Loading Content...
Average Home Values and Ownership in Zip Code 59201: Wolf Point's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Wolf Point, located in zip code 59201 in Montana, has experienced notable shifts in homeownership rates and housing prices over the past decade. This small city, situated in the northeastern part of the state, has seen its population fluctuate while navigating changes in its real estate market. The homeownership rate in Wolf Point has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 63%, and by 2022, it maintained the same level at 63%. However, there were some variations in between, with the rate dropping to its lowest point of 60% in 2016 before recovering. During this period, average home prices in the area saw a significant increase. From 2016 to 2022, average home prices rose from $159,481 to $274,959, representing a substantial 72.4% increase over six years.
The relationship between federal interest rates and homeownership rates in Wolf Point shows some correlation. As interest rates remained low from 2013 to 2016, hovering between 0.09% and 0.40%, the homeownership rate experienced a slight decline from 63% to 60%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate stabilized and even increased slightly to 63%. This suggests that other local factors may have played a more significant role in homeownership decisions than interest rates alone.
Rental trends in Wolf Point have shown some fluctuations in both percentage of renters and average rent prices. The percentage of renters increased from 37% in 2013 to 40% in 2016, before settling back to 37% in 2022. Average rent prices have been volatile, starting at $472 in 2013, dropping to a low of $407 in 2015, and then rising to $548 in 2022. This represents a 16.1% increase in average rent from 2013 to 2022, despite some interim decreases. The population growth from 5,060 in 2013 to 5,278 in 2022 may have contributed to the overall upward pressure on rent prices.
In 2023 and 2024, the housing market in Wolf Point continued its upward trajectory. The average home price reached $279,039 in 2023 and further increased to $283,884 in 2024, showing a steady appreciation. Concurrently, federal interest rates rose significantly, hitting 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from previous years.
Looking ahead, based on the trends observed, we can predict that average home prices in Wolf Point will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate suggests average home prices could reach around $320,000 by 2029. Average rent prices are also likely to increase, potentially reaching approximately $625 per month by 2029, assuming a steady growth rate similar to recent years.
In summary, Wolf Point has demonstrated resilience in its housing market, with stable homeownership rates despite rising home prices. The rental market has shown more volatility but maintains an overall upward trend. The recent sharp increase in interest rates may impact future homeownership rates and price growth, but the local market has shown the ability to adapt to changing economic conditions.
