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Average Home Values and Ownership Trends in Zip Code 77984: Shiner, Texas's Rural Real Estate Dynamics
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 77984, located in Shiner, Texas, showcases an interesting demographic and real estate landscape. This area, spanning 145.62 square miles, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. The region has generally maintained a high rate of homeownership, with a notable upward trend in average home prices and varying patterns in average rent prices.
The homeownership rate in zip code 77984 has shown a remarkable increase from 2013 to 2022. In 2013, 79% of residents owned their homes, and this figure rose to 84% by 2022. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $138,092, which more than doubled to $297,712 by 2022, representing a 115.6% increase over nine years. This correlation suggests that rising property values may have encouraged more residents to invest in homeownership, possibly viewing real estate as a lucrative long-term investment.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite fluctuations in interest rates, the homeownership rate in 77984 has remained relatively high and even increased. For instance, when interest rates were at a low of 0.08% in 2021, the homeownership rate reached 84%. Interestingly, this high rate of homeownership persisted into 2022, even as interest rates rose to 1.68%, indicating that other factors beyond interest rates may be influencing homeownership decisions in this area.
Renter percentages in zip code 77984 have shown a declining trend, decreasing from 21% in 2013 to 16% in 2022. This decline in renters corresponds with the increase in homeownership rates. Average rent prices, however, have not shown a consistent trend. In 2013, the average rent was $806, which increased to $873 in 2019, but then decreased to $803 in 2022. The fluctuation in rent prices, coupled with the declining renter population, suggests a complex rental market influenced by various factors including local economic conditions and housing supply.
In 2023 and 2024, the average home prices in zip code 77984 showed a slight decline followed by a marginal increase. The average home price in 2023 was $291,255, representing a 2.2% decrease from 2022. However, in 2024, the price rebounded slightly to $293,669, a 0.8% increase from 2023. This recent trend occurs against the backdrop of significantly higher interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially influencing buyer behavior and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. If the current patterns persist, we might expect average home prices in zip code 77984 to continue their overall upward trajectory, albeit at a more moderate pace due to higher interest rates. Average home prices could potentially reach around $320,000 to $340,000 by 2029. Average rent prices may stabilize or show modest increases, potentially reaching $850 to $900 per month by 2029, assuming local economic conditions remain favorable and housing demand continues to grow.
In summary, zip code 77984 has demonstrated a strong trend towards homeownership, with a significant appreciation in average home values over the past decade. The area has maintained high homeownership rates despite fluctuations in interest rates and housing prices. The rental market, while smaller, has shown resilience with varying rent prices. The recent stabilization in home prices and high interest rates may signal a new phase in the local real estate market, potentially leading to more moderate growth in the coming years.
