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Zip Code 59911: Rising Home Values and Stable Ownership in Bigfork, 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 59911, located in Bigfork, Montana, is a scenic area known for its proximity to Flathead Lake, the largest natural freshwater lake west of the Mississippi River. This region has experienced notable changes in homeownership rates and property values over the past decade. The area has maintained a high rate of owner-occupied housing, with average home prices showing significant growth, particularly in recent years.
The homeownership rate in zip code 59911 has remained consistently high, ranging from 79% to 83% between 2013 and 2022. This stability in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $302,001, which steadily rose to $790,919 by 2022, representing a remarkable 161.9% increase over nine years. The most dramatic surge occurred between 2020 and 2022, with average home prices jumping from $441,146 to $790,919, a 79.3% increase in just two years.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. These low rates likely contributed to the sustained high levels of homeownership in zip code 59911. The combination of low interest rates and the area's desirability may have encouraged both long-term residents to remain in their homes and new buyers to enter the market, despite rising home prices.
The rental market in zip code 59911 has shown interesting trends as well. The percentage of renter-occupied housing has remained relatively stable, fluctuating between 17% and 19% from 2013 to 2022. Average rent prices have experienced some volatility, with notable changes over the years. In 2013, the average rent was $1,009, which decreased to $882 by 2016. However, rent prices began to climb again, reaching $1,221 in 2021 before settling at $983 in 2022. This represents a modest 2.5% decrease in average rent from 2013 to 2022, despite the significant increase in home values during the same period.
Looking at the most recent data, the average home price in zip code 59911 for 2023 was $761,825, showing a slight decrease of 3.7% from 2022. However, in 2024, the average home price has rebounded to $786,604, a 3.3% increase from 2023. Interestingly, this recent price movement has occurred alongside a significant rise in federal interest rates, which increased from 1.68% in 2022 to 5.02% in 2023 and further to 5.33% in 2024. Despite these higher interest rates, home prices in the area have shown resilience.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 59911 will continue to rise, albeit at a more moderate pace than the dramatic increases seen in recent years. The area's desirability and limited housing supply are likely to support continued price growth. For average rent prices, we predict a gradual increase over the next five years, potentially outpacing the modest changes seen in the past decade, as rising home prices may push more residents towards renting.
In summary, zip code 59911 has demonstrated a robust housing market characterized by high homeownership rates and significant appreciation in average home values. The area has maintained its attractiveness to homeowners despite substantial price increases, particularly in recent years. While the rental market has shown more stability in terms of occupancy rates and prices, it may face upward pressure in the coming years as the housing market continues to evolve.
