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Zip Code 03275: Rising Home Values and Ownership in Suncook, 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 03275, located in Suncook, New Hampshire, has experienced notable shifts in homeownership rates and property values over the past decade. This area, covering 40.97 square miles, has seen a general trend of increasing homeownership and rising average home prices, coupled with fluctuating average rent prices.
The homeownership rate in zip code 03275 has shown a steady upward trend from 2013 to 2022. In 2013, 69% of residents owned their homes, and this figure increased to 77% by 2022. This rise in homeownership coincided with a significant increase in average home prices. The average home price in 2013 was $178,049, and by 2022, it had more than doubled to $360,565. This represents a substantial 102.5% increase in average home values over nine years.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership increased from 69% to 72%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership continued to increase, reaching 77%. This suggests that other factors, such as local economic conditions or housing market dynamics, may have played a more significant role in driving homeownership than interest rates alone.
Renter percentages in zip code 03275 have inversely mirrored the homeownership trend, decreasing from 31% in 2013 to 23% in 2022. Despite this decline in the renter population, average rent prices have shown some volatility. The average rent was $1,155 in 2013, peaked at $1,200 in 2014, and then fluctuated, ending at $1,046 in 2022. This represents a 9.4% decrease in average rent prices over the decade, despite the overall increase in property values.
In 2023 and 2024, the housing market in zip code 03275 continued its upward trajectory. The average home price reached $388,328 in 2023 and further increased to $412,892 in 2024. This represents a 7.7% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting housing affordability and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 03275. Applying a conservative growth rate of 5% annually, we might expect average home prices to reach approximately $527,000 by 2029. For average rent prices, assuming a modest 2% annual increase from the 2022 level, we could see average rents around $1,155 by 2029.
In summary, zip code 03275 has experienced a significant increase in homeownership rates and average home prices over the past decade, with this trend continuing into 2023 and 2024. The area has shown resilience in maintaining high homeownership rates despite rising interest rates. The rental market has seen a decrease in the percentage of renters and some fluctuation in average rent prices. These trends suggest a strong and growing housing market in this New Hampshire community, with potential for continued appreciation in property values in the coming years.
