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Belwood, NC: Home Values Rise as Ownership Declines in Small Town
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
Belwood, located in North Carolina, is a small community that has experienced fluctuations in its population and housing market over the past decade. The town has seen shifts in homeownership rates and rental prices, reflecting broader economic trends and local developments.
Homeownership rates in Belwood have shown a gradual decline from 2013 to 2022. In 2013, the homeownership rate was 78%, which remained relatively stable until 2020. However, by 2022, it had decreased to 72%. This decline in homeownership coincides with an increase in average home prices. The average home price in 2022 was $163,791.
The relationship between federal interest rates and homeownership rates in Belwood follows a general trend observed in many areas. Lower interest rates typically encourage homeownership due to more affordable financing options. From 2013 to 2016, when interest rates were very low (ranging from 0.11% to 0.40%), homeownership rates in Belwood remained stable at around 77-78%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we see a corresponding decline in homeownership rates to 72%.
The rental market in Belwood has shown interesting trends. The percentage of renters increased from 22% in 2013 to 28% in 2022. Average rent prices have fluctuated over this period. In 2013, the average rent was $484, which increased to a peak of $699 in 2018 and 2019. However, by 2022, the average rent had decreased to $508. This decrease in rent prices, despite an increase in the renter population, could be attributed to various factors such as changes in local economic conditions or housing supply.
In 2023 and 2024, Belwood's housing market showed continued growth. The average home price increased to $177,930 in 2023, before slightly decreasing to $174,772 in 2024. This aligns with the higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which may have cooled the housing market slightly.
Looking ahead, based on the observed trends, we can predict that average home prices in Belwood may continue to experience moderate growth over the next five years, albeit at a slower pace due to higher interest rates. Rent prices, which have shown volatility, may stabilize or increase slightly as the renter population continues to grow.
In summary, Belwood has experienced a gradual shift from homeownership to renting, with homeownership rates declining from 78% to 72% between 2013 and 2022. Average home prices have shown an upward trend, while rent prices have fluctuated. The interplay between federal interest rates, homeownership rates, and housing prices reflects broader economic influences on the local real estate market.
