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Rising Home Values and Shifting Ownership in Mount Crawford's 22841 Zip Code: A Decade of Housing Market Dynamics
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
Mount Crawford, located in zip code 22841 in Virginia, has experienced significant changes in its housing market over the past decade. This small town has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local developments.
The homeownership rate in Mount Crawford has shown a gradual decline from 2013 to 2022. In 2013, 76% of residents were homeowners, but by 2022, this figure had dropped to 65%. Interestingly, this decline in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $220,736, and it rose steadily to reach $340,731 by 2022, representing a 54% increase over this period.
The relationship between federal interest rates and homeownership rates in Mount Crawford follows a well-established trend. As interest rates remained low between 2013 and 2020 (ranging from 0.09% to 0.38%), homeownership rates remained relatively stable, hovering around 71-76%. However, as interest rates began to rise in 2022 to 1.68%, the homeownership rate dropped to 65%, suggesting that higher borrowing costs may have impacted affordability for potential buyers.
Conversely, the percentage of renters in Mount Crawford has increased from 24% in 2013 to 35% in 2022. This rise in the renter population has been accompanied by a significant increase in average rent prices. The average rent rose from $889 in 2013 to $1,188 in 2022, a 34% increase. The population growth from 3,166 in 2013 to 3,624 in 2022 may have contributed to the increased demand for rental properties, driving up prices.
In 2023 and 2024, the housing market in Mount Crawford continued to evolve. The average home price reached $367,573 in 2023 and further increased to $379,438 in 2024, showing a consistent upward trend. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Looking ahead, based on the observed trends, we can forecast that average home prices in Mount Crawford may continue to rise over the next five years, potentially reaching around $425,000 by 2029. Similarly, average rent prices could increase to approximately $1,400 per month. However, these projections assume a continuation of current trends and do not account for potential economic shifts or local policy changes.
In summary, Mount Crawford has experienced a decrease in homeownership rates despite rising home values, while the renter population and average rent prices have increased. The interplay between interest rates, population growth, and housing costs has shaped the local real estate landscape, presenting both challenges and opportunities for residents and investors in this Virginia community.
