Loading Content...
Average Home Values and Ownership in Zip Code 27263: A Decade of Resilience in Archdale, NC
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 27263, located in Archdale, North Carolina, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 21,717 in 2022, has seen fluctuations in both owner-occupied and rental properties, alongside significant changes in average home and rent prices.
The homeownership rate in zip code 27263 has shown resilience and growth in recent years. Starting from 63% in 2016, it increased to 69% by 2022, indicating a strong preference for homeownership in the area. This upward trend coincided with a substantial increase in average home prices. In 2016, the average home price was $119,537, which rose steadily to reach $198,181 by 2022, representing a 65.8% increase over six years.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2016 to 2022 saw interest rates fluctuate between 0.4% and 1.68%. These relatively low rates likely contributed to the increase in homeownership, as they made mortgages more affordable for potential buyers. The rise in homeownership from 63% to 69% during this period aligns with the generally favorable lending conditions.
Conversely, the rental market in zip code 27263 has experienced some fluctuations. The percentage of renters decreased from 37% in 2016 to 31% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. In 2016, the average rent was $703, which increased to $794 by 2022, representing a 12.9% rise. This increase in rent prices, coupled with a decreasing renter population, suggests a tightening rental market with potentially higher-quality or more desirable rental properties commanding higher prices.
Looking at the most recent data, the average home price in zip code 27263 continued its upward trajectory, reaching $210,672 in 2023 and further climbing to $219,764 in 2024. This represents a 10.9% increase from 2022 to 2024. Notably, federal interest rates also saw a significant rise, jumping to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 27263 will continue to rise, potentially reaching around $250,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of around $900 per month by 2029, assuming the current trends persist.
In summary, zip code 27263 has demonstrated a strong trend towards homeownership, with a significant increase in both the percentage of owner-occupied homes and average home prices. The rental market, while shrinking in terms of percentage, has seen rising average rents. The area's housing market has shown resilience and growth, with recent data indicating continued appreciation in home values despite rising interest rates. These trends suggest a robust and dynamic housing market in Archdale, North Carolina.
