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Zip Code 15367: McMurray's Rising Home Values and Ownership Rates
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
McMurray, located in zip code 15367 in Pennsylvania, has experienced significant changes in homeownership rates and housing prices over the past decade. This suburban community has shown a strong trend towards homeownership, with a corresponding increase in average home prices and fluctuating rent prices.
The ownership percentage in McMurray has steadily increased from 91% in 2013 to 95% in 2022, indicating a growing preference for homeownership in the area. This trend coincides with a substantial rise in average home prices, which grew from $332,431 in 2010 to $526,014 in 2022, representing a 58% increase over 12 years. The most significant year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $436,858 to $479,997, a 9.9% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in McMurray. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%, which likely contributed to the initial increase in homeownership from 91% to 92% between 2013 and 2015. As interest rates began to rise gradually from 2016 onwards, reaching 2.16% in 2019, the homeownership rate remained stable at 92%. Interestingly, despite a sharp drop in interest rates to 0.38% in 2020 and 0.08% in 2021, homeownership continued to climb, reaching 93% in 2020 and 94% in 2021, suggesting other factors beyond interest rates were influencing the local housing market.
The renter percentage in McMurray has correspondingly decreased from 9% in 2013 to 5% in 2022. Despite this decline, average rent prices have shown volatility. They peaked at $1,338 in 2016 before declining to $831 in 2022, a 37.9% decrease. This trend may be attributed to the shrinking rental market and the community's strong preference for homeownership, possibly leading to less competition for rental properties.
In 2023 and 2024, the housing market in McMurray continued its upward trajectory. The average home price reached $547,807 in 2023 and further increased to $564,617 in 2024, representing a 4.1% and 3.1% year-over-year growth, respectively. This growth occurred despite rising federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, suggesting a resilient local housing market.
Looking ahead, based on the historical data and current trends, we can expect the average home prices in McMurray to continue rising over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate would put the average home price around $650,000 by 2029. Rent prices, which have been declining, may stabilize or see a modest increase as the rental market becomes increasingly limited, potentially reaching an average of $900-$950 per month by 2029.
In summary, McMurray in zip code 15367 has demonstrated a strong trend towards homeownership, with ownership rates increasing from 91% to 95% between 2013 and 2022. This shift has been accompanied by significant growth in average home prices, rising from $332,431 in 2010 to $564,617 in 2024. The rental market has contracted, with average rents declining despite the overall increase in property values. These trends suggest a community highly focused on homeownership, with a robust and appreciating housing market that has shown resilience even in the face of rising interest rates.
