Loading Content...
Zip Code 30338: Resilient Housing Market in Dunwoody, Georgia Shows Steady Growth in Home Values and Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 30338, located in Dunwoody, Georgia, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing property values and a slight shift in the balance between homeowners and renters. The homeownership rate in zip code 30338 has remained relatively stable, with a slight increase from 61% in 2013 to 63% in 2022. During this same period, average home prices have shown a substantial upward trend. In 2013, the average home price was $369,699, which increased to $632,831 by 2022, representing a remarkable 71.2% growth 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 amenities.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, interest rates remained very low, hovering around 0.1% to 0.4%. During this period, homeownership rates in the zip code remained stable at around 60%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased slightly to 63%. This suggests that other factors, such as local economic conditions or housing market dynamics, may have had a stronger influence on homeownership in this area than interest rates alone.
The percentage of renters in zip code 30338 has fluctuated slightly, from 35% in 2013 to 37% in 2022, with some variation in between. Interestingly, average rent prices have shown a consistent upward trend during this period. In 2013, the average rent was $1,284, which increased to $1,862 by 2022, representing a 45% increase. This rise in rent prices, coupled with the area's population growth from 32,571 in 2013 to 38,142 in 2022, indicates a strong demand for rental properties in the area, despite the increasing costs.
Looking at more recent data, the average home price in zip code 30338 continued to rise, reaching $658,010 in 2023 and $684,819 in 2024. This represents a further 8.2% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 30338 to continue their upward trajectory, potentially reaching around $800,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $2,200 per month within the same timeframe. However, these projections are subject to various economic factors and market conditions.
In summary, zip code 30338 has demonstrated resilience in its housing market, with steadily increasing property values and a slight rise in homeownership rates despite rising home prices and rent costs. The area's ability to maintain a balance between owners and renters while experiencing significant price appreciation suggests a strong and desirable local real estate market. The coming years may present new challenges and opportunities as interest rates and property values continue to evolve.
