Loading Content...
Zip Code 12423: Rising Home Values and Resilient Ownership in East Durham, 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
Zip code 12423, located in East Durham, New York, has experienced fluctuating trends in homeownership rates and housing prices over the past decade. This rural area has seen significant changes in its real estate market, with notable shifts in both ownership percentages and average home values. The homeownership rate in zip code 12423 has shown a general decline from 2013 to 2020, followed by a recent uptick. In 2013, the area boasted a high homeownership rate of 82%, which gradually decreased to 74% by 2020. However, this trend reversed in recent years, with homeownership rising to 81% in 2022. Concurrently, average home prices have shown a steady increase, rising from $151,570 in 2013 to $287,445 in 2022, representing a substantial 89.6% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 12423. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%, which coincided with high homeownership rates of 82-85%. As interest rates began to rise, reaching 2.16% by 2019, homeownership rates declined to 76%. The dramatic drop in interest rates to 0.08% in 2021 corresponded with a rebound in homeownership to 78%, further increasing to 81% in 2022 despite rising rates.
Renter percentages in zip code 12423 have inversely mirrored homeownership trends, increasing from 18% in 2013 to a peak of 26% in 2020, before declining to 19% in 2022. Average rent prices have shown a general upward trend, rising from $824 in 2013 to $901 in 2022, an increase of 9.3%. It's worth noting that the population of the area has fluctuated, decreasing from 883 in 2013 to a low of 777 in 2019, before rebounding to 924 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, average home prices in zip code 12423 continued their upward trajectory, reaching $289,338 in 2023 and $300,299 in 2024. This represents a 4.5% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 12423 are likely to continue their upward trend over the next five years, potentially reaching around $350,000 by 2029. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $1,000 per month by 2029. These projections are based on historical trends and current market conditions.
In summary, zip code 12423 has experienced a recent resurgence in homeownership rates, coupled with significant increases in average home prices. The interplay between federal interest rates, population changes, and housing market dynamics has shaped these trends. As the area continues to evolve, it will be crucial to monitor how these factors influence future homeownership rates and housing affordability in East Durham.
