fluctuations in homeownership rates, average home prices, and average rent prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 30346 has shown a notable increase in recent years, rising from 9% in 2018 to 15% in 2022. This upward trend coincides with a substantial rise in average home prices, which grew from $372,962 in 2018 to $456,087 in 2022, representing a 22.3% increase over four years. The relationship between homeownership rates and average home prices suggests that despite rising costs, more residents have been able to enter the housing market, possibly due to improved economic conditions or changing demographics in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 30346. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, the homeownership rate remained relatively stable at around 12%. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, we observed an interesting phenomenon where homeownership actually increased to 15%. This suggests that other factors, such as local economic growth or changing preferences, may have outweighed the impact of rising interest rates on homeownership decisions in this particular zip code.
The rental market in zip code 30346 has also undergone significant changes. The percentage of renters decreased slightly from 85% in 2016 to 82% in 2019, before rising again to 85% in 2022. Average rent prices have shown a general upward trend, increasing from $1,412 in 2016 to $1,539 in 2022, a 9% increase over six years. The population in the zip code has fluctuated during this period, reaching 4,660 in 2022, which may have influenced rental demand and pricing.
Looking at the most recent data, average home prices in zip code 30346 reached $460,540 in 2023, showing a slight increase from 2022. However, in 2024, there was a minor decrease to $458,329. This recent stabilization in home prices occurs alongside a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to the cooling of home price growth in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 30346 may continue to experience moderate growth, albeit at a slower pace than in recent years due to higher interest rates. We expect average home prices to potentially reach around $480,000 to $500,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching $1,800 to $1,900 per month by 2029, assuming current economic conditions and local market dynamics persist.
In summary, zip code 30346 has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices and interest rates. The rental market remains dominant but has shown signs of stabilization. The interplay between federal interest rates, local economic factors, and housing demand will likely continue to shape the real estate landscape in this area, with moderate growth expected in both home prices and rental rates over the next five years.
