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Zip Code 15368: Average Home Values and Ownership Trends in Centerville
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 15368, located in Centerville, Pennsylvania, is a small community with a population of 108 as of 2022. This area has experienced fluctuating homeownership rates and significant changes in average home and rent prices over the past decade, reflecting the dynamic nature of its real estate market.
The ownership percentage in zip code 15368 has shown a notable decline from 2015 to 2022. In 2015, the homeownership rate peaked at 68%, but by 2022, it had decreased to 49%. This downward trend coincided with an overall increase in average home prices. In 2014, the average home price was $30,458, rising to $47,538 by 2022, representing a substantial 56% increase over eight years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. Despite historically low interest rates from 2014 to 2021 (ranging from 0.08% to 1.83%), homeownership rates generally declined. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates in this particular area.
Renter percentages in zip code 15368 have shown an inverse relationship to homeownership rates, increasing from 32% in 2015 to 49% in 2022. Average rent prices have been volatile during this period. In 2013, the average rent was $235, which increased dramatically to $611 in 2017, before settling at $520 in 2022. This represents a 121% increase in average rent from 2013 to 2022. The population fluctuations, ranging from 90 to 115 residents between 2014 and 2022, likely contributed to these rental market dynamics.
In 2023 and 2024, the average home prices in zip code 15368 experienced some volatility. The average home price decreased to $42,282 in 2023, a 11% drop from 2022. However, it rebounded to $45,775 in 2024, representing an 8.3% increase from the previous year. Notably, federal interest rates rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may have influenced housing market dynamics.
Looking ahead, based on recent trends, we can forecast that average home prices in zip code 15368 may continue to show moderate growth over the next five years, potentially reaching around $52,000 by 2029. Average rent prices, which have been more volatile, could stabilize and potentially increase to approximately $600 per month by 2029, assuming continued demand for rental properties in the area.
In summary, zip code 15368 has experienced a shift from homeownership to renting over the past decade, with significant increases in both average home prices and rent. The area's small population makes it susceptible to rapid changes in housing market dynamics. Despite rising interest rates, the housing market has shown resilience, with home prices rebounding in 2024. These trends suggest a complex and evolving real estate landscape in this Pennsylvania borough.
