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Zip Code 03254: Rising Home Values and Ownership Trends in Suissevale, New Hampshire
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 03254, located in Suissevale, New Hampshire, has experienced significant changes in its housing market over the past decade. This area has seen a consistent trend of high homeownership rates, coupled with fluctuating average home prices and rent costs.
The homeownership rate in zip code 03254 has remained relatively stable, hovering around 85-90% from 2013 to 2022. In 2013, the homeownership rate was 89%, and by 2022, it stood at 89%. During this period, average home prices showed a substantial increase. In 2013, the average home price was $284,595, which rose steadily to reach $656,476 in 2022, representing a remarkable 130.7% increase over nine years. This trend suggests a strong correlation between the stable high homeownership rates and the rising average home prices in the area.
Federal interest rates have played a role in homeownership trends in zip code 03254. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained high, between 84% and 89%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight fluctuation in homeownership rates, but they remained relatively stable between 85% and 87%. This suggests that while interest rates influence homeownership, other factors such as local market conditions and community preferences also play significant roles in this zip code.
Renter percentages in zip code 03254 have remained relatively low, ranging from 10% to 16% between 2013 and 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $1,373, which decreased to $1,295 in 2016 before rising again to $1,427 in 2019. By 2022, the average rent had settled at $1,320. This fluctuation in rent prices, despite the consistently low percentage of renters, could be attributed to changes in the local economy, housing supply, or broader market trends affecting the rental market in the area.
Looking at the most recent data, in 2023, the average home price in zip code 03254 reached $678,167, with federal interest rates at 5.02%. In 2024, the average home price further increased to $698,949, while interest rates slightly rose to 5.33%. This continued upward trend in home prices, despite higher interest rates, suggests a robust and desirable housing market in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 03254 will continue to rise, potentially reaching around $800,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, we expect a more modest increase, potentially reaching an average of $1,500 to $1,600 per month by 2029, assuming the current trends and economic conditions persist.
In summary, zip code 03254 in Suissevale, New Hampshire, demonstrates a housing market characterized by high homeownership rates, steadily increasing average home prices, and relatively stable rent prices. The area has shown resilience to fluctuations in federal interest rates, maintaining strong homeownership levels. The continued rise in home prices, even in the face of higher interest rates, suggests a sustained demand for housing in this zip code, likely driven by its desirable location or local economic factors.
