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Zip Code 44141: Brecksville's Resilient Housing Market and Rising Home Values
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 44141, located in Brecksville, Ohio, is an area characterized by a strong homeownership culture and relatively stable housing market trends. Over the past decade, this zip code has maintained a high rate of owner-occupied housing, with average home prices showing steady growth.
The homeownership rate in zip code 44141 has remained consistently high, fluctuating between 83% and 86% from 2013 to 2022. This stability in homeownership coincides with a general upward trend in average home prices. In 2013, the average home price was $231,755, which increased to $362,728 by 2022, representing a substantial 56.5% growth over this period. The most significant annual increase occurred between 2020 and 2021, with average home prices jumping from $296,700 to $332,072, a 11.9% rise in a single year.
Federal interest rates have played a role in shaping homeownership trends in zip code 44141. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the sustained high homeownership rates during this time. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained resilient, only showing a slight decrease from 86% in 2019 to 85% in 2022.
Renter percentages in zip code 44141 have remained relatively low, fluctuating between 12% and 17% from 2013 to 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $1,376, which decreased to $1,158 in 2016 before rising again to $1,575 in 2022. This represents a 14.5% increase in average rent from 2013 to 2022, despite some fluctuations. The population of the zip code has remained relatively stable, growing from 14,187 in 2013 to 14,369 in 2022, which may have contributed to the overall stability in the rental market.
In 2023, the average home price in zip code 44141 reached $381,285, continuing the upward trend. As of 2024, the average home price has further increased to $399,627, marking a 4.8% rise from the previous year. Notably, federal interest rates have also seen a significant increase, rising from 5.02% in 2023 to 5.33% in 2024. This combination of rising home prices and higher interest rates may pose challenges for potential homebuyers in the area.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in zip code 44141 will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also likely to increase, driven by the overall appreciation of property values in the area. However, the rate of increase for both home prices and rents may moderate compared to the rapid growth seen in recent years.
In summary, zip code 44141 demonstrates a robust housing market with consistently high homeownership rates and steadily increasing average home prices. Despite some fluctuations in the rental market, the area has maintained a stable population and a relatively low percentage of renters. The recent sharp increases in both home prices and interest rates suggest that the local real estate market may be entering a new phase, potentially impacting affordability and homeownership trends in the coming years.
