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Average Home Values and Ownership Trends in Zip Code 59919: Hungry Horse's Dynamic Housing Market
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 59919, located in Hungry Horse, Montana, is a small area spanning just 0.73 square miles. This picturesque region, nestled in the rugged Montana landscape, has experienced notable changes in its housing market over the years. The area has seen fluctuations in average home prices, though data on ownership percentages and average rent prices is limited.
The average home prices in zip code 59919 have shown a significant upward trend since 2013. In 2013, the average home price was $109,661, which steadily increased to $184,627 by 2019, representing a 68% rise over six years. This trend accelerated dramatically in the following years, with the average home price reaching $348,666 in 2022, more than tripling the 2013 value. This substantial increase in home prices could potentially impact homeownership rates, although specific data on ownership percentages is not available for this analysis.
Federal interest rates have historically played a crucial role in homeownership trends. From 2013 to 2015, interest rates remained extremely low, hovering around 0.1%. This period coincided with the initial steady increase in home prices in zip code 59919. As interest rates began to rise gradually from 2016 onwards, reaching 2.16% in 2019, home prices continued their upward trajectory. This suggests that other factors, such as local economic conditions or the area's desirability, may have been more influential in driving home prices in this particular zip code.
Looking at the most recent data, the average home price in zip code 59919 for 2023 was $335,534, showing a slight decrease from the 2022 peak. However, the 2024 average home price has rebounded to $348,237, nearly reaching the 2022 level. This recent stabilization occurs alongside a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future home buying decisions and could potentially slow the rate of price increases.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 59919 will continue to rise, albeit at a more moderate pace. The recent stabilization in prices, coupled with higher interest rates, suggests a potential cooling of the rapid growth seen in previous years. We project that average home prices could reach approximately $400,000 to $425,000 by 2029, representing a 15-22% increase from 2024 levels.
In summary, zip code 59919 has experienced significant growth in average home prices since 2013, with a particularly steep increase from 2020 to 2022. The recent stabilization in prices, combined with rising interest rates, indicates a potential shift towards a more balanced market. While specific data on ownership and rental trends is limited, the overall trajectory of home prices suggests a dynamic and evolving housing market in this Montana community.
