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Faison, NC: Home Values and Ownership in a Small Town with Fluctuating Population
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
Faison, a small town in North Carolina, has experienced significant fluctuations in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices, providing insights into the town's real estate dynamics. The homeownership rate in Faison has seen notable changes from 2013 to 2022. In 2013, 71% of residents owned their homes. This rate increased slightly to 76% in 2015 before experiencing a substantial decline to 55% in 2019. However, there was a sharp reversal in recent years, with homeownership rebounding to 71% in 2022. Concurrently, average home prices in Faison have shown a steady upward trend. In 2013, the average home price was $76,941, which rose to $128,312 by 2022, representing a 66.8% increase over this period.
The relationship between federal interest rates and homeownership rates in Faison shows some interesting patterns. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership rates increased from 71% to 76%. However, as interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates declined significantly, hitting a low of 55% in 2019. The recent rebound in homeownership to 71% in 2022 occurred despite rising interest rates, suggesting other local factors may have influenced this trend.
Renter percentages and average rent prices in Faison have also shown notable trends. The percentage of renters increased from 29% in 2013 to a peak of 45% in 2019, before decreasing to 29% in 2022. Average rent prices have experienced substantial growth, particularly in recent years. In 2013, the average rent was $274, which remained relatively stable until 2016. However, from 2017 onwards, there was a dramatic increase, with average rent reaching $850 in 2022, representing a 210% increase from 2013.
In 2023 and 2024, Faison's housing market continued to evolve. The average home price reached $134,339 in 2023 and further increased to $139,371 in 2024, showing a continued upward trend. Meanwhile, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since before the 2008 financial crisis.
Looking ahead, predictive models suggest that Faison'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 $160,000 by 2029. Average rent prices are also expected to rise, albeit at a slower pace of 2-3% per year, potentially reaching $950-$1,000 by 2029.
In summary, Faison has experienced significant changes in its housing market over the past decade. The town has seen a recent rebound in homeownership rates, steady growth in average home prices, and a substantial increase in average rent prices. Despite rising interest rates, the housing market has shown resilience, with both home prices and rents continuing to climb. These trends suggest a dynamic and evolving real estate landscape in Faison, with potential opportunities and challenges for both homeowners and renters in the coming years.
