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Zip Code 43324: Rising Home Values and Ownership in Huntsville, Ohio
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
Huntsville, located in zip code 43324 in Ohio, presents an intriguing case study of homeownership and rental trends. This small community has experienced notable fluctuations in its housing market over the past decade, with homeownership rates generally remaining high and average home prices showing a significant upward trajectory.
The homeownership rate in Huntsville has remained consistently high, ranging from 83% to 89% between 2013 and 2022. This trend aligns with the substantial increase in average home prices, which rose from $159,366 in 2010 to $306,374 in 2022, representing a remarkable 92% increase over 12 years. The year 2020 saw a particularly sharp rise in average home prices, jumping from $219,905 in 2019 to $248,684, a 13% increase in a single year.
Federal interest rates appear to have played a role in homeownership trends in Huntsville. The period of historically low interest rates from 2010 to 2021, with rates often below 1%, coincided with the maintenance of high homeownership rates in the area. For instance, in 2020, when the federal interest rate dropped to 0.38%, the homeownership rate increased to 88%, up from 86% the previous year.
Renter percentages in Huntsville have remained relatively low, fluctuating between 11% and 17% from 2013 to 2022. Interestingly, average rent prices have shown a general downward trend despite the rising home prices. Average rent peaked at $1,129 in 2014 and has since decreased to $821 in 2022, a 27% reduction. This trend may be influenced by the small renter population and the community's preference for homeownership.
In 2023 and 2024, average home prices in Huntsville continued to rise, reaching $309,773 in 2023 and $325,376 in 2024. This represents a 6.2% increase from 2022 to 2024, indicating a continued strong housing market. Concurrently, federal interest rates have increased significantly, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in Huntsville are likely to continue their upward trajectory over the next five years, potentially reaching around $375,000 by 2029. However, the rate of increase may slow due to the higher interest rates. Average rent prices are expected to stabilize or potentially see a slight increase, possibly reaching around $850 per month by 2029, as the market adjusts to balance housing demand and affordability.
In summary, Huntsville (zip code 43324) has maintained a strong preference for homeownership despite rising home prices. The community has experienced significant growth in property values, particularly since 2020. While rental rates have remained low, average rent prices have decreased, creating an interesting dynamic in the local housing market. The recent spike in interest rates may influence future homeownership trends, potentially slowing the rate of home price appreciation and affecting affordability for new buyers in this Ohio village.
