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Zip Code 77461: Rising Home Values and Stable Ownership in Needville, Texas
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 77461, located in Needville, Texas, has experienced significant changes in its real estate landscape over the past decade. This area has seen a general trend of increasing homeownership rates and rising average home prices, coupled with fluctuations in the rental market.
The homeownership rate in zip code 77461 has shown resilience, with some fluctuations over the years. In 2013, the homeownership rate stood at 83%. It experienced a slight decline to 76% in 2017 but has since rebounded to 80% in 2022. This trend coincides with a substantial increase in average home prices. In 2013, the average home price was $141,284, which steadily rose to $306,827 by 2022, representing a remarkable 117% increase over this period. This upward trajectory in home prices suggests a strong demand for housing in the area, possibly driven by factors such as local economic growth and the area's attractiveness to potential homebuyers.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates actually decreased slightly during this period. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized and even increased. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rates.
Renter percentages and average rent prices in zip code 77461 have shown some volatility. The percentage of renters increased from 17% in 2013 to a peak of 24% in 2017, before settling back to 20% in 2022. Average rent prices have generally trended upward, rising from $930 in 2013 to $1,272 in 2022, an increase of about 37%. However, this growth wasn't linear, with some years seeing decreases in average rent. For example, average rent dropped from $1,035 in 2015 to $969 in 2016. The fluctuations in renter percentages and rent prices may be influenced by the area's growing population, which increased from 9,272 in 2013 to 13,139 in 2022, potentially creating more demand for rental properties.
Looking at the most recent data, the average home price in zip code 77461 reached $312,831 in 2023 and further increased to $321,172 in 2024. This represents a continued upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homebuying activity in the area.
Based on the historical trends and current market conditions, we can project some potential 5-year trends for zip code 77461. Average home prices are likely to continue their upward trajectory, potentially reaching around $380,000 to $400,000 by 2029. However, the rate of increase may slow down due to higher interest rates. Average rent prices could also continue to rise, potentially reaching $1,500 to $1,600 per month by 2029, driven by population growth and housing demand.
In summary, zip code 77461 has demonstrated a robust housing market with increasing homeownership rates and substantial growth in average home prices. The rental market has shown more variability but maintains an overall upward trend. The area's growing population and rising property values suggest a strong local economy and continued demand for housing. However, rising interest rates may introduce new dynamics to the market in the coming years.
