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Davis, NC: Rising Home Values Amid Shifting 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
Davis, North Carolina: A Small Community with Changing Housing Dynamics Davis, North Carolina, is a small community with a population of 1,642 as of 2022, covering an area of 2.18 square miles. The city has experienced notable shifts in homeownership rates and housing prices over the past decade. Overall, Davis has maintained a high rate of owner-occupied housing, although this has decreased in recent years, while average home prices have shown a significant upward trend.
From 2013 to 2018, homeownership rates in Davis increased from 88% to 91%, coinciding with a period of rising average home prices. The average home price grew from $108,442 in 2013 to $143,908 in 2018, representing a 32.7% increase. This trend suggests that despite rising prices, more residents were able to purchase homes during this period, possibly due to favorable economic conditions or local factors encouraging homeownership.
The relationship between federal interest rates and homeownership rates in Davis shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.4%), homeownership rates stayed high, between 87% and 88%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates in Davis peaked at 91% in 2018 before starting to decline.
Renter percentages and average rent prices in Davis have shown interesting fluctuations. From 2013 to 2018, the percentage of renters decreased from 12% to 7%, while average rent prices varied. In 2013, the average rent was $697, which increased to $1,094 in 2016 before decreasing to $785 in 2018. This suggests that despite the volatility in rent prices, fewer residents were opting to rent during this period.
In 2023, the average home price in Davis reached $216,816, and in 2024, it further increased to $221,495. This represents a continued upward trend in housing prices. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can expect average home prices in Davis to continue their upward trajectory over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices may also increase, reflecting the overall trend in housing costs. However, the rate of increase for both home prices and rents may be moderated by economic factors and local market conditions.
In summary, Davis has experienced a shifting landscape of homeownership and housing prices. While the community has maintained a high rate of owner-occupied housing, recent years have seen a decline from peak levels. Average home prices have shown consistent growth, particularly accelerating in recent years. The interplay between interest rates, homeownership rates, and housing prices will likely continue to shape the residential market in Davis in the coming years.
