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Average Home Values and Ownership Trends in Zip Code 27313: Pleasant Garden's Robust Housing Market
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
Pleasant Garden, located in zip code 27313 in North Carolina, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate dynamics. The homeownership rate in Pleasant Garden has shown a slight increase over the years, rising from 85% in 2013 to 86% in 2022. This upward trend in homeownership coincides with a significant increase in average home prices. In 2013, the average home price in the area was $142,997, which steadily climbed to $271,857 by 2022, representing a 90% increase over this period. This substantial rise in home values may have contributed to the area's appeal for homeowners, despite the potential challenges of affordability for new buyers.
Federal interest rates have played a role in shaping homeownership trends in Pleasant Garden. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely supported the high homeownership rates during this time. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained relatively stable, suggesting a strong local preference for owning rather than renting.
The rental market in Pleasant Garden has shown some fluctuations over the years. The percentage of renters decreased from 12% in 2013 to 14% in 2022, indicating a slight shift towards renting. Average rent prices have been volatile, starting at $880 in 2013, dropping to $789 in 2015, then rising to a peak of $1,016 in 2017, before settling at $824 in 2022. These changes in rent prices don't show a clear correlation with the renter percentage, suggesting that other factors, such as local economic conditions or housing supply, may be influencing the rental market.
In 2023 and 2024, the housing market in Pleasant Garden continued its upward trajectory. The average home price reached $288,218 in 2023 and further increased to $297,735 in 2024, representing a 9.5% growth over these two years. This rise occurred despite the sharp increase in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on the historical data and current trends, we can project continued growth in both the housing and rental markets for Pleasant Garden. Average home prices are expected to maintain their upward trajectory, potentially reaching around $350,000 by 2029. Average rent prices, while more volatile, may stabilize and gradually increase to approximately $1,100 per month over the next five years. These projections assume continued economic stability and sustained demand for housing in the area.
In summary, Pleasant Garden has demonstrated a robust housing market with increasing home values and a strong preference for homeownership. The area has shown resilience in maintaining high ownership rates despite rising home prices and fluctuating interest rates. The rental market, while smaller, has also shown signs of growth. These trends suggest that Pleasant Garden remains an attractive location for both homeowners and investors, with potential for continued appreciation in the real estate market.
