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Zip Code 20175: Average Home Values and Ownership Trends in Leesburg, Virginia's Dynamic Real Estate Market
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 20175, located in Leesburg, Virginia, has experienced significant changes in its housing market over the past decade. This area, known for its historical significance and proximity to Washington D.C., has seen notable shifts in homeownership rates, average home prices, and average rent prices.
The homeownership rate in zip code 20175 has shown a fluctuating trend over the years. In 2013, the homeownership rate was 75%, which increased to 80% by 2019. However, this trend reversed in recent years, with the rate declining to 74% in 2022. Concurrently, average home prices have demonstrated a consistent upward trajectory. In 2010, the average home price was $394,660, which steadily increased to $730,600 by 2022, representing an impressive 85% growth over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. From 2013 to 2019, when interest rates were relatively low (ranging from 0.11% to 2.16%), homeownership rates increased from 75% to 80%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, despite historically low interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates began to decline, possibly due to other economic factors or local market conditions.
Renter percentages in zip code 20175 have shown an inverse relationship to homeownership rates. The percentage of renters decreased from 23% in 2013 to 19% in 2019, before increasing to 26% by 2022. Average rent prices have steadily increased over this period, rising from $1,687 in 2013 to $2,001 in 2022, a 19% increase. This upward trend in rent prices occurred despite fluctuations in the renter population, suggesting strong demand for rental properties in the area.
Looking at the most recent data, the average home price in zip code 20175 reached $748,744 in 2023 and further increased to $778,294 in 2024. This represents a continued upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 20175 will continue to rise, potentially reaching around $900,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are also expected to increase, potentially surpassing $2,300 per month within the next five years, maintaining the area's trend of rising housing costs.
In summary, zip code 20175 has experienced significant growth in both average home prices and average rent prices over the past decade. While homeownership rates initially increased, recent years have seen a shift towards more renters. The area's proximity to Washington D.C. and its historical significance likely contribute to its strong housing market. As interest rates continue to rise, it will be interesting to observe how this impacts the balance between homeownership and renting in this dynamic Virginia community.
