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Elizabeth City's Housing Market: Rising Home Values and Stable Ownership in a Historic Waterfront Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Elizabeth City, located in northeastern North Carolina, is a vibrant community with a rich history dating back to the 18th century. Known for its scenic waterfront and historic architecture, the city has experienced fluctuating trends in homeownership and housing prices over the past decade. From 2013 to 2022, Elizabeth City saw a gradual shift in its housing market, with homeownership rates declining slightly while average home prices and rents showed an overall upward trajectory.
The homeownership rate in Elizabeth City experienced a general decline from 2013 to 2019, dropping from 59% to 52%. However, this trend began to reverse in recent years, with ownership rates increasing to 57% by 2022. Concurrently, average home prices in the city demonstrated a notable upward trend. In 2013, the average home price was $135,067, which initially decreased to $131,831 in 2014 before beginning a steady climb. By 2022, the average home price had risen significantly to $215,922, representing a substantial 59.9% increase over the decade.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. This period coincided with relatively stable homeownership rates in Elizabeth City. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a corresponding decline in homeownership percentages. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) likely contributed to the subsequent rebound in homeownership rates, rising from 52% in 2019 to 57% in 2022.
Renter percentages in Elizabeth City showed an inverse relationship to homeownership rates, increasing from 41% in 2013 to a peak of 48% in 2019, before declining to 43% in 2022. Average rent prices demonstrated a general upward trend during this period. In 2013, the average rent was $942, which rose to $1,006 by 2022, representing a 6.8% increase. It's worth noting that despite fluctuations in the city's population, which decreased from 28,877 in 2013 to 27,388 in 2019 before rebounding to 30,340 in 2022, rent prices continued to climb, suggesting a persistent demand for rental properties.
In 2023, the average home price in Elizabeth City reached $229,813, continuing the upward trend observed in previous years. This increase occurred despite a significant rise in federal interest rates to 5.02% in 2023. Moving into 2024, the average home price has further increased to $240,998, while federal interest rates have slightly risen to 5.33%. These figures indicate a resilient housing market in Elizabeth City, with home values appreciating even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that both average home prices and rent prices in Elizabeth City are likely to continue their upward trajectory over the next five years. Based on historical trends and current market conditions, average home prices could potentially reach around $280,000 to $300,000 by 2029. Similarly, average rent prices may increase to approximately $1,100 to $1,200 per month during the same period.
In summary, Elizabeth City's housing market has demonstrated resilience and growth over the past decade. Despite fluctuations in homeownership rates, both average home prices and rents have shown consistent upward trends. The recent rebound in homeownership rates, coupled with steadily increasing property values, suggests a strengthening real estate market in the city. As Elizabeth City continues to evolve, these housing trends will play a crucial role in shaping its economic landscape and community dynamics in the coming years.
