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Rising Home Values and High Ownership in Zip Code 19474: Skippack'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
Zip code 19474, located in Skippack, Pennsylvania, is a small but vibrant community encompassing just 0.07 square miles. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The ownership percentage in zip code 19474 has remained consistently high, ranging from 84% to 93% between 2013 and 2022. This strong preference for homeownership coincides with a steady increase in average home prices. In 2010, the average home price was $228,688, which rose to $328,778 by 2022, representing a 43.8% increase over 12 years. The most significant jump occurred between 2020 and 2022, with average home prices rising from $262,128 to $328,778, a 25.4% increase in just two years.
Federal interest rates have played a role in homeownership trends in zip code 19474. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%. During this time, homeownership rates remained high, consistently above 84%. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, homeownership rates actually increased slightly, peaking at 92% in 2019. This suggests that local factors may have outweighed the impact of rising interest rates on homeownership decisions in this particular zip code.
Renter percentages in zip code 19474 have remained relatively low, fluctuating between 5% and 16% from 2013 to 2022. Average rent prices have shown significant volatility during this period. In 2013, the average rent was $1,092, which decreased to $860 in 2017 before rising sharply to $1,524 in 2020, a 77.2% increase in just three years. By 2022, the average rent had slightly decreased to $1,488. These fluctuations in rent prices do not appear to have a strong correlation with the relatively stable renter percentages, suggesting that other factors, such as local housing supply and demand, may have more influence on renting decisions in this area.
Looking at the most recent data, average home prices in zip code 19474 continued to rise in 2023 and 2024, reaching $351,490 and $365,090 respectively. This represents a 7% increase from 2022 to 2023 and a further 3.9% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, indicating strong demand in this zip code.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 19474 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $400,000 to $425,000 by 2029. Average rent prices are expected to stabilize and potentially increase moderately, potentially reaching $1,600 to $1,700 per month by 2029, assuming continued economic growth and stable local market conditions.
In summary, zip code 19474 has demonstrated a strong preference for homeownership, with consistently high ownership rates despite fluctuations in home prices and interest rates. The area has seen significant appreciation in home values, particularly in recent years, while rent prices have shown more volatility. The resilience of the local housing market, even in the face of rising interest rates, suggests a robust demand for housing in this zip code, which is likely to continue shaping its real estate landscape in the coming years.
