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Average Home Values and Ownership in Zip Code 27949: Kitty Hawk's Wright Brothers Legacy and Coastal Appeal Drive Market Growth
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
Kitty Hawk, located in zip code 27949 in North Carolina, is a coastal community known for its connection to the Wright brothers' first powered flight. This area has experienced significant changes in homeownership rates and property values over the past decade. From 2013 to 2022, the percentage of owner-occupied homes increased from 79% to 83%, while average home prices rose from $410,845 to $720,949. During the same period, average rent prices also increased from $1,423 to $1,522.
The trend between homeownership percentage and average home prices in Kitty Hawk shows a strong positive correlation. As homeownership rates increased from 79% in 2013 to 87% in 2019, average home prices rose from $410,845 to $457,674. This trend continued through 2022, with homeownership slightly decreasing to 83% while average home prices surged to $720,949. This significant price increase, despite a small dip in ownership, suggests strong demand for properties in the area.
Federal interest rates have played a role in homeownership trends in Kitty Hawk. The low interest rate environment from 2013 to 2021, with rates ranging from 0.08% to 2.16%, coincided with the increase in homeownership from 79% to 87%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, the slight decrease in homeownership to 83% in 2022 occurred as interest rates began to rise to 1.68%, potentially making home purchases less affordable for some buyers.
Renter percentages and average rent prices in Kitty Hawk have shown an inverse relationship. As the percentage of renters decreased from 21% in 2013 to 13% in 2021, average rent prices increased from $1,423 to $1,575. This trend suggests that despite fewer renters, demand for rental properties remained strong, possibly due to the area's desirability or limited rental inventory. The population growth from 7,070 in 2013 to 8,008 in 2021 may have contributed to upward pressure on rent prices despite the declining renter percentage.
In 2023 and 2024, average home prices in Kitty Hawk continued to rise, reaching $757,632 in 2023 and $774,236 in 2024. This represents a 7.3% increase from 2022 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability and future homeownership rates in the area.
Looking ahead, predictive models suggest that average home prices in Kitty Hawk may continue to increase over the next five years, potentially reaching around $850,000 by 2029. Average rent prices are also expected to rise, possibly surpassing $1,700 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Kitty Hawk has experienced a notable increase in homeownership rates and property values over the past decade. The inverse relationship between homeownership and rental percentages, coupled with rising prices for both owned and rented properties, indicates strong demand for housing in this coastal community. The recent surge in interest rates may impact future homeownership trends, but the area's desirability continues to drive property values upward.
