Loading Content...
Zip Code 65648: Rising Home Values and Ownership in Fair Grove, Missouri
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 65648, located in Fair Grove, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership alongside rising average home prices, with some fluctuations in recent years.
The homeownership rate in zip code 65648 has shown a significant increase from 2013 to 2019, rising from 78% to 87%. This upward trend coincided with a steady increase in average home prices, which grew from $126,816 in 2013 to $174,861 in 2019, representing a 38% increase over six years. However, there was a slight dip in homeownership to 82% in 2022, despite continued growth in average home prices to $272,909 that year.
Federal interest rates appear to have influenced homeownership trends in this area. The period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%) coincided with the initial increase in homeownership rates. As interest rates began to rise more significantly from 2017 to 2019 (1.00% to 2.16%), homeownership rates continued to climb, possibly due to anticipation of future rate increases encouraging home purchases.
Renter percentages in zip code 65648 have inversely mirrored the homeownership trends, decreasing from 22% in 2013 to 13% in 2019, before rising slightly to 18% in 2022. Average rent prices have shown some volatility, increasing from $677 in 2013 to $749 in 2016, then dropping to $617 in 2017 before rising again to $791 in 2022. The population growth from 5,065 in 2013 to 5,631 in 2022 may have contributed to the overall upward pressure on both home prices and rents.
In 2023 and 2024, average home prices in zip code 65648 continued to rise, reaching $281,019 in 2023 and $289,954 in 2024. This growth occurred despite the significant increase in federal interest rates to 5.02% in 2023 and 5.33% in 2024, suggesting strong underlying demand in the local housing market.
Looking ahead, predictive models suggest that average home prices in zip code 65648 may continue to increase over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to rise moderately, reflecting ongoing demand for rental properties in the area.
In summary, zip code 65648 has experienced a strong trend towards homeownership over the past decade, accompanied by substantial increases in average home prices. Despite recent fluctuations and rising interest rates, the housing market in this area remains robust, with both ownership and rental sectors showing resilience and growth potential for the future.
