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Zip Code 22032: Kings Park West's Rising Home Values and Stable Ownership Rates
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
Kings Park West, located in zip code 22032 in Virginia, has experienced notable shifts in its real estate landscape over the past decade. This area has maintained a high rate of homeownership, with a slight trend towards increased renting in recent years. The average home prices and average rent prices have both shown significant growth, reflecting the dynamic nature of the local housing market.
The homeownership rate in zip code 22032 has remained relatively stable, with a slight decrease from 88% in 2013 to 85% in 2022. During this same period, average home prices have seen substantial growth. In 2013, the average home price was $521,627, which increased to $771,932 by 2022, representing a 48% increase over nine years. This trend suggests that despite rising home prices, the area has maintained its appeal to homeowners, possibly due to its desirable location or other local factors.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of relative stability in homeownership rates (ranging from 85% to 88%). As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates remained steady at 85%, indicating a resilient local housing market despite changing financial conditions.
The renter population in zip code 22032 has seen a slight increase, from 12% in 2013 to 15% in 2022. This coincides with a substantial rise in average rent prices. In 2013, the average rent was $1,911, which increased to $2,335 by 2022, a 22% increase over nine years. The population in the area has remained relatively stable, with 30,559 residents in 2013 and 30,793 in 2022, suggesting that the increase in renting may be due to factors such as changing demographics or housing preferences rather than significant population growth.
In 2023 and 2024, the housing market in zip code 22032 continued to evolve. The average home price in 2023 was $776,401, showing a slight increase from 2022. In 2024, the average home price further rose to $815,806, indicating continued growth in property values. Notably, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 22032 may continue to rise over the next five years, potentially reaching around $900,000 by 2029 if current trends persist. Average rent prices are also expected to increase, potentially surpassing $2,600 by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 22032 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. Despite rising home prices and recent increases in interest rates, the area has maintained its appeal to homeowners. The slight shift towards renting, coupled with rising rent prices, suggests a diversifying housing market that caters to different residential needs. As the market continues to evolve, it will be important to monitor how these trends impact the overall accessibility and affordability of housing in the area.
