Loading Content...
Zip Code 18035: Rising Home Values and Ownership Rates in Cherryville, Pennsylvania
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Cherryville, located in zip code 18035 in Pennsylvania, is a small community with a population that has fluctuated between 240 and 318 residents over the past decade. This area has experienced notable shifts in homeownership rates and property values, reflecting broader economic trends and local market dynamics.
The homeownership rate in Cherryville has shown a slight overall decline from 2013 to 2022, with some fluctuations. In 2013, the area boasted a high 92% homeownership rate, which gradually decreased to 83% by 2018. However, there was a rebound in recent years, with the rate climbing back to 88% in 2022. This trend coincides with significant changes in average home prices. From 2014 to 2022, average home prices in the area rose steadily from $233,094 to $376,631, representing a substantial 61.6% increase over eight years.
The relationship between federal interest rates and homeownership rates in Cherryville shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates were relatively stable, hovering around 86-92%. When interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), there was a slight dip in homeownership rates to 83-85%. However, the sharp drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) coincided with a rebound in homeownership to 90% and 88% in those years.
Renter percentages in Cherryville have generally mirrored the inverse of homeownership trends, rising from 8% in 2013 to a peak of 17% in 2018, before settling back to 11% in 2022. Average rent prices have shown an overall upward trend, increasing from $1,265 in 2013 to $1,217 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $1,409. These trends suggest that while renting became more prevalent for a period, it has since become less common, possibly due to rising rent costs and changes in the local housing market.
In 2023 and 2024, the housing market in Cherryville continued its upward trajectory. The average home price reached $388,129 in 2023 and further increased to $409,330 in 2024, representing a 5.5% year-over-year growth. This rise occurred despite a significant increase in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand for housing despite higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Cherryville may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate might see average home prices reaching around $450,000 to $475,000 by 2029. Average rent prices could also continue their upward trend, potentially reaching $1,500 to $1,600 per month in the same timeframe, assuming steady demand for rental properties in the area.
In summary, Cherryville has experienced a resilient housing market with increasing property values and a recent rebound in homeownership rates. The interplay between interest rates, home prices, and rental trends reflects a dynamic local real estate environment. The community's ability to maintain relatively high homeownership rates despite rising home prices suggests a strong local economy and continued desirability of the area for residents.
