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Average Home Values and Ownership in Zip Code 28732: Resilient Market Amid Rising Prices
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 28732, located in Hoopers Creek, North Carolina, has experienced significant changes in its housing market over the past decade. This area has seen a gradual increase in homeownership rates, coupled with substantial growth in average home prices and fluctuating average rent prices.
The homeownership rate in zip code 28732 has shown a slight upward trend, increasing from 76% in 2016 to 79% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2010, the average home price was $199,625, which steadily rose to $420,538 by 2022, representing a remarkable 110.7% increase over 12 years. The most significant jump occurred between 2020 and 2022, with average home prices surging from $311,013 to $420,538, a 35.2% increase in just two years.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2010 to 2015, interest rates remained consistently low, hovering around 0.1% to 0.18%. During this period, homeownership rates stayed relatively stable. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, the homeownership rate in zip code 28732 actually increased slightly from 76% to 79%. This suggests that other factors, such as local economic conditions or housing supply, may have had a more significant impact on homeownership rates in this area than interest rates alone.
The renter population in zip code 28732 has remained relatively stable, with the percentage of renters fluctuating between 20% and 23% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $1,088, which decreased to $990 in 2014. Rent prices then rose to $1,101 in 2016 before declining again to $1,013 in 2017. By 2022, the average rent had settled at $1,014, representing a slight overall decrease from the 2013 level. The fluctuations in rent prices do not seem to have a strong correlation with the changes in the renter population percentage, suggesting that other factors such as local housing supply and demand dynamics may be influencing rent prices.
Looking at the most recent data, average home prices in zip code 28732 continued to rise in 2023 and 2024. The average home price reached $435,807 in 2023 and further increased to $450,918 in 2024. This represents a 3.6% increase from 2022 to 2023 and another 3.5% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices in the area have continued to appreciate, indicating strong demand and potentially limited housing supply.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 28732 to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. Average home prices could potentially reach around $525,000 to $550,000 by 2029. Average rent prices are likely to show moderate increases, potentially reaching $1,200 to $1,300 per month by 2029, assuming current trends and economic conditions persist.
In summary, zip code 28732 has experienced a steady increase in homeownership rates and substantial growth in average home prices over the past decade. The area has shown resilience in its housing market, with home prices continuing to rise even in the face of increasing interest rates. While rent prices have fluctuated, they have remained relatively stable overall. The consistent growth in population and home values suggests that Hoopers Creek remains an attractive area for both homeowners and investors.
