Loading Content...
Average Home Values Double in Zip Code 68454: Unadilla's Resilient Housing Market
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 68454, located in Unadilla, Nebraska, has experienced significant changes in homeownership rates and housing prices over the past decade. This rural area has seen a gradual increase in population, rising from 979 in 2010 to 1,116 in 2022, indicating steady growth and potential demand for housing.
The homeownership rate in zip code 68454 has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate stood at 88%, and by 2022, it had decreased slightly to 87%. During this period, average home prices in the area saw a substantial increase. In 2013, the average home price was $121,760, and by 2022, it had risen to $243,699, representing a remarkable 100% increase over nine years.
Federal interest rates have played a role in homeownership trends in zip code 68454. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), the homeownership rate remained high, between 85% and 89%. As interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), there was a slight dip in homeownership to 84% in 2017 and 85% in 2018. However, the area maintained a strong homeownership rate even as interest rates continued to increase, suggesting other factors contributing to the high rate of owner-occupied housing.
The rental market in zip code 68454 has also seen notable changes. The percentage of renters increased from 12% in 2013 to 13% in 2022. During this period, average rent prices rose significantly. In 2013, the average rent was $740 per month, and by 2022, it had increased to $1,146, representing a 54.9% increase over nine years. This rise in rent prices outpaced the growth in the renter population, suggesting increased demand for rental properties or improved quality of available rentals.
In 2023 and 2024, the housing market in zip code 68454 continued to show strength. The average home price in 2023 reached $258,598, a 6.1% increase from 2022. In 2024, the average home price further increased to $267,936, representing a 3.6% growth from the previous year. Notably, federal interest rates in 2023 and 2024 were significantly higher at 5.02% and 5.33% respectively, yet the housing market remained robust, indicating strong local demand and economic factors supporting home values.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 68454 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate suggests average home prices could reach around $300,000 by 2029. Similarly, average rent prices are likely to continue their upward trajectory, potentially reaching $1,400-$1,500 per month in the same timeframe, assuming consistent economic conditions and demand for rental properties.
In summary, zip code 68454 has demonstrated a strong and stable housing market characterized by high homeownership rates and steadily increasing property values. Despite rising interest rates, the area has maintained its appeal to homeowners, while also seeing growth in the rental market. The consistent population growth and rising housing prices suggest a positive outlook for the real estate market in this Nebraska community.
