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Average Home Values and Ownership in Zip Code 63867: A Decade of Change in Matthews, Missouri
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 63867, located in Matthews, Missouri, has experienced significant demographic and housing market changes over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 63867 has shown some variability over the years, with a general trend towards stability. In 2013, the homeownership rate was 72%, and by 2022, it had slightly decreased to 71%. During this period, average home prices in the area have shown a substantial increase. In 2011, the average home price was $40,802, and by 2022, it had risen dramatically to $109,989, representing a 169.6% increase over 11 years.
Federal interest rates have played a significant role in homeownership trends. From 2011 to 2021, interest rates remained historically low, hovering between 0.08% and 2.16%. This period of low interest rates coincided with the area's relatively stable homeownership rates, ranging from 71% to 79%. The low interest rates likely contributed to maintaining homeownership levels by making mortgage financing more affordable for potential buyers.
Renter percentages in zip code 63867 have shown some fluctuation, generally mirroring the inverse of homeownership rates. In 2013, the renter-occupied percentage was 28%, and by 2022, it had increased slightly to 29%. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $598, rising to a peak of $732 in 2017, before settling at $631 in 2022. This represents a 5.5% increase in average rent over the nine-year period. The population of the area has decreased from 1,594 in 2013 to 1,145 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, the average home price in zip code 63867 for 2023 was $108,803, showing a slight decrease from 2022. In 2024, the average home price further decreased to $105,153. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the recent cooling in home prices.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 63867 may experience a period of stabilization or modest growth, considering the recent price adjustments and higher interest rates. Average rent prices are expected to continue their gradual upward trend, potentially reaching around $680-$700 by 2029, assuming consistent economic conditions and population trends.
In summary, zip code 63867 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has experienced a notable population decrease, which has likely influenced both the housing and rental markets. Recent rises in interest rates and slight decreases in average home prices suggest a potential market correction, while rent prices have shown more stability with a gradual upward trend.
