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Rising Home Values and Strong Ownership in Zip Code 45244: A Decade of Housing Market Dynamics in Dry Run, Ohio
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 45244, located in Dry Run, Ohio, is a dynamic area that has experienced notable shifts in homeownership and housing prices over the past decade. This analysis will explore the trends in ownership rates, average home prices, and average rent prices, providing insights into the local real estate market.
The homeownership rate in zip code 45244 has remained relatively stable, with a slight decline from 85% in 2013 to 82% in 2022. During this period, average home prices have shown a significant upward trend. In 2013, the average home price was $199,314, which steadily increased to $355,600 by 2022, representing a substantial 78.4% increase over nine years. This trend suggests that despite rising home prices, the area has maintained a strong base of homeowners.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership in the area remained high, above 79%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we saw a slight dip in homeownership to 80%. However, the area's homeownership rate has remained resilient, even as interest rates fluctuated, suggesting other factors such as local economic conditions and housing supply also influence ownership rates.
Renter percentages in zip code 45244 have shown a modest increase from 14% in 2013 to 18% in 2022. This change coincides with fluctuations in average rent prices. In 2013, the average rent was $1,045, which peaked at $1,300 in 2016 before settling at $1,212 in 2022. The population growth from 26,881 in 2013 to 27,714 in 2022 may have contributed to the increased demand for rental properties, supporting both the rise in renter percentages and average rent prices.
Looking at the most recent data, the average home price in zip code 45244 reached $376,411 in 2023 and further increased to $390,334 in 2024. This represents a 5.8% and 3.7% year-over-year increase respectively, indicating a continued upward trend in home values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home price growth.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 45244 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $450,000 to $475,000, assuming a moderate annual growth rate of 3-4%. For average rent prices, we expect a more modest increase, potentially reaching $1,350 to $1,400 by 2029, factoring in historical trends and potential economic factors.
In summary, zip code 45244 has demonstrated a robust housing market with steadily increasing home values and a strong, stable homeownership base. The area has seen significant appreciation in average home prices, rising from $199,314 in 2013 to $390,334 in 2024, a remarkable 95.8% increase over 11 years. While renter percentages have slightly increased, they remain relatively low, indicating a preference for homeownership in the area. The interplay between federal interest rates, home prices, and ownership rates suggests a resilient local real estate market that has maintained its appeal to homeowners despite economic fluctuations.
