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Colonial Heights: Rising Home Values and Dynamic Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Colonial Heights, a neighborhood in Greenville, North Carolina, has experienced significant changes in its residential landscape over the past decade. The area has seen fluctuating homeownership rates alongside a generally upward trend in both average home prices and average rent prices. These dynamics have led to notable shifts in the balance between owner-occupied and renter-occupied housing units.
The relationship between homeownership rates and average home prices in Colonial Heights reveals an interesting pattern. In 2013, the homeownership rate was 49%, with an average home price of $98,595. As average home prices began to rise, there was initially a decline in homeownership, dropping to 37% in 2014 when the average home price was $96,121. However, by 2020, as the average home price increased to $125,010, the homeownership rate surged to 58%. This suggests that rising home values may have encouraged more residents to invest in property ownership.
Federal interest rates appear to have influenced homeownership rates in Colonial Heights. For instance, the low interest rates of 0.09% to 0.13% between 2014 and 2015 coincided with a slight increase in homeownership from 37% to 38%. As interest rates began to rise more significantly from 2016 onwards, homeownership rates fluctuated but generally trended upward, reaching 58% in 2020 when interest rates were at 0.38%.
Regarding rental trends, the percentage of renters and average rent prices showed some correlation. In 2013, with 51% of units being renter-occupied, the average rent was $315. As the renter percentage increased to 63% in 2014, average rent rose slightly to $326. A notable spike occurred in 2020, with average rent jumping to $956 despite a decrease in the renter percentage to 42%. This could indicate increased demand for rental properties or improvements in the quality of available rentals.
In 2023, the average home price in Colonial Heights reached $181,649, reflecting continued growth in the local real estate market. Moving into 2024, the average home price further increased to $190,000. This upward trajectory is occurring despite the federal interest rate rising to 5.33% in 2024, which typically would be expected to slow housing market growth.
Applying predictive models to forecast 5-year trends, average home prices in Colonial Heights are anticipated to continue their upward trajectory, potentially reaching around $230,000 by 2029. Average rent prices are also expected to rise, possibly surpassing $1,500 per month within the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, Colonial Heights has demonstrated resilience in its housing market, with increasing average home prices despite fluctuations in homeownership rates. The neighborhood has seen significant growth in both home values and rental prices, particularly in recent years. The interplay between federal interest rates, homeownership percentages, and housing costs suggests a complex and dynamic local real estate environment that has generally trended towards higher values and costs for residents.
