The renter population in zip code 64783 has correspondingly decreased from 21% in 2015 to 18% in 2022. Average rent prices have shown volatility during this period. In 2015, the average rent was $515, which increased to $580 in 2018 before dropping to $472 in 2019. Since then, rent prices have risen again, reaching $568 in 2022. This represents a 10.3% increase in average rent from 2015 to 2022, despite the fluctuations in between.

Looking at the most recent data, the average home price in zip code 64783 for 2023 was $103,142, showing a slight decrease from 2022. However, in 2024, the average home price has increased to $112,901, representing a significant 9.5% jump. This increase coincides with a rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. Despite higher interest rates, home prices in this area continue to climb, suggesting strong demand or limited housing supply.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64783 will continue to rise, albeit at a more moderate pace. The recent sharp increase in 2024 may level off, but overall, a steady upward trend is expected. For rent prices, the forecast suggests a continued gradual increase, potentially reaching around $650-$700 by 2029.

In summary, zip code 64783 has demonstrated resilience in its housing market. The area has seen an overall increase in homeownership rates and average home prices, despite some fluctuations. Rent prices have also shown an upward trend, though with more volatility. The recent surge in home prices, even in the face of rising interest rates, indicates a robust local housing market. These trends suggest that Schell City, Missouri, remains an attractive area for both homeowners and investors, with potential for continued growth in the real estate sector.