Loading Content...
Average Home Values and Ownership in Zip Code 93723: A Decade of Growth and Stability
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 93723, located in Fresno, California, has experienced significant growth and changes in its housing market over the past decade. This area has seen a notable increase in population, rising from 7,609 in 2010 to 14,199 in 2022, indicating a rapidly developing community. The ownership percentage and average home and rent prices have shown interesting fluctuations during this period.
The homeownership rate in zip code 93723 has remained relatively stable, with some minor fluctuations. In 2013, the homeownership rate was 83%, and it maintained a similar level through 2022, ending at 78%. Despite this slight decrease, the average home prices in the area have shown a substantial upward trend. In 2010, the average home price was $245,337, which increased to $513,038 by 2022, representing a remarkable 109% increase over 12 years. This suggests that while the proportion of homeowners remained relatively constant, the value of homes in the area appreciated significantly.
Federal interest rates have played a role in shaping homeownership trends in zip code 93723. From 2010 to 2016, interest rates remained very low, hovering between 0.1% and 0.4%. During this period, homeownership rates in the zip code stayed consistently high, around 80-83%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership to 78%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The renter population in zip code 93723 has shown some variations over the years. In 2013, the renter-occupied percentage was 17%, which increased to 22% by 2022. This increase in the renter population coincided with a rise in average rent prices. In 2013, the average rent was $1,847, which increased to $1,802 by 2022. While this represents a slight decrease over the nine-year period, it's important to note that rent prices peaked at $2,042 in 2018 before declining. The increase in the renter population, despite fluctuating rent prices, could be attributed to the area's overall population growth and possibly the rising home prices making homeownership less attainable for some residents.
In 2023, the average home price in zip code 93723 slightly decreased to $503,600 from the previous year's $513,038. This minor correction came as interest rates climbed to 5.02% in 2023. Moving into 2024, we see a reversal of this trend, with average home prices increasing to $517,793 and interest rates further rising to 5.33%. This data suggests resilience in the local housing market, with home values continuing to appreciate despite higher borrowing costs.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in zip code 93723 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. The average home price could potentially reach around $575,000 to $600,000 by 2029. Average rent prices, which have shown more volatility, might stabilize or see modest increases, potentially reaching $2,100 to $2,300 per month in the same timeframe.
In summary, zip code 93723 has demonstrated strong growth in both population and housing values over the past decade. The area has maintained a high rate of homeownership despite rising home prices, indicating a robust and desirable local real estate market. The slight increase in the renter population, coupled with fluctuating rent prices, suggests a dynamic rental market responding to overall community growth. As the area continues to develop, it will be crucial to monitor how these housing trends evolve, particularly in light of changing interest rates and ongoing population growth.
