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Autryville's Housing Market: Rising Home Values and Ownership Amidst Population Decline
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
Autryville, a small town in North Carolina, has experienced significant changes in its housing market over the past decade. This quaint community, covering just 0.52 square miles, has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Autryville has shown a general upward trend, increasing from 70% in 2013 to 83% in 2022. This rise in homeownership coincided with a steady increase in average home prices, which grew from $111,271 in 2013 to $190,829 in 2022, representing a substantial 71.5% increase over nine years. The trend suggests a strong correlation between rising home values and increasing homeownership rates in the town.
Federal interest rates have played a significant role in shaping homeownership trends in Autryville. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership in Autryville increased from 70% to 73%, likely due to more affordable financing options. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership continued to grow, reaching 83% in 2022. This suggests that other local factors, such as job market stability or community appeal, may have offset the potential negative impact of rising interest rates on homeownership.
The rental market in Autryville has experienced an inverse relationship with homeownership trends. The percentage of renters decreased from 30% in 2013 to 17% in 2022. Interestingly, average rent prices fluctuated during this period, starting at $660 in 2013, peaking at $683 in 2015, and then decreasing to $662 in 2022. This trend suggests that while homeownership became more attractive, the rental market experienced some volatility, possibly influenced by changes in local economic conditions and housing supply.
Looking at more recent data, the average home price in Autryville continued to rise, reaching $199,631 in 2023 and $202,720 in 2024. This represents a 6.2% increase from 2022 to 2024, indicating a continued strong housing market. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the town.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Autryville will continue to rise, albeit at a potentially slower rate due to higher interest rates. Projections suggest that by 2029, average home prices could reach approximately $230,000 to $240,000, assuming a moderate annual growth rate of 2-3%. Average rent prices are expected to stabilize and potentially increase slightly, reaching around $700-$725 per month by 2029, reflecting a balance between housing demand and economic factors.
In summary, Autryville has experienced a significant increase in homeownership rates and average home prices over the past decade, despite fluctuations in federal interest rates. The rental market has contracted in terms of occupancy but has shown resilience in pricing. As the town moves forward, the interplay between interest rates, local economic conditions, and housing supply will continue to shape its real estate landscape, with a trend towards sustained growth in home values and a potentially stabilizing rental market.
