Loading Content...
Average Home Values and Ownership in Zip Code 59853: A Decade of Rural Real Estate Trends in Noxon, Montana
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 59853, located in Noxon, Montana, has experienced dynamic changes in its real estate landscape over the past decade. This rural area has seen fluctuations in homeownership rates and significant increases in average home prices, while average rent prices have shown variability.
The homeownership rate in zip code 59853 has remained relatively stable, ranging from 73% to 82% between 2013 and 2022. However, there has been a notable upward trend in average home prices. In 2011, the average home price was $188,160, which steadily increased to $481,340 by 2022, representing a remarkable 155.8% increase over 11 years. This substantial growth in home values did not significantly impact homeownership rates, which saw a slight increase from 78% in 2013 to 79% in 2022.
Federal interest rates have played a role in homeownership trends. From 2010 to 2015, interest rates remained extremely low, ranging from 0.09% to 0.18%. During this period, homeownership rates fluctuated between 73% and 79%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates remained relatively stable, even showing a slight increase to 82% in 2021 before settling at 79% in 2022. This suggests that other factors, such as local economic conditions or housing supply, may have had a more significant impact on homeownership in this area than interest rates alone.
Renter percentages in zip code 59853 have shown slight fluctuations, ranging from 18% to 27% between 2013 and 2022. Average rent prices have been volatile during this period. In 2013, the average rent was $753, which increased to $965 in 2016, representing a 28.2% jump. However, rent prices then decreased to $705 in 2019 before rising again to $945 in 2021, and then dropping to $738 in 2022. These fluctuations in rent prices do not show a clear correlation with the percentage of renters, which remained relatively stable around 20-24% during most of this period.
In 2023 and 2024, we observe a slight decrease in average home prices, with values of $465,805 and $471,657 respectively. This represents a 3.2% decrease from 2022 to 2023, followed by a 1.3% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 59853 may continue to experience moderate growth over the next five years, albeit at a slower pace than the rapid increases seen in the 2010s. Average rent prices are likely to remain volatile, potentially showing a gradual upward trend in line with overall housing market appreciation. However, the exact trajectory will depend on various factors including local economic conditions, population growth, and broader market trends.
In summary, zip code 59853 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has experienced substantial property value appreciation, with average home prices more than doubling from 2011 to 2022. Rent prices and renter percentages have shown less consistent trends, suggesting a complex interplay of local factors influencing the rental market. The recent cooling of home prices and rising interest rates may signal a shift in the local real estate landscape, potentially affecting future homeownership rates and market dynamics.
