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Average Home Values Soar in Zip Code 07649: Oradell's Resilient 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
Oradell, located in zip code 07649 in New Jersey, is a small yet vibrant community with a population of 8,120 as of 2022. This area has consistently maintained a high rate of homeownership, with average home prices showing a steady upward trend over the years. The average rent prices have also experienced fluctuations, reflecting the dynamic nature of the local real estate market.
The homeownership rate in Oradell has remained relatively stable, ranging from 88% to 92% between 2013 and 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $557,876, which increased to $780,383 by 2022, representing a substantial 39.9% growth over nine years. This trend suggests a strong correlation between the high homeownership rates and the rising property values in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership in Oradell remained high at around 90%. As interest rates began to rise from 2017 onwards, there was a slight dip in homeownership to 88% in 2018, which could be attributed to the increased cost of borrowing. However, the community quickly adapted, with homeownership rising back to 90% by 2022, despite higher interest rates of 1.68%.
Renter percentages in Oradell have fluctuated slightly, ranging from 8% to 12% between 2013 and 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $1,802, which decreased to $1,558 in 2016 before rising sharply to $2,074 in 2022. This represents a 15.1% increase from 2013 to 2022. The fluctuations in rent prices could be influenced by various factors, including changes in housing supply, local economic conditions, and the overall desirability of the area.
Looking at the most recent data, the average home price in Oradell reached $794,351 in 2023 and further increased to $848,429 in 2024, showing a continued upward trajectory. This growth is particularly notable given the significant rise in interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. Despite these higher borrowing costs, the local real estate market has demonstrated remarkable resilience and attractiveness to homebuyers.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home and rent prices. Based on historical data and current market conditions, average home prices in Oradell could potentially reach or exceed $950,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $2,500 per month within the same timeframe. These projections assume a continuation of current economic trends and local market dynamics.
In summary, Oradell (07649) demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience in the face of fluctuating interest rates, maintaining strong homeownership levels even as borrowing costs have risen. The rental market, while smaller, has also shown growth, with average rents increasing over time. The continued upward trajectory of both home prices and rents suggests that Oradell remains an attractive location for both homeowners and investors, with potential for further appreciation in the coming years.
