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Brevard, NC: Home Values Soar as Ownership Remains Steady in Scenic Mountain City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Brevard, a charming city nestled in the heart of North Carolina, offers a unique blend of small-town charm and natural beauty. Known for its proximity to the Pisgah National Forest and its vibrant arts scene, Brevard has experienced notable shifts in its housing market over the past decade. The city has maintained a relatively stable homeownership rate, while average home prices and average rent prices have shown significant fluctuations.
The homeownership rate in Brevard has remained relatively consistent, with a slight increase from 65% in 2013 to 67% in 2022. This stability in homeownership coincides with a substantial rise in average home prices. In 2010, the average home price in Brevard was $207,318, which gradually increased to $402,326 by 2022, representing a 94% increase over 12 years. This trend suggests that despite rising home values, Brevard residents have maintained their ability and desire to own homes.
Federal interest rates have played a significant role in shaping homeownership trends in Brevard. For instance, the period from 2010 to 2016 saw historically low interest rates, ranging from 0.1% to 0.4%. During this time, homeownership rates in Brevard remained stable at around 66%, likely due to the affordability of mortgages. As interest rates began to rise in 2017, reaching 1.83% by 2018, the homeownership rate in Brevard held steady, demonstrating the resilience of the local housing market.
The rental market in Brevard has experienced its own set of fluctuations. The percentage of renters decreased slightly from 35% in 2013 to 33% in 2022. Average rent prices, however, have shown considerable volatility. In 2013, the average rent was $796, which increased to $1,048 in 2021, before dropping to $747 in 2022. This represents a 6% decrease in average rent from 2013 to 2022, despite the overall upward trend in home prices. The population growth from 13,572 in 2013 to 14,417 in 2022 may have influenced these rental market dynamics.
Looking at the most recent data, the average home price in Brevard reached $428,748 in 2023 and further increased to $447,868 in 2024. This represents a significant 11% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Brevard will continue to rise, potentially reaching around $550,000 by 2029. Average rent prices are expected to follow a similar upward trajectory, potentially increasing to approximately $1,200 per month over the same period. These projections are based on historical trends and current market conditions.
In summary, Brevard's housing market has demonstrated resilience and growth over the past decade. The city has maintained a stable homeownership rate despite significant increases in average home prices. The rental market has shown more volatility, with fluctuating average rent prices. With continued population growth and rising home values, Brevard's housing market is poised for further evolution in the coming years.
