Loading Content...
Zip Code 59870: Rising Home Values and Ownership Rates in Stevensville, Montana
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 59870, located in Stevensville, Montana, has experienced significant changes in homeownership rates and housing prices over the past decade. This rural area has seen a steady increase in population density, rising from 38.25 people per square mile in 2010 to 45.16 in 2022, indicating growing appeal for residents.
The homeownership rate in zip code 59870 has shown a general upward trend, increasing from 76% in 2013 to 81% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $209,444, which more than doubled to $594,670 by 2022. This significant price appreciation suggests a strong demand for housing in the area, possibly driven by its growing population and desirable location.
The relationship between federal interest rates and homeownership rates in this zip code is notable. Despite fluctuations in interest rates, homeownership continued to rise. For instance, when interest rates were at a low of 0.08% in 2021, homeownership was at 80%. As rates increased to 1.68% in 2022, homeownership actually rose slightly to 81%, suggesting that other factors beyond interest rates were influencing homeownership decisions in this area.
Renter percentages in zip code 59870 have decreased from 24% in 2013 to 19% in 2022, inversely mirroring the rise in homeownership. Average rent prices have not shown a consistent trend. They peaked at $1,027 in 2016 when the renter percentage was 21%, then fluctuated, reaching $948 in 2022. This suggests that rental demand may be influenced by factors beyond population growth, such as local economic conditions or housing availability.
Looking at the most recent data, the average home price in zip code 59870 decreased slightly to $570,746 in 2023, followed by a modest increase to $587,116 in 2024. This slight cooling of the market occurs as federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting housing affordability and demand.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 59870 to continue their upward trajectory, albeit at a more moderate pace. Given the historical data and recent market conditions, we project average home prices could reach approximately $650,000 to $700,000 by 2029. Average rent prices are expected to stabilize and potentially increase slightly, possibly reaching $1,000 to $1,100 per month in the same timeframe.
In summary, zip code 59870 has demonstrated a strong trend towards increased homeownership and significantly appreciating home values over the past decade. While recent data suggests a slight moderation in price growth, the area's continued population growth and historically high homeownership rates indicate a sustained demand for housing. The interplay between interest rates, housing prices, and rental markets in this zip code reflects a dynamic and evolving real estate landscape.
