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Cleveland, NC: Rising Home Values and Strong Ownership in a Growing Community
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
Cleveland, located in North Carolina, has experienced significant growth and changes in its housing market over the past decade. This small but vibrant community has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Cleveland has remained relatively high, fluctuating between 75% and 82% from 2013 to 2022. This strong tendency towards homeownership coincides with a steady increase in average home prices. In 2010, the average home price was $133,306, which grew consistently over the years, reaching $268,150 by 2022. This represents a substantial 101% increase in average home values over 12 years.
The relationship between federal interest rates and homeownership rates in Cleveland shows an interesting pattern. Despite historically low interest rates between 2010 and 2021 (ranging from 0.08% to 0.40%), the homeownership rate remained relatively stable, hovering around 80%. This suggests that other local factors, such as job market stability and community appeal, may have played a significant role in maintaining high homeownership levels.
Renter percentages in Cleveland have remained relatively low, ranging from 18% to 25% between 2013 and 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $634, which decreased to $591 in 2015 before rising again to $853 in 2022. This 34.5% increase in average rent from 2013 to 2022 occurred alongside a population growth from 5,425 to 6,308 residents, indicating increasing demand for rental properties.
In 2023, the average home price in Cleveland reached $277,619, with federal interest rates rising to 5.02%. This trend continued into 2024, with average home prices further increasing to $290,027 and interest rates climbing to 5.33%. These figures demonstrate a continued upward trajectory in both home values and borrowing costs.
Looking ahead, predictive models suggest that average home prices in Cleveland are likely to continue their upward trend over the next five years, potentially reaching around $350,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,000 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Cleveland has maintained a strong homeownership culture despite rising home prices. The community has shown resilience in the face of economic changes, with steady population growth and increasing property values. The rental market, while smaller, has also seen significant price increases. As interest rates continue to rise, it will be crucial to monitor how these factors interact to shape the future of Cleveland's housing market.
