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Rising Home Values and Stable Ownership in Zip Code 19438: Harleysville'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
Harleysville, located in zip code 19438 in Pennsylvania, is a vibrant community that has experienced notable changes in homeownership and housing market trends over the past decade. This analysis will explore the relationship between ownership rates, average home prices, and average rent prices in this area.
The homeownership rate in Harleysville has shown a slight decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 79%, which decreased to 76% by 2020. However, it rebounded to 78% in 2022. Concurrently, average home prices have seen a significant increase. In 2013, the average home price was $290,824, which rose steadily to $455,102 by 2022, representing a 56.5% increase over this period.
The trend between homeownership rates and average home prices reveals an interesting dynamic. Despite the substantial rise in home prices, the homeownership rate has remained relatively stable, only decreasing slightly. This suggests a strong desire for homeownership in the area, even as prices have increased. The relationship between federal interest rates and homeownership rates also plays a role. For instance, the period from 2013 to 2016 saw historically low interest rates (ranging from 0.11% to 0.4%), which may have supported the high homeownership rates during this time, despite rising home prices.
Examining renter percentages and average rent prices, we see a slight increase in the proportion of renters from 20% in 2013 to 22% in 2022. Average rent prices have also increased, from $1,191 in 2013 to $1,446 in 2022, a 21.4% rise. The population growth from 22,199 in 2013 to 22,802 in 2022 may have contributed to the increased demand for rental properties, pushing up average rent prices.
Looking at the most recent data, the average home price in Harleysville reached $478,332 in 2023 and further increased to $500,998 in 2024. This represents a significant jump of 10.1% from 2022 to 2024. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Harleysville to continue their upward trajectory, potentially reaching around $575,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,700 per month in the same timeframe. However, these projections are subject to various economic factors and market conditions.
In summary, Harleysville has maintained a relatively stable homeownership rate despite significant increases in average home prices. The rental market has seen moderate growth in both the percentage of renters and average rent prices. The recent sharp rise in interest rates, coupled with continuing increases in home prices, may present challenges for potential homebuyers in the coming years. These trends highlight the dynamic nature of the housing market in zip code 19438 and underscore the importance of monitoring these factors for both residents and policymakers.
