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Zip Code 03053: Londonderry's Resilient Housing Market and Rising Home Values
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
Londonderry, located in zip code 03053 in New Hampshire, is a growing community that has experienced notable changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in this area. The homeownership rate in Londonderry has remained relatively stable, with a slight decrease from 88% in 2013 to 86% in 2022. During this same period, average home prices have shown a significant upward trend. In 2013, the average home price was $234,157, which increased steadily to $494,005 by 2022, representing a substantial 111% increase over nine years.
Federal interest rates have played a role in shaping homeownership trends in Londonderry. From 2013 to 2016, interest rates remained low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained stable at 86-87%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate showed resilience, maintaining at 86%. This suggests that other factors, such as the strong local economy or desirability of the area, may have offset the potential negative impact of rising interest rates on homeownership.
The percentage of renters in Londonderry has slightly increased from 11% in 2013 to 14% in 2022. Concurrently, average rent prices have also risen, albeit at a more modest pace compared to home prices. In 2013, the average rent was $1,506, which increased to $1,641 by 2022, representing a 9% increase over nine years. The population growth from 23,755 in 2013 to 25,485 in 2022 may have contributed to the upward pressure on both home prices and rents.
In 2023 and 2024, the housing market in Londonderry continued its upward trajectory. The average home price reached $528,499 in 2023 and further increased to $557,821 in 2024, representing a 13% rise from 2022 to 2024. Interestingly, this growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that the average home prices in Londonderry are likely to continue their upward trend over the next five years, albeit potentially at a more moderate pace due to the higher interest rate environment. Average rent prices are also expected to increase, driven by population growth and the overall appreciation of the local real estate market.
In summary, Londonderry has maintained a high homeownership rate despite rising home prices and interest rates. The area has experienced substantial growth in average home values, with a more modest increase in average rent prices. These trends, coupled with steady population growth, indicate a robust and desirable housing market in this New Hampshire community.
