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Zip Code 59425: Rising Home Values and Shifting Ownership in Conrad, Montana
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 59425, located in Conrad, Montana, offers a unique perspective on homeownership and rental trends in a rural setting. This area has experienced fluctuations in ownership percentages and housing prices over the past decade, reflecting broader economic changes and local market dynamics.
The homeownership rate in zip code 59425 has shown a general decline from 2013 to 2022. In 2013, the area boasted a 71% homeownership rate, which peaked at 76% in 2019. However, by 2022, this figure had decreased to 66%. Interestingly, this downward trend in homeownership coincided with a significant increase in average home prices. The average home price rose from $100,608 in 2013 to $223,499 in 2022, representing a substantial 122% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an intriguing pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates did not consistently increase. This suggests that other local factors, such as employment opportunities or demographic shifts, may have played a more significant role in homeownership decisions in this area than national interest rate trends.
Rental trends in zip code 59425 have shown some volatility. The percentage of renters increased from 29% in 2013 to 34% in 2022. Average rent prices fluctuated during this period, with notable peaks and troughs. In 2013, the average rent was $797, which increased to $870 in 2018, but then decreased to $714 in 2022. These fluctuations in rent prices did not always directly correlate with changes in the renter population, indicating that local economic factors and housing supply may have influenced rental market dynamics.
Looking at the most recent data, the average home price in zip code 59425 reached $236,214 in 2023 and further increased to $238,737 in 2024. This represents a 6.8% increase from 2022 to 2024, indicating continued growth in the local housing market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 59425 will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project average home prices could reach approximately $275,000 to $290,000 by 2029. For rent prices, we expect a gradual increase, potentially reaching an average of $850 to $900 per month in the same timeframe.
In summary, zip code 59425 has experienced a decline in homeownership rates despite rising home values, suggesting a complex interplay of local economic factors. The rental market has shown resilience with increasing renter percentages, although rent prices have fluctuated. Recent data indicates continued growth in home values, which, combined with higher interest rates, may present challenges for potential homebuyers in the coming years. These trends underscore the dynamic nature of the housing market in this Montana zip code and the importance of considering local factors in addition to national economic indicators.
