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Zip Code 63011: Average Home Values and Ownership Trends in Ballwin, Missouri
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 63011, located in Ballwin, Missouri, is a suburban area known for its high homeownership rates and steadily increasing property values. Over the past decade, this area has maintained a strong preference for homeownership, with average home prices showing consistent growth alongside fluctuations in average rent prices.
The homeownership rate in zip code 63011 has remained relatively stable, with a slight increase from 83% in 2013 to 85% in 2022. During this period, average home prices experienced significant growth, rising from $230,726 in 2013 to $380,567 in 2022, representing a 65% increase. This trend suggests a strong correlation between sustained high homeownership rates and rising property values. The year 2021 saw a particularly notable jump in average home prices, increasing from $311,410 in 2020 to $345,917, a 11% rise in a single year.
Federal interest rates have played a role in homeownership trends in zip code 63011. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which coincided with a slight increase in homeownership from 83% to 84%. As interest rates began to rise more significantly from 2017 onwards, reaching 2.16% in 2019, homeownership rates remained stable at around 83%. This suggests that while low interest rates may have initially encouraged homeownership, other factors helped maintain high ownership rates even as interest rates increased.
Renter percentages in zip code 63011 have shown minor fluctuations, ranging from 13% to 18% between 2013 and 2022. Average rent prices have generally increased over this period, rising from $1,183 in 2013 to $1,412 in 2022, a 19% increase. However, rent prices have not shown a consistent upward trend, with some years experiencing decreases. For instance, average rent dropped from $1,478 in 2016 to $1,376 in 2017, before rising again to $1,413 in 2018. These fluctuations in rent prices don't appear to have a strong correlation with the relatively stable renter percentages, suggesting that other factors, such as local housing policies or economic conditions, may have a more significant impact on the rental market in this area.
In 2023 and 2024, zip code 63011 continued to see growth in average home prices. The average home price reached $400,076 in 2023 and further increased to $413,856 in 2024, representing a 3.4% year-over-year increase. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates haven't appeared to dampen the local housing market, suggesting strong underlying demand for homes in this area.
Looking ahead, based on historical trends and current market conditions, we can forecast continued growth in both average home prices and rent prices for zip code 63011 over the next five years. Average home prices are predicted to increase by approximately 3-4% annually, potentially reaching around $480,000 by 2029. Average rent prices are expected to grow more modestly, at about 2-3% per year, potentially reaching around $1,600 by 2029.
In summary, zip code 63011 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to fluctuations in interest rates, maintaining strong homeownership levels even as rates have risen. While the rental market has experienced some volatility in pricing, it remains a minor segment of the overall housing landscape in this zip code. The continued growth in home prices, even in the face of higher interest rates, suggests a sustained demand for housing in this suburban Missouri community.
