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Average Home Values and Ownership in Zip Code 35752: Hollywood's Housing Market Evolution
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
Hollywood, located in zip code 35752 in Alabama, has experienced notable shifts in its housing market over the past decade. This small town has seen fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Hollywood has shown a general upward trend from 2013 to 2019, before experiencing a slight decline in recent years. In 2013, the homeownership rate was 74%, which steadily increased to reach a peak of 82% in 2019. However, by 2022, this rate had decreased to 69%. This trend correlates interestingly with the average home prices in the area. Average home prices have shown a consistent upward trajectory, rising from $116,296 in 2019 to $165,628 in 2022, representing a substantial 42.4% increase over just three years.
The relationship between federal interest rates and homeownership rates in Hollywood appears to follow expected patterns. As interest rates remained low from 2013 to 2020, ranging from 0.09% to 2.16%, homeownership rates generally increased. However, as interest rates began to rise more sharply in 2022 to 1.68%, we see a corresponding decrease in homeownership rates from 78% in 2020 to 69% in 2022.
Renter percentages in Hollywood have shown an inverse relationship to homeownership rates, naturally. The percentage of renters decreased from 26% in 2013 to a low of 18% in 2019, before increasing again to 31% by 2022. Interestingly, average rent prices have not shown a consistent correlation with these changes. Average rent prices fluctuated over the years, peaking at $760 in 2016 when the renter percentage was 22%, and then decreasing to $727 in 2022 despite the renter percentage increasing to 31%.
Looking at the most recent data, average home prices in Hollywood continued their upward trend, reaching $174,314 in 2023 and $179,964 in 2024. This represents a 5.2% increase from 2022 to 2023 and a further 3.2% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Hollywood will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $200,000 by 2029. Average rent prices are expected to stabilize or increase moderately, potentially reaching around $800 per month by 2029, assuming continued population growth and demand for rental properties.
In summary, Hollywood in zip code 35752 has experienced a dynamic housing market over the past decade. The area has seen a general trend of increasing homeownership rates and rising home prices, with a recent shift towards more renters. The interplay between federal interest rates, homeownership rates, and housing prices demonstrates the complex factors influencing the local real estate market. As the town continues to evolve, these trends will likely shape its housing landscape in the coming years.
