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Average Home Values and Ownership in Zip Code 94599: Yountville's Wine Country Real Estate Trends
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
Yountville, located in zip code 94599 in California, is a charming locale known for its world-class restaurants and wineries. This area has experienced interesting shifts in homeownership rates and property values over the past decade, with average home prices showing a consistent upward trend and homeownership rates fluctuating.
The homeownership rate in zip code 94599 has shown some variability from 2013 to 2022. In 2013, 67% of residents were homeowners. This percentage peaked at 70% in 2015 and 2018 but decreased to 65% in 2019 and 2020. By 2022, it rebounded slightly to 68%. During this same period, average home prices in the area experienced significant growth. In 2013, the average home price was $660,615. By 2022, this figure had more than doubled to $1,384,700, representing a 109.6% increase over nine years.
Federal interest rates have played a role in homeownership trends in zip code 94599. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable between 67% and 70%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight decline in homeownership, dropping to 65% in 2019. However, when interest rates plummeted to 0.38% in 2020 and 0.08% in 2021, homeownership rates stabilized at 65%, suggesting that other factors beyond interest rates were influencing homeownership decisions in this area.
Renter percentages in zip code 94599 have inversely mirrored homeownership rates, ranging from a low of 30% in 2015 and 2018 to a high of 35% in 2019, 2020, and 2021. Average rent prices have shown considerable volatility. In 2013, the average rent was $1,598. It peaked at $2,398 in 2018, representing a 50% increase over five years. However, rent prices then decreased to $1,664 in 2020 and slightly increased to $1,720 in 2022. This fluctuation in rent prices doesn't appear to have a direct correlation with the percentage of renters, suggesting that other factors such as local economic conditions and housing supply may have more influence on the rental market in this area.
In 2023, the average home price in zip code 94599 slightly decreased to $1,380,990, a 0.27% drop from 2022. This trend continued into 2024, with average home prices further decreasing to $1,349,578, representing a 2.27% decline from 2023. Interestingly, this price decrease coincides with a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the cooling of home prices in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. If the current trend of slightly decreasing home prices continues, we might see average home prices in zip code 94599 stabilize or decrease slightly, potentially reaching around $1,300,000 by 2029. However, given the area's desirability and historical price appreciation, a rebound is also possible, potentially pushing prices back up to $1,450,000 or higher. For rent prices, if the recent trend of moderate increases continues, we could see average rents rise to approximately $1,900-$2,000 by 2029.
In summary, zip code 94599 has experienced substantial growth in average home prices over the past decade, despite fluctuations in homeownership rates. The rental market has shown volatility in pricing, with recent trends indicating more moderate increases. The interplay between federal interest rates, home prices, and ownership rates highlights the complex dynamics of the local real estate market. As we move forward, the area's desirability and economic factors will likely continue to shape its housing landscape.
