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Zip Code 65631: Rising Home Values and Stable Ownership in Clever, 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 65631, located in Clever, Missouri, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 65631 has shown some variability over the years. In 2013, the area had a high homeownership rate of 86%. This rate decreased to 77% in 2016 but has since rebounded. By 2022, the homeownership rate stood at 80%. During this same period, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $113,432. By 2022, this figure had more than doubled to $237,966, representing a significant increase in property values over a nine-year span.
The relationship between federal interest rates and homeownership rates in this zip code follows a generally expected pattern. For instance, in 2013, when interest rates were at a low 0.11%, the homeownership rate was at its peak of 86%. As interest rates began to rise, reaching 1.83% in 2018, we saw a slight dip in homeownership to 80%. However, despite further increases in interest rates, the homeownership rate has remained relatively stable, suggesting other local factors may be influencing home buying decisions in this area.
Renter percentages and average rent prices in zip code 65631 have also shown interesting trends. The percentage of renters increased from 12% in 2013 to a peak of 21% in 2016, before settling at 20% in 2022. Average rent prices have fluctuated during this period. In 2013, the average rent was $859. It peaked at $924 in 2014, then experienced some ups and downs before reaching $901 in 2022. These fluctuations in rent prices and renter percentages may be influenced by factors such as local job market conditions and overall population growth, which increased from 4,398 in 2013 to 5,347 in 2022.
Looking at more recent data, the average home price in zip code 65631 continued to rise, reaching $249,851 in 2023 and $255,042 in 2024. This represents a 4.99% increase from 2022 to 2023 and a further 2.08% increase from 2023 to 2024. Simultaneously, federal interest rates have risen significantly, standing at 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, suggesting strong demand in this local market.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 65631 to continue their upward trajectory, albeit potentially at a slower rate due to higher interest rates. Average rent prices are likely to follow a similar pattern, with moderate increases expected as demand for rental properties remains stable or potentially increases if higher home prices and interest rates push some potential buyers into the rental market.
In summary, zip code 65631 has demonstrated resilience in its housing market. Despite fluctuations in homeownership rates and significant increases in average home prices, the area has maintained a high rate of owner-occupied housing. The continued rise in home values, even in the face of increasing interest rates, suggests a strong local real estate market. However, the interplay between rising home prices, higher interest rates, and rent prices will likely shape the future housing landscape in this zip code.
