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Garland, NC: Rising Home Values and Ownership Rates in a Small Town Market
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
Garland, a town in North Carolina, has experienced fluctuating demographics and housing trends over the past decade. This small community has seen notable changes in its homeownership rates, average home prices, and average rent prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in Garland has shown a general upward trend, with some fluctuations. In 2013, the homeownership rate was 65%, which increased to 70% by 2021, indicating a growing preference for homeownership in the community. This trend coincides with a steady increase in average home prices. In 2013, the average home price was $54,991, which rose to $92,462 by 2022, representing a significant 68% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in Garland. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. This low-interest environment likely contributed to the increasing homeownership rates observed during this time, as lower rates typically make mortgages more affordable and attractive to potential homebuyers. The rise in homeownership from 65% in 2013 to 67% in 2020 aligns with this period of low interest rates.
Renter percentages in Garland have inversely mirrored the homeownership trends, decreasing from 35% in 2013 to 30% in 2021. Interestingly, average rent prices have shown considerable volatility. In 2013, the average rent was $628, which dropped significantly to $236 in 2015, before rising again to $695 in 2021. This volatility in rent prices doesn't seem to directly correlate with the steady decrease in renter percentages, suggesting other factors, such as local economic conditions or housing supply, may be influencing rental market dynamics.
In 2023 and 2024, Garland's housing market continued to evolve. The average home price in 2023 was $91,499, showing a slight decrease from 2022. However, in 2024, the average home price rebounded to $92,796. These figures indicate a stabilizing housing market after the rapid growth seen in previous years. Notably, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the town.
Looking ahead, predictive models suggest that average home prices in Garland may continue to rise modestly over the next five years, potentially reaching around $100,000 by 2029. However, this growth rate is expected to be more moderate compared to the sharp increases seen in the early 2020s. Average rent prices are projected to stabilize and potentially increase at a slow but steady rate, possibly reaching $750-$800 by 2029, assuming economic conditions remain stable.
In summary, Garland has experienced a trend towards increased homeownership, with rising average home prices over the past decade. The rental market has seen a decrease in the percentage of renters, coupled with volatile rent prices. Recent data shows a stabilizing housing market, with interest rates playing a significant role in shaping future trends. The town's housing market appears to be entering a phase of more moderate growth, reflecting broader economic conditions and local market dynamics.
