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Zip Code 33624: Average Home Values and Ownership Trends in Carrollwood, Florida
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 33624, located in Carrollwood, Florida, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 33624 has shown a gradual decline followed by a recent uptick. In 2013, the area had a 67% homeownership rate, which decreased to 61% by 2019. However, this trend reversed in recent years, with homeownership rising to 64% in 2022. This shift coincides with substantial changes in average home prices. The average home price in 2013 was $145,705, which more than doubled to $382,102 by 2022, representing a 162% increase over nine years.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of relatively stable homeownership rates around 65-67%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates declined to 61%. The subsequent drop in interest rates to 0.08% in 2021 corresponded with an increase in homeownership to 63%, demonstrating the inverse relationship between interest rates and homeownership.
Renter percentages and average rent prices have also shown interesting trends. The percentage of renters increased from 33% in 2013 to 38% in 2019, before slightly decreasing to 36% in 2022. Average rent prices have generally risen, from $1,351 in 2013 to $1,430 in 2022, a 5.8% increase. However, this increase has not been consistent, with some years showing slight decreases. The population growth from 38,920 in 2013 to 42,216 in 2022 may have contributed to the overall upward pressure on rent prices.
In 2023, the average home price in zip code 33624 reached $400,807, and in 2024, it further increased to $417,495. This represents a 4.9% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home prices.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices. Average home prices may continue to rise, albeit at a potentially slower rate due to higher interest rates. A conservative estimate might suggest a 3-5% annual increase, potentially reaching around $485,000 by 2029. Average rent prices could also continue their upward trajectory, possibly increasing by 2-3% annually, which could result in average rents approaching $1,600 by 2029.
In summary, zip code 33624 has experienced a significant increase in average home prices, a recent rebound in homeownership rates, and moderate growth in average rent prices. The interplay between federal interest rates, population growth, and local market dynamics has shaped these trends. The area's housing market has shown resilience and growth, with recent data indicating continued appreciation in home values despite rising interest rates.
