Zip Code 72715: Rising Home Values and High Ownership Rates in Bella Vista, Arkansas
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
Zip code 72715, located in Bella Vista, Arkansas, is a predominantly owner-occupied area with a strong housing market. This suburban community has experienced consistent growth in population and housing prices over the past decade, while maintaining a high rate of homeownership.
The ownership percentage in zip code 72715 has remained remarkably stable, hovering around 90% from 2013 to 2022. During this period, average home prices have shown a significant upward trend. In 2013, the average home price was $141,754, which steadily increased to $310,180 by 2022, representing a substantial 118.8% growth over nine years. This trend suggests a strong correlation between the stable high ownership rate and the rising property values in the area.
Federal interest rates have played a role in supporting homeownership in this zip code. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with the sustained high homeownership rate of 90%. The low interest rates likely contributed to making home purchases more accessible and attractive to residents, supporting the strong ownership trend in the area.
The rental market in zip code 72715, while smaller, has also shown interesting trends. The percentage of renters has remained consistently low, ranging from 10% to 12% between 2013 and 2022. Average rent prices have fluctuated over this period, starting at $1,014 in 2013, peaking at $1,062 in 2014, and settling at $959 in 2022. Despite the overall population growth from 13,423 in 2013 to 15,517 in 2022, the rental market has remained relatively stable, indicating a preference for homeownership in this community.
In 2023, the average home price in zip code 72715 reached $326,824, showing continued appreciation from the previous year. This trend persisted into 2024, with average home prices further increasing to $330,201. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in this zip code has demonstrated resilience, with home prices continuing to climb.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $400,000 by 2029. Average rent prices, while more volatile, are likely to see a moderate increase, possibly approaching $1,200 per month in the same timeframe. These projections assume continued population growth and sustained demand for housing in the area.
In summary, zip code 72715 in Bella Vista, Arkansas, demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to fluctuations in interest rates and maintained its appeal to homeowners. The rental market, while smaller, has remained steady, reflecting the community's preference for homeownership. As the population continues to grow, both home prices and rent prices are expected to rise, solidifying this zip code's position as an attractive residential area.
