Frequently asked questions about 23124 in New Kent, VA

Is zip code 23124 in New Kent, VA a good place to invest in?: Yes. With an investment score of 611 over 1,000 is a great place to invest in the US.
What was the population of zip code 23124 according to the 2020 census?: According to the 2020 census, the population of zip code 23124 in New Kent, VA was 4,625.
What is the forecasted population for zip code 23124 in 2025?: The forecasted population for zip code 23124 in 2025 is 5,178.
What is the projected population for zip code 23124 in 2030?: The projected population for zip code 23124 in 2030 is 5,999.
What is the average property price in zip code 23124?: The average property price in zip code 23124 is $426,760.
Is the property price in zip code 23124 expected to increase or decrease?: The property prices in zip code 23124 are currently on an increasing trend.
What is the average rent value in zip code 23124?: The average rent value in zip code 23124 is -.
What is the average household income in zip code 23124?: The average household income in zip code 23124 is $123,339.

Investment Score for 23124 New Kent, VA

Zip Code

23124

City

New Kent, VA

Aterio Score™

611

out of 1,000 pts

With an investment score of 611 over 1,000 zip code 23124 New Kent, VA is a great place to invest in the US.
Population is forecasted to grow 12% by 2025 (7.3 points above the 4.7% national average).
A forecasted population of 5,178 people for 2025 will generate a high demand for housing, which is expected to have a deficit of 487 houses for 2030.

State highest score is

782

National highest score is

867

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Population & Migration

Census 2010

3,185

Census 2020

4,625

Forecasted population 2025

5,178

Forecasted population 2026

5,335

Forecasted population 2027

5,496

Forecasted population 2028

5,662

Forecasted population 2029

5,829

Forecasted population 2030

5,999

The population in the US is expected to grow 4.7% between 2020 and 2030 or 0.6% per year. Neighborhoods or municipalities with growths above 4.7% for the next 10 years will have a positive effect on the score.

Any growth above 10% should create imbalances between supply and demand in the area creating strong signals for investment opportunities.

Aterio's Adjusted Growth

Coming soon

Growth rate 2020 to 2025

12%

Growth rate 2025 to 2030

15.9%

Expected growth rate from 2020 to 2030

Coming soon

Aterio's Adjusted Growth is a specialized metric that refines growth projections by incorporating historical growth information and projections, as well as migration data extracted from the USPS. This comprehensive approach offers a more precise indicator of expected growth, enhancing accuracy in predicting demographic and economic changes within a given area.

Prices

Average Property price latest Month

426759.894122112

Average Property price 6 months ago

421229.777444511

Average Property price 12 months ago

414078.759516717

Average number of days of a property in the market

Total number of home for sales abandoned

The average number of days a property spends on the market refers to the typical length of time it takes for properties to be sold. A higher average indicates that properties are staying on the market for longer periods, often suggesting lower demand and potentially unfavorable market conditions for sellers.

The total number of abandoned home sales refers to the count of properties that were listed for sale but ultimately left unsold, showcasing a lack of buyer interest or demand. A higher count of abandoned sales typically reflects diminished demand for those properties and can indicate a sluggish or unfavorable real estate market for sellers.

Price speed change rate

0.014508904

Price direction

1.013128504

The speed of change in prices is an important indicator of market volatility and can be used to help investors make decisions about buying or selling assets

In general, when there is a strong price direction, it is more likely that the speed of change will be faster. This is because the momentum behind the price movement is greater, and there may be more market participants who are eager to buy or sell at the prevailing prices.

Relative Strength Index

Home Value Relative Strength Index

96.337428315

Home Value Volatility Score Last 24 Months

50.192468606

Average annual mortgage rate in the US for 30 years

0.063

Estimated installment price

2641.527631408

Listings

realtor.com

AVERAGE PROPERTY PRICE LATEST MONTH

617426

CHANGE IN LISTING PRICE YEAR OVER YEAR

0.0101

AVERAGE LISTING PRICE PER SQUARE FOOT

237

DAYS ON MARKET

ACTIVE LISTINGS

zillow.com

Average Property price latest Month

426759.894122112

CHANGE IN LISTING PRICE YEAR OVER YEAR

AVERAGE LISTING PRICE PER SQUARE FOOT

DAYS ON MARKET

ACTIVE LISTINGS

Demand vs. Supply

Housing units available in 2020

1640

Housing units available in 2021

1913

Estimated Housing units needed 2030

2127

Deficit or excess inventory

487

When there is a deficit of houses available in the market, it typically leads to an increase in home prices. This is because the demand for homes exceeds the supply, which creates a competitive bidding environment. As a result, buyers are willing to pay more to secure a home, driving up the prices.

