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Average Home Values and Ownership in Zip Code 28613: A Decade of Growth in Conover, 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 28613, located in Conover, North Carolina, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, covering 44.11 square miles, has seen a general trend of increasing homeownership and rising average home prices, while average rent prices have fluctuated.
The homeownership rate in zip code 28613 has shown a gradual increase from 70% in 2015 to 75% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2015, the average home price was $122,975, which steadily increased to $237,831 by 2022, representing a substantial 93.4% increase over seven years. This correlation suggests that despite rising home prices, more residents in the area have been able to transition into homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2015 to 2022 saw historically low interest rates, ranging from 0.13% to 1.68%. These low rates likely contributed to the increased homeownership by making mortgages more affordable. For instance, the jump in homeownership from 73% in 2021 to 75% in 2022 coincided with interest rates rising from 0.08% to 1.68%, possibly motivating buyers to enter the market before rates increased further.
Conversely, the percentage of renters in zip code 28613 has decreased from 30% in 2015 to 25% in 2022. Average rent prices have shown some volatility during this period. In 2015, the average rent was $683, which increased to $741 in 2021 before dropping to $706 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market influenced by factors such as housing availability and local economic conditions.
In 2023 and 2024, the housing market in zip code 28613 continued its upward trajectory. The average home price reached $254,249 in 2023 and further increased to $264,980 in 2024. This represents an 11.3% increase from 2022 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can project continued growth in average home prices for zip code 28613 over the next five years. If the current rate of appreciation continues, average home prices could potentially reach around $320,000 by 2029. Average rent prices, which have shown more variability, may continue to fluctuate but are likely to show a modest upward trend, potentially reaching around $800 per month by 2029.
In summary, zip code 28613 has demonstrated a strong trend towards increased homeownership and rising home values over the past decade. The area has seen a significant appreciation in average home prices, with a concurrent decrease in the renter population. These trends, coupled with the recent sharp increase in interest rates, suggest a dynamic housing market that continues to evolve. The coming years may see a potential moderation in homeownership growth due to higher interest rates, but the overall trajectory of home values appears to remain positive.
