Loading Content...
Rising Home Values in Zip Code 83801: Athol's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 83801, located in Athol, Idaho, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area, known for its scenic beauty and proximity to outdoor recreational opportunities, has seen a dynamic real estate market with notable trends in both ownership and rental sectors.
The homeownership rate in zip code 83801 has shown fluctuations over the years, with a general trend towards slight decline. In 2013, the area boasted a high homeownership rate of 87%, which decreased to 81% by 2019. However, there was a rebound to 86% in 2022. Interestingly, this trend coincides with significant changes in average home prices. The average home price in the area rose from $208,053 in 2013 to $744,517 in 2022, representing a substantial 258% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an intriguing pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.68%), homeownership rates experienced a slight overall decline. This suggests that other factors, such as rapidly increasing home prices, may have played a more significant role in homeownership trends than interest rates alone.
Renter percentages in zip code 83801 have shown an overall increase, albeit with some fluctuations. The percentage of renters rose from 10% in 2013 to 14% in 2022. This trend corresponds with changes in average rent prices, which increased from $974 in 2013 to $1,429 in 2022, a 47% rise. The population in the area also grew during this period, from 7,293 in 2013 to 7,870 in 2022, potentially contributing to increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 83801 reached $751,476 in 2023 and slightly increased to $751,498 in 2024. This indicates a stabilization in home prices after years of rapid growth. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 83801 may continue to increase, but at a more moderate pace compared to the rapid growth seen in recent years. The stabilization observed in 2023-2024 suggests a potential plateau or slower growth rate. Average rent prices are expected to follow a similar trend, with continued increases but potentially at a more gradual rate than seen in previous years.
In summary, zip code 83801 has experienced significant changes in its real estate landscape. The area has seen a substantial increase in average home prices, a slight overall decline in homeownership rates (despite recent rebounds), and an increase in both renter percentages and average rent prices. These trends, combined with population growth and changing interest rates, paint a picture of a dynamic and evolving real estate market in this Idaho community.