Vacancy rate is 10.1% in the United States in the fourth quarter of 2022.

Low levels of vacancy rate signals a need for additional units in a market and a difference in supply and demand where demand is most likely not meet.

Homes in construction in the next 5 years

Total housing units (most recent data)

1892

Occupied housing units by owners

1780

Occupied housing units by renters

Total Vacancy rate

0.033826638

Rental Vacancy rate

Economic Development

Number of business establishments in 2020

YOY GDP Growth

0.085260012

YOY GDP Growth for Retail

0.152977676

YOY GDP Growth for construction

0.157038313

YOY GDP Growth for Real Estate

0.046440217

Retailtainment is a term used to describe the practice of combining retail shopping with entertainment experiences to create a more engaging and immersive shopping environment. The concept of retailtainment is based on the idea that people are looking for more than just a place to buy products; they want an experience that is fun, interactive, and memorable.

Universities attract a large number of employees and students who need housing. This creates demand for real estate in the surrounding area, which can lead to an increase in real estate prices, provides stability to the local economy, and attract investment from wealthy individuals and organizations.

People over 16 years old

3989

People in labor force

2673

civilian employed

2653

civilian unemployed

People marked as armed employed

% of Army employed Vs Civilian Employed

0.004863449

The Number of Armed Forces Employees signifies both potential advantages and vulnerabilities. Proximity to military bases enhances employment and safety in nearby ZIP codes, but reliance on military activity can create economic risks if bases shut down. It's noteworthy that armed forces employees are concentrated in a minority of ZIP codes, leaving most areas unaffected by this indicator's dynamics.

Capacity to Pay

Average of household income in 2021

123339

Affordability index

Household debt as % of Income in 2020

1.715

Household debt as % of Income in 2021

1.715

Rate of the previous household debt to income in 2021 vs 2020

Affordability indicates the ability of potential homebuyers to afford a home measured in number of years needed to pay a house. Example: Home Price 500,000 / Household Income 100,000 = 5 Years.

3 years or below is affordable, 3.1 to 5.0 is moderate and above 5.1 unaffordable. In 2021 Pittsburgh was 2.7 and San Francisco was 11.8.

Household debt can affect the ability of individuals to make mortgage payments, which can impact the foreclosure rate and the number of distressed properties on the market. If a large number of homeowners default on their mortgages, it can lead to an increase in foreclosures and distressed properties, which can put downward pressure on real estate prices.

% of HouseHolds making less than 50K

0.099

% of HouseHolds making between 50K and 75K

0.194

% of HouseHolds making between 75K and 100K

0.147

% of HouseHolds making between 100K and 200K

0.415

% of HouseHolds making more than 200K

0.144

These household income percentage indicators are derived from IRS data and offer insights into income distribution. They provide a snapshot of economic diversity within a population, highlighting the proportions of households across different income ranges, which can be valuable for assessing community prosperity and socio-economic trends.

Risk Factors

Unemployment rate

0.00261878

Unemployment rate for county last 6 months

0.030666667

Unemployment rate for county latest month

0.032

% of Homes Owner-occupied

0.973741794

US unemployment rate is at 3.4% for April 2023. High levels of unemployment can reduce the number of potential buyers in the market, as individuals who are unemployed or underemployed may not have the income or financial stability to purchase a home. This can lead to a decrease in demand for real estate, which can cause real estate prices to fall.

Owner-occupied housing rate in the US for 2021 was 64.6%. Homeowners are more likely to invest in their homes and the surrounding community, which can lead to improvements in infrastructure, schools, and other amenities. This can make the area more attractive to potential buyers and investors, which can further increase demand for real estate and real estate prices.

% of mortgage defaults in 2019

0.013422819

% of mortgage defaults in 2020

% of mortgage defaults in 2021

0.008948546

Mortgage default rates indicate the percentage of homeowners who fail to make timely mortgage payments, reflecting financial instability. These rates are crucial metrics as they inform investors about potential risks associated with a market. High default rates can signal economic challenges and impact property values, influencing investment decisions and risk assessments.

Violent Crimes ( % above or Below US average)

0.164277727

Property Crimes ( % above or Below US average)

0.31790517

Drinking water violations

Total number of violations

Total number of health violations

Total number of contaminations