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Average Home Values and Ownership in Zip Code 65714: Resilience Amid Growth in Nixa, 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 65714, located in Nixa, Missouri, has experienced significant growth and changes in its housing market over the past decade. This area has seen a general trend of increasing homeownership rates and rising average home prices, while maintaining relatively stable average rent prices.
The homeownership rate in zip code 65714 has shown a slight upward trend over the years. In 2013, the homeownership rate was 70%, and by 2022, it had increased to 71%. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $154,051, and by 2022, it had risen dramatically to $301,476, representing a 95.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code is notable. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate actually decreased slightly from 70% to 68%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate increased to 71%. This suggests that other local factors may have had a stronger influence on homeownership than interest rates alone in this particular area.
Renter percentages in zip code 65714 have remained relatively stable, fluctuating between 29% and 32% from 2013 to 2022. Interestingly, average rent prices have shown modest growth compared to the steep rise in home prices. In 2013, the average rent was $986, and by 2022, it had decreased slightly to $917, representing a 7% decrease. This stability in rent prices, coupled with the area's population growth from 29,411 in 2013 to 33,492 in 2022, suggests a balanced rental market despite the rising homeownership rates.
Looking at the most recent data, the average home price in zip code 65714 continued to rise in 2023, reaching $310,415. In 2024, it has stabilized at $310,422, showing a minimal increase. This stabilization coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to the slowing of home price growth in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 65714 will continue to rise, but at a more moderate pace than seen in the previous decade. The recent stabilization in prices and higher interest rates suggest a potential cooling of the market. Average rent prices are expected to remain relatively stable with potential for slight increases, driven by population growth and demand for rental properties.
In summary, zip code 65714 has demonstrated a robust housing market with increasing homeownership rates and substantial growth in average home prices over the past decade. The rental market has remained stable, with modest changes in average rent prices. The recent stabilization in home prices, coupled with rising interest rates, indicates a potential shift towards a more balanced market in the coming years.
