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Zip Code 47124: Rising Home Values and Ownership in Greenville, Indiana
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 47124, located in Greenville, Indiana, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a remarkable increase in homeownership, coupled with substantial growth in average home values, while rental trends have shown interesting fluctuations.
The ownership percentage in zip code 47124 has steadily increased from 86% in 2013 to an impressive 96% in 2022. This trend coincides with a substantial rise in average home prices, which grew from $164,424 in 2010 to $310,829 in 2022, representing an 89% increase over 12 years. The most dramatic surge occurred between 2020 and 2022, with average home prices jumping from $250,473 to $310,829, a 24% increase in just two years.
Federal interest rates have played a significant role in homeownership trends. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%, which likely contributed to the initial increase in homeownership. As interest rates began to rise gradually from 2016 to 2019, reaching 2.16%, homeownership in the area continued to grow, suggesting strong local market factors at play. The sharp drop in interest rates to 0.08% in 2021 coincided with a further boost in homeownership, reaching 94% that year.
Conversely, the percentage of renters in zip code 47124 has steadily declined from 14% in 2013 to just 4% in 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $1,081, which decreased to $617 by 2017, a 43% drop. However, rent prices then rebounded, reaching $845 in 2022, a 37% increase from the 2017 low. This fluctuation in rent prices, coupled with the declining renter population, suggests a complex interplay of local economic factors and housing preferences.
Looking at more recent data, the average home price in zip code 47124 continued its upward trajectory, reaching $319,762 in 2023 and $327,834 in 2024. This represents a steady annual growth rate of about 2.8% from 2022 to 2024. Notably, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 47124 will continue to rise, potentially reaching around $375,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and assumes relatively stable economic conditions. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $900-$950 per month by 2029, considering the historical volatility and recent stabilization in rent prices.
In summary, zip code 47124 has demonstrated a strong trend towards homeownership, with a remarkable 96% of residents owning their homes by 2022. This shift has been accompanied by significant appreciation in average home values, nearly doubling over a 12-year period. While rental rates have declined, average rent prices have shown resilience after a period of volatility. The area's housing market appears robust, with continued growth expected in both home values and rental prices over the next five years, albeit potentially at a more moderate pace.
