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Zip Code 22936: Rising Home Values and Ownership Rates in Earlysville, 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
Earlysville, located in zip code 22936 in Virginia, is a small community that has experienced significant changes in its housing market over the past decade. This area has seen a notable increase in homeownership rates, coupled with fluctuations in average home prices and average rent prices.
The ownership percentage in Earlysville has shown a steady upward trend, rising from 83% in 2013 to 92% in 2022. This increase in homeownership coincided with a general upward trend in average home prices. In 2013, the average home price was $364,049, which grew to $536,926 by 2022, representing a 47.5% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $439,574 to $484,918, a 10.3% rise in a single year.
Federal interest rates have played a role in shaping homeownership trends in Earlysville. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the increase in homeownership rates from 83% to 91%. The accessibility of affordable financing likely contributed to the growing number of homeowners in the area.
As homeownership rates increased, the percentage of renters in Earlysville declined from 17% in 2013 to 8% in 2022. Interestingly, average rent prices fluctuated during this period. The average rent peaked at $1,702 in 2015 before declining to $1,372 in 2019. However, it then rose again to $1,598 in 2020 before settling at $1,520 in 2022. These fluctuations in average rent prices occurred despite the overall decrease in the renter population, suggesting that other factors, such as housing quality or local economic conditions, may have influenced rental costs.
In 2023 and 2024, the housing market in Earlysville continued to evolve. The average home price reached $557,018 in 2023 and further increased to $581,046 in 2024, representing a 4.3% year-over-year growth. This upward trend occurred despite a significant rise in federal interest rates, which jumped from 5.02% in 2023 to 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. If the current trajectory continues, average home prices in Earlysville could potentially reach around $700,000 by 2029. However, this growth may be moderated by higher interest rates, which could slow down the pace of price increases. Average rent prices, which have shown more volatility, might stabilize around $1,600 to $1,700 per month, assuming the current balance between supply and demand remains relatively constant.
In summary, Earlysville has experienced a significant shift towards homeownership over the past decade, with a corresponding increase in average home prices. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with low interest rates generally supporting the growth in homeownership. The rental market, while shrinking in terms of population, has seen fluctuations in average rent prices. As we move forward, the housing market in this zip code will likely continue to evolve, influenced by broader economic factors and local demographic changes.
