Loading Content...
Zip Code 65770: Rising Home Values and Stable Ownership in Walnut 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
Walnut Grove, located in zip code 65770 in Missouri, presents an intriguing case study of homeownership and housing market trends. This area has experienced significant fluctuations in its population and housing dynamics over the past decade. The overall trend shows a strong preference for homeownership, with average home prices steadily increasing and average rent prices showing more variability.
The homeownership rate in Walnut Grove has remained consistently high, ranging from 81% to 86% between 2013 and 2022. This trend coincides with a substantial increase in average home prices, which rose from $118,117 in 2013 to $277,081 in 2022, representing a 134% increase over nine years. The peak homeownership rate of 86% was observed in 2017, corresponding to an average home price of $152,943. Interestingly, despite the continuous rise in home prices, the ownership rate has remained relatively stable, suggesting a strong local preference for homeownership regardless of market conditions.
Federal interest rates have played a significant role in shaping homeownership trends in Walnut Grove. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the high homeownership rates during this time. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, the homeownership rate showed slight fluctuations but remained above 83%. This resilience in homeownership despite rising interest rates and home prices indicates a robust local housing market and a strong desire for property ownership among residents.
Renter percentages in Walnut Grove have remained relatively low, fluctuating between 14% and 19% from 2013 to 2022. Average rent prices have shown more volatility compared to home prices, ranging from a low of $632 in 2015 to a high of $831 in 2022. Notably, there isn't a clear correlation between renter percentages and average rent prices. For instance, in 2015, when the average rent was at its lowest ($632), the renter percentage was 19%, while in 2022, with the highest average rent ($831), the renter percentage remained at 17%. This suggests that other factors, such as local economic conditions or housing availability, may have a more significant impact on renting trends than price alone.
In 2023 and 2024, the housing market in Walnut Grove continued its upward trajectory. The average home price reached $286,807 in 2023 and further increased to $293,200 in 2024. This represents a 5.7% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, the continued rise in home prices suggests ongoing demand in the local housing market.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit at a potentially slower rate due to the higher interest rate environment. Average rent prices are expected to follow a similar upward trajectory, possibly with some moderation to maintain affordability for the renter population. The high homeownership rate is likely to persist, given the historical preference for owning in this area, but may face some pressure if home prices continue to outpace income growth.
In summary, Walnut Grove (zip code 65770) demonstrates a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The resilience of homeownership in the face of rising prices and interest rates is particularly noteworthy. While the rental market plays a smaller role, it shows signs of growth in average rents. The coming years are likely to see continued appreciation in both home values and rent prices, maintaining Walnut Grove's status as a predominantly owner-occupied community.
