Loading Content...
Zip Code 11930: Amagansett's Rising Home Values and Ownership Trends in Coastal New York
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Amagansett, located in zip code 11930 in New York, is a coastal community known for its pristine beaches and charming rural character. This area has experienced significant fluctuations in homeownership rates and property values over the past decade, with a general trend towards increased owner occupancy and rising average home prices.
The homeownership rate in Amagansett has shown a notable increase from 79% in 2019 to 90% in 2022. This upward trend coincided with a substantial rise in average home prices, which grew from $2,316,593 in 2019 to $3,112,946 in 2022, representing a 34.4% increase over just three years. The correlation between rising homeownership and increasing property values suggests a strong demand for owned properties in this zip code.
Federal interest rates have played a significant role in shaping homeownership trends in Amagansett. The period from 2019 to 2021 saw historically low interest rates, dropping from 2.16% to 0.08%. This favorable financing environment likely contributed to the surge in homeownership from 79% in 2019 to 92% in 2021. As interest rates began to rise in 2022 to 1.68%, we observed a slight decrease in homeownership to 90%, indicating the sensitivity of the local real estate market to borrowing costs.
Conversely, the renter population in Amagansett has decreased from 21% in 2019 to 10% in 2022. Despite this decline, average rent prices have remained relatively stable, decreasing slightly from $1,877 in 2019 to $1,852 in 2022, a modest 1.3% reduction. This stability in rent prices, despite the decreasing renter population, may be attributed to the overall desirability of the area and limited rental inventory.
In 2023 and 2024, Amagansett continued to see growth in average home prices, reaching $3,142,273 in 2023 and slightly decreasing to $3,117,795 in 2024. This represents a 0.9% increase from 2022 to 2023, followed by a 0.8% decrease from 2023 to 2024. Notably, federal interest rates rose significantly to 5.02% in 2023 and further to 5.33% in 2024, which may have contributed to the slight cooling in home prices observed in 2024.
Looking ahead, predictive models suggest that average home prices in Amagansett may continue to experience moderate growth over the next five years, albeit at a slower pace than observed in recent years. Average rent prices are expected to remain relatively stable with potential for slight increases, reflecting the area's continued desirability and limited rental inventory.
In summary, Amagansett has demonstrated a strong trend towards homeownership, with significant increases in both the percentage of owner-occupied homes and average home prices. The interplay between federal interest rates, homeownership rates, and property values has been evident, with low interest rates correlating with increased homeownership and rising home prices. Despite a decreasing renter population, rent prices have remained relatively stable, underscoring the area's enduring appeal to both homeowners and renters alike.
