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Zip Code 66211: Rising Home Values and Ownership Trends in Leawood, Kansas
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 66211, located in Leawood, Kansas, has experienced significant changes in its real estate 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 66211 has shown a notable trend over the years. In 2013, the homeownership rate stood at 72%. It then experienced a decline, reaching its lowest point of 65% in 2016 and 2017. However, since then, there has been a steady increase, with the rate rising back to 72% by 2022. This resurgence in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $347,859, and it has consistently risen year over year, reaching $566,336 in 2022. This represents a remarkable 62.8% increase in average home prices over this period. The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates paradoxically decreased. This suggests that other factors, such as rising home prices, may have had a stronger influence on homeownership than low interest rates during this period. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates in the area also increased, contrary to the typical inverse relationship. This could indicate strong local economic factors or changing demographics driving home purchases despite higher borrowing costs.
Renter percentages and average rent prices in zip code 66211 have shown interesting trends. The percentage of renters increased from 22% in 2013 to a peak of 30% in 2017 and 2018, before declining slightly to 28% in 2022. Average rent prices have been volatile over this period. In 2013, the average rent was $1,749, which peaked at $2,182 in 2015. Since then, rent prices have fluctuated, settling at $1,611 in 2022. The population growth from 4,488 in 2013 to 5,816 in 2022 may have contributed to the initial increase in both renter percentages and rent prices, but other factors likely influenced the subsequent fluctuations.
In 2023 and 2024, the real estate market in zip code 66211 continued to evolve. The average home price in 2023 reached $605,057, a 6.8% increase from 2022. In 2024, it further increased to $629,227, representing a 4% growth from 2023. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these high interest rates, home prices continued to climb, suggesting strong demand in this area.
Looking ahead, predictive models suggest that average home prices in zip code 66211 may continue to rise over the next five years, albeit at a potentially slower rate due to high interest rates. The average home price could potentially reach around $700,000 by 2029. Average rent prices, which have been more volatile, are harder to predict but may stabilize or show modest increases, potentially reaching about $1,800 per month by 2029, assuming steady economic conditions and continued population growth.
In summary, zip code 66211 has demonstrated resilience in its real estate market, with rebounding homeownership rates and consistently rising average home prices despite fluctuations in interest rates. The rental market has shown more volatility, reflecting changing local dynamics. The area's ability to maintain growth in home values even in the face of rising interest rates suggests a strong local economy and desirable living conditions, making it an area to watch in the coming years.
