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Average Home Values and Ownership in Zip Code 27523: A Decade of Growth in Apex, North Carolina
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 27523, located in Apex, North Carolina, has experienced significant growth and changes in its housing market over the past decade. This area has seen a generally steady increase in homeownership rates, coupled with rising average home prices and average rent prices, reflecting its growing appeal as a residential community.
The homeownership rate in zip code 27523 has shown a notable upward trend, increasing from 76% in 2013 to 77% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $335,966, which steadily climbed to $700,893 by 2022, representing a remarkable 108.6% increase over this period. The most significant jump occurred between 2020 and 2022, with average home prices surging from $474,917 to $700,893, a 47.6% increase in just two years.
Federal interest rates have played a crucial role in shaping homeownership trends in this zip code. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. This low-interest environment likely contributed to the sustained high homeownership rates, peaking at 81% in 2020 when interest rates dropped to 0.38%. However, as interest rates began to rise sharply in 2022 to 1.68%, there was a slight decrease in homeownership to 77%, suggesting a potential correlation between rising interest rates and slightly reduced homeownership.
The rental market in zip code 27523 has also seen interesting trends. The percentage of renters remained relatively stable, fluctuating between 19% and 24% from 2013 to 2022. Average rent prices showed a gradual increase over this period, rising from $1,632 in 2013 to $1,607 in 2022. Notably, there was a slight dip in average rent prices from 2013 to 2015, dropping to $1,577, before steadily climbing again. The population growth from 14,527 in 2013 to 21,574 in 2022 likely contributed to the sustained demand for rental properties and the overall increase in average rent prices.
In 2023 and 2024, the housing market in zip code 27523 continued to evolve. The average home price in 2023 was $707,608, showing a slight increase from 2022. In 2024, it further rose to $741,749, indicating ongoing appreciation in the local real estate market. Interestingly, these price increases occurred despite a significant jump in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a robust demand for housing in the area, potentially driven by factors such as local economic growth or the area's desirability.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. If the current trajectory continues, average home prices in zip code 27523 could potentially reach around $900,000 to $1 million by 2029. Average rent prices, which have shown more modest growth, might increase to approximately $1,700 to $1,800 per month. However, these projections are subject to various factors, including economic conditions, local development, and broader housing market trends.
In summary, zip code 27523 has demonstrated a strong housing market characterized by high homeownership rates and significant appreciation in average home prices. The area has maintained a relatively stable rental market, with gradual increases in average rent prices. The resilience of the housing market, even in the face of rising interest rates, suggests a continued demand for both owned and rented properties in this zip code. These trends indicate that Apex, North Carolina, remains an attractive location for both homeowners and renters, with potential for further growth in the coming years.
