Loading Content...
Average Home Values and Ownership in Zip Code 32327: A Decade of Growth in Crawfordville, Florida
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Crawfordville, located in zip code 32327 in Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices.
The homeownership rate in Crawfordville has shown a notable increase from 75% in 2015 to 81% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2015, the average home price was $146,734, which steadily increased to $274,613 by 2022, representing an impressive 87% growth over seven years. This correlation suggests that despite rising prices, more residents have been able to enter the housing market, possibly due to favorable economic conditions or increased local demand for homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in Crawfordville. The period from 2015 to 2020 saw relatively low interest rates, ranging from 0.13% to 0.38%. This low-interest environment likely contributed to the increase in homeownership from 75% to 84% during this time, as lower rates typically make mortgages more affordable. However, as interest rates began to rise sharply in 2022 (1.68%) and 2023 (5.02%), we observe a slight decline in homeownership to 81% in 2022, indicating the potential impact of higher borrowing costs on homebuying decisions.
Renter percentages in Crawfordville have fluctuated inversely to homeownership rates, decreasing from 25% in 2015 to 19% in 2022. Interestingly, average rent prices have shown volatility during this period. In 2015, the average rent was $898, rising to $981 in 2019, before dropping to $894 in 2022. This fluctuation in rent prices, coupled with the decreasing percentage of renters, suggests a complex rental market influenced by factors such as local economic conditions and housing supply.
In 2023 and 2024, we see a continuation of the upward trend in average home prices, reaching $288,170 in 2023 and $296,991 in 2024. This represents a further 8% increase from 2022 to 2024. Concurrently, federal interest rates have continued to rise, reaching 5.33% in 2024, which may impact future homebuying decisions and potentially slow the rate of price appreciation.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for Crawfordville. Average home prices are likely to continue their upward trajectory, albeit potentially at a slower pace due to higher interest rates. We might expect average home prices to reach around $350,000 to $375,000 by 2029. Average rent prices, which have been more volatile, could stabilize and potentially increase moderately, possibly reaching $1,100 to $1,200 per month by 2029, assuming continued population growth and demand for rental properties.
In summary, Crawfordville has demonstrated a strong trend towards homeownership, with rising average home prices reflecting increased demand and potentially favorable local economic conditions. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. While the area has seen significant growth in property values, the rental market has shown more variability, suggesting a shifting landscape for both homeowners and renters in this Florida community.
