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Foxcroft: Soaring Home Values and Shifting Ownership in Charlotte's Dynamic Neighborhood
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
Foxcroft, a Charlotte neighborhood, has experienced significant changes in homeownership and property values over the past decade. From 2013 to 2022, the community shifted from an even split between owners and renters to a renter-majority area. Homeownership rates declined from 50% to 43%, while the renter population increased from 50% to 57%. This shift coincided with a substantial rise in average home prices, more than doubling from $669,653 in 2013 to $1,415,032 in 2022, representing a 111% increase.
The relationship between federal interest rates and homeownership rates in Foxcroft aligns with established economic trends. From 2013 to 2016, when interest rates were historically low (0.11% to 0.40%), homeownership rates remained stable around 49%. As interest rates rose from 2017 (1.00%) to 2019 (2.16%), homeownership rates declined, reaching 43% by 2022 when interest rates were at 1.68%.
Renter percentages in Foxcroft increased from 50% in 2013 to 57% in 2022, inversely related to homeownership rates. Average rent prices rose significantly during this period, from $1,262 per month in 2013 to $1,916 in 2022, a 52% increase. The population growth from 5,373 in 2013 to 6,749 in 2022 likely contributed to increased demand for rental properties and subsequent rent price increases.
In 2023 and 2024, Foxcroft continued to see growth in average home prices, reaching $1,511,364 in 2023 and $1,627,883 in 2024. This represents a 15% increase from 2022 to 2024, despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024. These high interest rates typically discourage home buying, yet Foxcroft's property values continue to appreciate, suggesting strong demand for housing in this area.
Looking ahead, predictive models suggest that average home prices in Foxcroft may continue to rise over the next five years, potentially reaching around $2,000,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $2,500 per month within the same timeframe. These projections are based on historical trends and assume continued demand for housing in the area.
In summary, Foxcroft has experienced a significant shift towards a renter-majority population over the past decade, coupled with substantial increases in both average home prices and rent. Despite rising interest rates, property values continue to appreciate, indicating strong demand for housing in this Charlotte neighborhood. The coming years are likely to see further increases in both home prices and rents, potentially impacting the demographic makeup and affordability of the area.
