Renter percentages in zip code 32351 have fluctuated inversely to homeownership rates, ranging from 31% to 36% between 2013 and 2022. Interestingly, average rent prices have not shown a consistent upward trend like home prices. In 2013, the average rent was $640, which fluctuated over the years, reaching $617 in 2022. This represents a slight decrease of 3.6% over the period, despite the overall increase in home values. The population in the area has been declining, from 20,095 in 2013 to 17,350 in 2022, which may have influenced the rental market dynamics.

Looking at the most recent data, the average home price in zip code 32351 reached $154,311 in 2023 and further increased to $161,649 in 2024. This continued upward trend in home values occurs despite the sharp rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make home financing more expensive, yet the local housing market appears to remain robust.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32351 will continue to rise, albeit potentially at a slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $190,000 to $210,000, assuming a moderate annual growth rate of 3-5%. For rent prices, the forecast suggests a potential increase to around $670-$700 per month by 2029, based on historical trends and accounting for inflation.

In summary, zip code 32351 has demonstrated resilience in its housing market, with steadily increasing home values despite a declining population. The area has maintained a relatively stable homeownership rate, even as average home prices have nearly doubled over the past decade. The rental market has shown more stability in pricing, potentially influenced by population changes. As we look to the future, the area is poised for continued growth in home values, with the rental market likely to see modest increases as well.