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Home Values and Ownership in Zip Code 35953: A Decade of Stability Amidst Growth
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 35953, located in Ashville, Alabama, has experienced significant changes in its real estate market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the evolving landscape of this community. The homeownership rate in zip code 35953 has remained relatively stable over the years, with slight fluctuations. In 2013, the homeownership rate was 81%, and by 2022, it had increased slightly to 83%. During this period, average home prices in the area showed a consistent upward trend. In 2013, the average home price was $141,743, and by 2022, it had risen to $243,297, representing a substantial increase of 71.6% over nine years.
The relationship between federal interest rates and homeownership rates in this zip code is notable. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.14%, the homeownership rate remained relatively stable. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in determining homeownership rates in this area.
Renter percentages in zip code 35953 have shown some variation over the years, with a low of 17% in 2014 and 2022, and a high of 21% in 2019. Average rent prices have experienced significant fluctuations. In 2013, the average rent was $719, which decreased to $632 in 2016. However, there was a sharp increase in subsequent years, with the average rent reaching $1,179 in 2022, representing a 64.5% increase from 2013 to 2022. This trend might be attributed to changes in housing demand, local economic factors, or shifts in the rental market dynamics.
In 2023 and 2024, the average home prices in zip code 35953 continued to rise, albeit at a slower pace. The average home price in 2023 was $244,210, showing a modest increase from 2022. In 2024, it further increased to $247,061. Interestingly, this slower growth coincides with a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have contributed to the moderation in home price growth.
Looking ahead, based on historical trends and current market conditions, we can expect the average home prices in zip code 35953 to continue their upward trajectory, albeit at a more moderate pace. Over the next five years, average home prices could potentially increase by 15-20%, reaching approximately $285,000 to $295,000 by 2029. Average rent prices are also likely to continue rising, potentially reaching $1,400 to $1,500 per month by 2029, representing a 20-25% increase from 2022 levels.
In summary, zip code 35953 has demonstrated a robust and growing real estate market over the past decade. The area has maintained a high homeownership rate while experiencing significant appreciation in average home values. The rental market has also seen substantial growth in average rent prices. Despite recent increases in interest rates, the housing market in this zip code appears to remain strong, with continued, though moderated, growth expected in both home prices and rental rates in the coming years.
