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Zip Code 22911: Rising Home Values and Ownership Rates in Hollymead, Virginia
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 22911, located in Hollymead, Virginia, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in rental rates and prices.
The ownership percentage in zip code 22911 has shown a notable increase from 2013 to 2022. In 2013, the homeownership rate was 66%, which gradually rose to 71% by 2022. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $298,892, and it steadily climbed to $445,514 by 2022, representing a 49% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code is particularly interesting. Despite fluctuations in interest rates, the homeownership rate in 22911 has generally increased. For instance, when interest rates were at historic lows of 0.08% in 2021, the homeownership rate reached 70%. This trend continued into 2022, with a 71% homeownership rate, even as interest rates rose to 1.68%. This suggests that other factors, such as local economic conditions or housing supply, may have played a significant role in driving homeownership in this area.
Renter percentages in zip code 22911 have shown an inverse relationship to homeownership rates, decreasing from 34% in 2013 to 29% in 2022. Interestingly, average rent prices have increased during this period, rising from $1,384 in 2013 to $1,562 in 2022, a 12.9% increase. This trend suggests that despite rising rent prices, more residents in the area have been transitioning to homeownership. The population growth from 17,232 in 2013 to 19,252 in 2022 may have contributed to the overall demand for housing, potentially influencing both rent and home prices.
Looking at the most recent data, the average home price in zip code 22911 reached $464,171 in 2023 and further increased to $480,638 in 2024. This represents a 7.9% increase from 2022 to 2024, indicating a continued strong housing market in the area. Notably, interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in this zip code appears to remain robust.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices in zip code 22911. Based on the historical data and current trends, average home prices could potentially reach around $550,000 to $600,000 by 2029. Average rent prices are also likely to continue their upward trajectory, potentially reaching $1,700 to $1,800 per month in the same timeframe.
In summary, zip code 22911 in Hollymead, Virginia, has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. Despite fluctuations in interest rates and increasing rent prices, the area has maintained a growing homeownership rate. The recent data from 2023 and 2024 shows continued growth in home prices, even in the face of rising interest rates, suggesting a resilient and attractive housing market in this zip code.
