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Zip Code 19362: Rising Home Values and Shifting Ownership Trends in Nottingham, Pennsylvania
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
Nottingham, located in zip code 19362 in Pennsylvania, is a community that has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with average home prices showing a steady upward trend.
The homeownership rate in Nottingham has remained relatively stable, fluctuating between 82% and 89% from 2013 to 2022. During this period, average home prices in the 19362 zip code area have shown a consistent upward trend. In 2013, the average home price was $227,922, which increased to $373,474 by 2022, representing a significant 63.9% growth over nine years. This rise in home values coincided with a slight decrease in homeownership rates from 86% in 2020 to 82% in 2022, suggesting that rising prices may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which corresponded with homeownership rates of 84% to 89%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized around 86-87%. The sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) didn't significantly impact the already high homeownership rate, which remained at 86% in 2020 and dropped slightly to 83% in 2021.
Renter percentages in Nottingham have shown a slight increase in recent years, rising from 14% in 2020 to 18% in 2022. This trend has been accompanied by fluctuations in average rent prices. The average rent increased from $1,134 in 2020 to $1,193 in 2021, before decreasing to $1,075 in 2022. These changes occurred as the population grew from 6,359 in 2020 to 6,440 in 2022, suggesting that population growth and housing availability may have influenced rental market dynamics.
In 2023 and 2024, the average home prices in the 19362 zip code continued their upward trajectory, reaching $391,102 in 2023 and $404,148 in 2024. This represents a 4.9% increase from 2022 to 2023 and a further 3.3% increase from 2023 to 2024. Notably, these price increases occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong underlying demand in the local housing market.
Looking ahead, based on the historical data and current trends, it's projected that average home prices in the 19362 zip code will continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average home prices could potentially reach around $450,000 to $475,000 by 2029. Average rent prices are also expected to increase, possibly reaching $1,300 to $1,400 per month by 2029, reflecting the overall trend of rising housing costs in the area.
In summary, Nottingham in zip code 19362 has maintained a high rate of homeownership despite significant increases in average home prices. The area has shown resilience in its housing market, with property values continuing to rise even in the face of increasing interest rates. While there has been a slight shift towards renting in recent years, the community remains predominantly owner-occupied. The ongoing rise in both home prices and rents suggests a strong and sustained demand for housing in this Pennsylvania community.
