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Zip Code 18960: Home Values and Ownership Trends in Sellersville's Historic Community
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 18960, located in Sellersville, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 11,988 in 2022, has seen fluctuations in both ownership percentages and average home and rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 18960 has shown a slight decline over the years, moving from 80% in 2013 to 77% in 2022. This trend coincides with a significant increase in average home prices, which rose from $232,231 in 2013 to $373,757 in 2022, representing a 60.9% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $297,827 to $335,597, a 12.7% rise in a single year.
Federal interest rates appear to have influenced homeownership rates in this zip code. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable at around 79-80%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 2.16% in 2019, there was a corresponding decrease in homeownership rates to 77% by 2019.
The renter population in zip code 18960 has seen a slight increase, from 20% in 2013 to 23% in 2022. This trend has been accompanied by fluctuations in average rent prices. Average rent increased from $1,281 in 2013 to a peak of $1,391 in 2021, before decreasing to $1,259 in 2022. The population growth from 11,861 in 2013 to 11,988 in 2022 may have contributed to the overall increase in rental demand and prices over this period.
In 2023, the average home price in zip code 18960 reached $395,639, a 5.9% increase from 2022, while federal interest rates rose to 5.02%. Moving into 2024, the average home price further increased to $413,521, representing a 4.5% year-over-year growth. Concurrently, federal interest rates in 2024 stand at 5.33%, the highest level in over a decade.
Looking ahead, predictive models suggest a continued upward trend in both average home and rent prices for zip code 18960 over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $480,000 by 2029. Average rent prices are expected to follow a similar trajectory, with an estimated annual growth of 2-3%, potentially reaching $1,400-$1,450 by 2029.
In summary, zip code 18960 has experienced a gradual shift towards a slightly higher proportion of renters, coupled with substantial increases in average home prices. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. As the area continues to evolve, these trends suggest a changing landscape for both homeowners and renters in the coming years.
