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Average Home Values and Ownership Soar in Coastal New York's Zip Code 11952
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
Mattituck, located in zip code 11952 in New York, is a charming coastal community known for its picturesque landscapes and vibrant agricultural industry. This area has experienced significant changes in homeownership rates and property values over the past decade, with a notable trend towards increased owner-occupancy and rising average home prices.
The ownership percentage in Mattituck has shown a consistent upward trend, increasing from 80% in 2013 to an impressive 94% in 2022. This surge in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $472,941, and by 2022, it had climbed to $856,366, representing an 81% increase over nine years. This strong correlation suggests that as property values appreciated, more residents were motivated to invest in homeownership, possibly viewing it as a lucrative long-term investment.
The relationship between federal interest rates and homeownership rates in Mattituck presents an interesting dynamic. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.4%), the most significant jumps in homeownership occurred in later years when rates began to rise. For instance, homeownership increased from 86% in 2017 to 92% in 2019, even as interest rates climbed from 1% to 2.16%. This suggests that local factors, such as the desirability of the area and strong property appreciation, may have outweighed the impact of interest rates on homebuying decisions.
As homeownership rates increased, the percentage of renters in Mattituck decreased dramatically, falling from 18% in 2013 to just 6% in 2022. Interestingly, average rent prices did not follow a consistent trend during this period. The average rent peaked at $1,481 in 2013 and fluctuated over the years, reaching $1,312 in 2022. The decline in the renter population, from approximately 826 renters in 2013 to about 294 in 2022, may have contributed to the relatively stable rent prices despite the overall increase in property values.
In 2023 and 2024, Mattituck continued to see growth in average home prices, reaching $907,558 in 2023 and $938,188 in 2024. This represents a 9.5% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. Despite these higher borrowing costs, the continued appreciation of home values suggests strong demand for properties in this zip code.
Looking ahead, predictive models forecast a continuation of the upward trend in average home prices for Mattituck over the next five years. Based on historical data and current market conditions, average home prices could potentially reach or exceed $1.1 million by 2029. Average rent prices are expected to remain relatively stable, possibly with slight increases to align with overall property value appreciation, potentially reaching around $1,500 per month by 2029.
In summary, Mattituck has demonstrated a robust housing market characterized by a significant shift towards homeownership, substantial appreciation in average home values, and a diminishing renter population. The area's desirability and strong property value growth have seemingly outweighed the impact of fluctuating interest rates, positioning Mattituck as an attractive location for homeowners and investors alike.
