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Zip Code 94062: Woodside's Resilient Housing Market Amid Soaring Home Values
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
Woodside, California, zip code 94062, is a picturesque town known for its rural charm and affluent residents. This area has experienced notable shifts in homeownership rates and property values over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Woodside has remained relatively stable, fluctuating between 72% and 76% from 2013 to 2022. However, there's been a slight overall decline, from 76% in 2013 to 73% in 2022. Concurrently, average home prices have shown a significant upward trend. In 2013, the average home price was $1,335,358, which more than doubled to $2,740,063 by 2022, representing a 105% increase over this period.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This coincided with a slight decrease in homeownership from 76% to 72%, possibly due to increased investor activity in the real estate market. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate stabilized around 73-74%, suggesting a balance between affordability concerns and the desire for homeownership.
Renter percentages in Woodside have shown a corresponding inverse relationship to homeownership rates, ranging from 24% to 28% between 2013 and 2022. Average rent prices have experienced substantial growth during this period. In 2013, the average rent was $1,960, which increased to $2,725 by 2022, representing a 39% rise. This increase in rent prices, coupled with the growing population from 28,636 in 2013 to 27,940 in 2022, indicates a strong demand for rental properties in the area.
In 2023 and 2024, we observe a slight correction in the housing market. The average home price in Woodside decreased from its peak of $2,740,063 in 2022 to $2,522,037 in 2023, and further to $2,496,290 in 2024. This trend coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially cooling the housing market.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in Woodside may experience a period of stabilization or modest growth, potentially reaching around $2.7 million to $2.9 million by 2029. Rent prices are likely to continue their upward trajectory, albeit at a more moderate pace, potentially reaching an average of $3,000 to $3,200 per month in the same timeframe.
In summary, Woodside's 94062 zip code has demonstrated resilience in its housing market, with consistently high homeownership rates despite significant increases in property values. The interplay between federal interest rates, population changes, and local economic factors has shaped a dynamic real estate landscape. While recent data suggests a cooling of the market, the area's desirability and limited housing supply are likely to maintain strong property values and rental demand in the coming years.
