51566, Red Oak, IA

The home equity and home prices in the 51566 zip code of Red Oak, IA are reflective of the overall market conditions in the area. Over the past year, home values have increased by 2.5%, which is slightly below the national average of 2.8%. However, over the past five years, home values have increased by an average of 8.7%. This indicates that there is strong demand for homes in this area and that buyers are willing to pay a premium for properties here.

One reason why home values have been increasing so rapidly in this area is because there are a lot of new homes being built here. In fact, over the past five years, there has been an increase of 22% in new housing units being constructed in this zip code. This influx of new residents is likely contributing to the rising prices since it means more people are competing for available homes. Additionally, Red Oak is located near several major cities – Des Moines, Cedar Rapids and Iowa City – which means that there is a high demand for housing here.

Overall, it appears that buyers are happy with the current market conditions and they are willing to pay a premium for properties in this area. As long as there continues to be strong demand for homes and new construction remains at a high rate, prices will continue to rise in this zip code