Average Home Values and Ownership Trends in Zip Code 28726: East Flat Rock's Fluctuating Real Estate Market
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Property Value
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Percent Owner Occupied
Housing Prices
Median Rent
Population
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Zip code 28726, located in East Flat Rock, North Carolina, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 28726 has shown a general decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 55%, which dropped to a low of 43% in 2018 before rebounding to 52% in 2022. During this same period, average home prices in the area have steadily increased. In 2013, the average home price was $105,765, which rose to $273,909 by 2022, representing a substantial 159% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable around 55%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed more volatility, dropping to 43% in 2018 before recovering to 52% in 2022.
Renter percentages in zip code 28726 have generally increased from 2013 to 2022, mirroring the decline in homeownership. The renter-occupied percentage rose from 45% in 2013 to a peak of 57% in 2018, before settling at 48% in 2022. Average rent prices have shown volatility during this period. In 2013, the average rent was $811, which decreased to $481 in 2014. It then fluctuated over the years, reaching $781 in 2022. Notably, the population in this zip code decreased from 1,997 in 2013 to 1,589 in 2015, which may have influenced the initial drop in rent prices. The subsequent population growth to 2,766 in 2022 likely contributed to the overall increase in average rent prices.
Looking at the most recent data, the average home price in zip code 28726 continued to rise, reaching $286,927 in 2023 and $303,109 in 2024. This represents a 4.7% increase from 2022 to 2023 and a further 5.6% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 28726 to continue their upward trajectory, potentially reaching around $350,000 by 2029. This projection is based on the consistent growth observed over the past decade. Average rent prices may also continue to increase, albeit at a more moderate pace, potentially reaching around $900 per month by 2029. However, these projections assume relatively stable economic conditions and no major disruptive events.
In summary, zip code 28726 has experienced a general trend of declining homeownership rates and increasing average home prices over the past decade. Renter percentages have fluctuated but generally increased, while average rent prices have shown volatility. The area has seen significant population growth in recent years, which has likely contributed to the rising housing costs. The continued increase in average home prices and federal interest rates in 2023 and 2024 suggests that the housing market in this zip code remains dynamic and potentially challenging for new homebuyers.
