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Home Values and Ownership in Zip Code 63385: A Decade of Growth in Wentzville, Missouri
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 63385, located in Wentzville, Missouri, is a rapidly growing suburban area west of St. Louis that has experienced significant population growth and housing market changes over the past decade. The area has maintained a consistently high rate of homeownership, with average home prices steadily increasing and average rent prices fluctuating over time.
The homeownership rate in zip code 63385 has remained relatively stable, hovering around 84-85% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $196,252, which increased to $359,054 by 2022, representing an impressive 83% growth over nine years. This steady rise in home values, coupled with the stable homeownership rate, suggests a strong and desirable housing market in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 63385. From 2013 to 2016, interest rates remained very low, ranging from 0.09% to 0.4%. During this period, the homeownership rate held steady at 85-86%. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, there was a slight decrease in homeownership to 84%. However, when interest rates dropped again in 2020 and 2021 to near-zero levels, homeownership remained stable at 84%. The slight increase to 85% in 2022, despite rising interest rates, indicates the area's resilience and continued attractiveness to homebuyers.
Renter percentages in zip code 63385 have remained relatively low, ranging from 13% to 16% between 2013 and 2022. Average rent prices have shown some fluctuation during this period. In 2013, the average rent was $1,265, which peaked at $1,265 in 2015 before gradually decreasing to $1,123 in 2022. This represents an 11.2% decrease in average rent prices over nine years. The decline in average rent prices, coupled with the area's population growth from 36,746 in 2013 to 51,874 in 2022, suggests an increasing supply of rental properties that may be outpacing demand.
In 2023, the average home price in zip code 63385 reached $367,428, showing continued growth from the previous year. This trend persisted into 2024, with average home prices rising to $374,310. Notably, federal interest rates increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in this zip code has demonstrated resilience, with home prices continuing to appreciate.
Looking ahead, predictive models suggest that average home prices in zip code 63385 are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices may stabilize or see modest increases as the rental market adjusts to the growing population and housing supply. The area's sustained population growth and historically high homeownership rates indicate a continued strong demand for housing in this zip code.
In summary, zip code 63385 in Wentzville, Missouri, has demonstrated a robust and growing housing market characterized by consistently high homeownership rates, steadily increasing average home prices, and a relatively small but stable rental market. The area has shown resilience in the face of fluctuating interest rates and continues to attract new residents, suggesting a positive outlook for its housing market in the coming years.
