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Zip Code 03818: Rising Home Values and Ownership Trends in Conway, 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 03818, located in Conway, New Hampshire, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has shown a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices.
The ownership percentage in zip code 03818 has seen a notable increase from 69% in 2018 to 76% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2018, the average home price was $205,620, which steadily increased to $368,547 by 2022, representing a 79% increase over just four years. This correlation suggests that despite rising home prices, more residents in the area have been able to transition into homeownership.
Federal interest rates have played a significant role in homeownership trends. From 2018 to 2020, interest rates decreased from 1.83% to 0.38%, which likely contributed to the increase in homeownership from 69% to 74% during this period. Lower interest rates typically make mortgages more affordable, encouraging more people to buy homes. The continued low rates in 2021 (0.08%) coincided with a further increase in homeownership to 77%, the highest level observed in the dataset.
The renter percentage in zip code 03818 has conversely decreased from 31% in 2018 to 24% in 2022. Interestingly, average rent prices have shown some volatility during this period. In 2018, the average rent was $926, which increased to $1,002 in 2021 before decreasing slightly to $924 in 2022. The population growth from 3,417 in 2018 to 3,294 in 2022 may have influenced these rent price fluctuations, as changes in housing supply and demand can impact rental markets.
Looking at the most recent data, average home prices in zip code 03818 continued to rise, reaching $390,062 in 2023 and $399,216 in 2024. This represents a 6% increase from 2022 to 2023 and a further 2.3% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 03818 will continue to increase, 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. For average rent prices, we expect a moderate upward trend, potentially reaching $1,100 to $1,200 per month by 2029, assuming consistent economic conditions and population growth.
In summary, zip code 03818 has demonstrated a clear trend of increasing homeownership and rising average home prices over the past decade. The area has shown resilience in its housing market, with homeownership rates continuing to climb despite significant increases in home prices. The relationship between federal interest rates and homeownership rates has been evident, with lower rates correlating with higher ownership percentages. As we move forward, the interplay between rising home prices, higher interest rates, and demographic changes will likely shape the future of housing in this New Hampshire community.
