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Zip Code 03833: Rising Home Values and Stable Ownership in Exeter's Historic Community
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
Exeter, situated in zip code 03833 in New Hampshire, has experienced significant 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 Exeter has remained relatively stable, with a slight increase from 73% in 2013 to 75% in 2018, before returning to 73% in 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $285,015, which steadily increased to $533,269 by 2022, representing an impressive 87% growth over nine years.
The relationship between federal interest rates and homeownership rates in Exeter is notable. From 2013 to 2016, as interest rates remained low (ranging from 0.11% to 0.40%), homeownership rates increased from 73% to 75%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, despite rising interest rates from 2017 to 2019 (1% to 2.16%), homeownership rates remained steady at 75%, suggesting other factors were also influencing the local housing market.
Renter percentages in Exeter have mirrored the homeownership trends, decreasing slightly from 27% in 2013 to 25% in 2018, before returning to 27% in 2022. Average rent prices have fluctuated over this period. In 2013, the average rent was $1,307, which peaked at $1,503 in 2014 before gradually decreasing to $1,396 in 2022. This represents a modest 6.8% increase in average rent over nine years, significantly lower than the growth in average home prices.
Looking at the most recent data, average home prices in Exeter continued to rise, reaching $569,004 in 2023 and $600,175 in 2024. This represents a 6.6% increase from 2022 to 2023 and a further 5.5% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Exeter to continue their upward trajectory, potentially reaching around $750,000 by 2029. This projection is based on the consistent growth observed over the past decade. Average rent prices are likely to show more modest growth, potentially reaching approximately $1,600 by 2029, assuming the trend of gradual increases continues.
In summary, Exeter has experienced substantial growth in average home prices over the past decade, with a relatively stable homeownership rate. The rental market has seen more modest increases in prices, while the proportion of renters has remained relatively constant. The recent sharp rise in interest rates may influence future housing market dynamics, potentially affecting both homeownership rates and housing affordability in this New Hampshire community.
