35802, Huntsville, AL

Huntsville, Alabama is located in the southeastern region of the United States. The city has a population of about 210,000 and is home to several universities, including the University of Alabama at Huntsville (UAH). In addition to its educational institutions, Huntsville is also known for its aerospace industry and military installations.

The 35802 zip code encompasses much of Huntsville's urban core. Home prices in this area have increased significantly over the past few years, reaching heights not seen since before the Great Recession. In fact, according to Zillow data, home values in this zip code have increased by an average of 97% since 2013. This rapid appreciation has led to significant equity gains for homeowners in this area. As of May 2017, Zillow estimated that homeowners in this zip code had an equity value of $269,000 on average.

Despite these impressive numbers, there are some caveats worth noting when assessing home equity and home prices in the 35802 zip code. First and foremost is that not all homes within this zip code are experiencing similar levels of appreciation. While most properties have seen sizable increases in value over the past few years, a significant number of homes have actually declined in value due to low demand or limited supply relative to current demand levels. Second is that while home values have increased rapidly overall, they still remain relatively modest when compared with other areas within metropolitan Huntsville or throughout Alabama as a whole. Finally, while equity gains are likely sustainable over the long term given current market conditions and continued growth prospects for the local economy, they could be reduced if interest rates rise significantly or if economic conditions deteriorate unexpectedly overall.