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Cary, North Carolina: A Decade of Rising Home Values and Steady Ownership
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
Cary, North Carolina, is a thriving town known for its high quality of life, excellent schools, and proximity to Research Triangle Park. This analysis examines the trends in homeownership, average home prices, and average rent prices in Cary from 2013 to 2022. Over this period, the town experienced fluctuations in homeownership rates, while average home prices and average rent prices consistently increased.
The homeownership rate in Cary has shown slight variations over the years. In 2013, the homeownership rate was 67%, which increased to 72% in 2016, the highest point in the observed period. However, it then declined to 67% by 2022. Concurrently, average home prices in Cary have shown a steady upward trend. In 2013, the average home price was $293,989, which rose to $591,447 by 2022, representing a substantial 101% increase over nine years.
Federal interest rates have played a role in homeownership trends in Cary. From 2013 to 2016, when interest rates were low (ranging from 0.11% to 0.40%), homeownership rates increased from 67% to 72%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a slight decline, settling at 67% in 2022.
The renter percentage in Cary has inversely mirrored the homeownership rate, ranging from 28% to 34% between 2013 and 2022. Average rent prices have steadily increased during this period. In 2013, the average rent was $1,027, which rose to $1,548 by 2022, marking a 51% increase. This trend in rent prices occurred alongside population growth, with Cary's population increasing from 151,560 in 2013 to 179,256 in 2022, potentially contributing to increased demand for rental properties.
In 2023 and 2024, Cary's housing market continued to evolve. The average home price in 2023 was $603,379, showing a 2% increase from 2022. In 2024, the average home price further rose to $628,352, indicating a 4.1% increase from 2023. Notably, federal interest rates were significantly higher during this period, at 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that Cary's housing market will likely continue its upward trajectory. Over the next five years, average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $730,000 by 2029. Average rent prices are expected to follow a similar trend, with an estimated annual increase of 2-4%, potentially reaching about $1,800 per month by 2029.
In summary, Cary has experienced a dynamic housing market over the past decade. While homeownership rates have fluctuated, both average home prices and average rent prices have shown consistent increases. These trends, influenced by factors such as population growth and changes in federal interest rates, reflect Cary's growing appeal and economic development. The continued rise in housing costs suggests that Cary remains an attractive location for both homeowners and investors, with the potential for sustained growth in the real estate market in the coming years.
