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Average Home Values and Ownership in Zip Code 27312: A Decade of Growth in Pittsboro, NC
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
Zip code 27312, located in Pittsboro, North Carolina, has experienced significant changes in its housing market over the past decade. This area has seen a steady increase in population and housing prices, with notable shifts in homeownership rates and rental costs. The homeownership rate in zip code 27312 has remained relatively stable, fluctuating between 79% and 83% from 2013 to 2022. Despite this stability, average home prices have shown a substantial upward trend. In 2010, the average home price was $274,070, which increased to $523,433 by 2022, representing a 91% increase over 12 years. This significant rise in home values did not appear to significantly impact homeownership rates, suggesting strong local demand and potentially favorable economic conditions for residents.
Federal interest rates have played a role in the housing market of zip code 27312. From 2010 to 2016, interest rates remained historically low, ranging from 0.1% to 0.4%. During this period, homeownership rates remained high, likely supported by these favorable borrowing conditions. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a slight decline from 82% in 2016 to 80% in 2022, indicating a potential correlation between rising interest rates and a modest decrease in homeownership.
Renter occupancy in zip code 27312 has shown a gradual increase from 15% in 2013 to 20% in 2022. This trend coincides with rising average rent prices, which increased from $983 in 2013 to $1,166 in 2022, a 19% increase over nine years. The population growth from 18,023 in 2013 to 23,043 in 2022 likely contributed to the increased demand for rental properties, driving up both the percentage of renters and average rent prices.
In 2023 and 2024, the housing market in zip code 27312 continued its upward trajectory. The average home price reached $548,963 in 2023 and further increased to $563,202 in 2024, representing a 7.6% rise over two years. Concurrently, federal interest rates climbed significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer behavior in the area.
Looking ahead, predictive models suggest that average home prices in zip code 27312 are likely to continue their upward trend over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the area's increasing desirability. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply catches up with demand.
In summary, zip code 27312 has demonstrated a robust housing market characterized by steadily increasing home values and rent prices. While homeownership rates have remained relatively stable, there has been a slight shift towards renting in recent years. The area's continued population growth, coupled with rising property values, suggests a strong and dynamic real estate market that has shown resilience in the face of changing economic conditions.
