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Average Home Values and Ownership in Zip Code 45723: Coolville's Resilient Real Estate 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 45723, encompassing Coolville, Ohio, presents an intriguing case study in homeownership and housing market dynamics. This rural area has experienced notable shifts in population density and housing trends over the past decade. The ownership percentage has maintained relative stability with a slight upward trajectory, while average home prices have demonstrated consistent growth, and average rent prices have undergone significant fluctuations.
The homeownership rate in zip code 45723 has exhibited a modest increase over the years, rising from 82% in 2013 to 85% in 2022. This trend coincides with a steady rise in average home prices, which grew from $95,399 in 2013 to $151,931 in 2022, representing a 59.3% increase over nine years. The relationship between ownership percentage and average home prices suggests that despite rising property values, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a significant role in homeownership trends. The period from 2013 to 2016 saw exceptionally low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the sustained high homeownership rates during this time. As interest rates began to rise more notably from 2017 (1%) to 2019 (2.16%), we observe a slight dip in homeownership to 81% in 2017, followed by a recovery to 83% by 2020 when rates dropped again to 0.38%.
Renter percentages in zip code 45723 have remained relatively low, fluctuating between 15% and 19% from 2013 to 2022. Interestingly, average rent prices have shown significant volatility during this period. Rent prices peaked at $971 in 2016 when the renter percentage was at its lowest (16%), suggesting a potential supply-demand imbalance. Subsequently, average rent prices decreased to $667 in 2019, despite a slight increase in the renter population to 18%. This could indicate an oversupply of rental properties or economic factors affecting the local rental market.
Looking at the most recent data, average home prices in zip code 45723 continued to rise, reaching $152,639 in 2023 and $152,814 in 2024. This represents a modest increase of 0.11% from 2023 to 2024, indicating a potential slowdown in home price appreciation. Concurrently, federal interest rates have risen significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 45723 to continue their upward trajectory, albeit at a more moderate pace. Given the historical data and current economic conditions, we project average home prices could reach approximately $165,000 to $170,000 by 2029. For average rent prices, the forecast is less certain due to past volatility, but we estimate they may stabilize in the range of $750 to $800 per month over the next five years, assuming no significant economic disruptions.
In summary, zip code 45723 has demonstrated a robust homeownership market with steadily increasing average home prices and a high, stable ownership rate. The area has shown resilience in maintaining homeownership levels despite rising property values and fluctuating interest rates. The rental market, while smaller, has experienced more volatility in pricing. Moving forward, we expect continued growth in home values, albeit at a slower rate, and a potential stabilization of the rental market. These trends suggest that Coolville and its surrounding area in zip code 45723 will likely remain a predominantly owner-occupied community with a steady, if modest, appreciation in property values.
