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Brookford's Housing Boom: Average Home Values Double Amid Ownership Surge
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Brookford, a small town in North Carolina, has experienced significant changes in its housing market over the past decade. This charming community, spanning just 0.61 square miles, has seen notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The town has witnessed a remarkable increase in homeownership rates, rising from 70% in 2013 to an impressive 85% in 2022. This upward trend in homeownership coincided with fluctuations in average home prices. In 2013, the average home price in Brookford was $58,178, which dropped to $52,875 in 2016 before experiencing a substantial increase to $123,277 by 2022. This represents a 133% increase in average home prices over a nine-year period.
The relationship between federal interest rates and homeownership rates in Brookford shows an interesting pattern. As interest rates remained low between 2013 and 2016, hovering around 0.1%, homeownership rates initially decreased slightly from 70% to 63%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Brookford paradoxically increased to 85%. This suggests that local factors may have played a more significant role in driving homeownership than national interest rate trends.
Conversely, the percentage of renters in Brookford has decreased significantly, from 30% in 2013 to 15% in 2022. Despite this decline in the renter population, average rent prices have shown an upward trend. In 2013, the average rent was $666, which increased to $767 by 2022, representing a 15% increase over the period. This rise in rent prices, coupled with the decreasing renter population, suggests a tightening rental market in Brookford.
In 2023 and 2024, Brookford's housing market continued to evolve. The average home price in 2023 reached $131,459, a 6.6% increase from 2022. By 2024, it further climbed to $146,634, marking an 11.5% year-over-year increase. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the town.
Looking ahead, our predictive models suggest that average home prices in Brookford will continue to rise over the next five years, potentially reaching around $180,000 by 2029. This projection is based on the strong upward trend observed in recent years. For rent prices, the model forecasts a more moderate increase, potentially reaching an average of around $850 per month by 2029, assuming the current trends persist.
In summary, Brookford has experienced a significant shift towards homeownership, with a corresponding decrease in the renter population. Despite rising interest rates, the town has seen substantial growth in average home prices, particularly in recent years. The rental market, while shrinking in terms of population, has seen steady increases in average rent prices. These trends reflect a dynamic housing market in Brookford, with continued growth expected in both home values and rental rates in the coming years.
