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Gibson, NC: Rising Home Values Amid Shifting Ownership Trends
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
Gibson, located in North Carolina, is a small community with a population that has fluctuated around 1,300 to 1,500 residents over the past decade. The city has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
Homeownership rates in Gibson have shown considerable variation over the years. In 2013, 58% of residents were homeowners, but this figure rose to a peak of 70% in 2018. However, by 2022, the homeownership rate had decreased to 56%. Interestingly, average home prices have generally trended upward during this period. From 2017 to 2022, average home prices increased from $60,657 to $86,749, representing a substantial 43% increase over five years.
The relationship between federal interest rates and homeownership rates in Gibson appears to follow expected patterns. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates increased from 58% to 62%. When interest rates began to rise more significantly in 2017, reaching 1% and continuing upward, homeownership rates initially spiked to 70% in 2018 but then declined to 56% by 2022 as rates climbed further.
Renter percentages in Gibson have inversely mirrored homeownership trends. In 2013, 41% of residents were renters, and this percentage fluctuated over the years, reaching a low of 30% in 2018 before rising again to 44% in 2022. Average rent prices have shown a general upward trend, albeit with some fluctuations. From 2013 to 2022, average rent increased from $632 to $714, a 13% rise over the period. This increase in rent prices, coupled with the growth in the renter population from 1,166 in 2017 to 1,359 in 2022, suggests a strengthening rental market in the town.
In 2023 and 2024, Gibson's housing market continued to evolve. Average home prices rose to $91,895 in 2023 and further increased to $93,282 in 2024, representing a 7.5% growth over two years. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially influencing homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in Gibson may continue to rise over the next five years, potentially reaching around $105,000 by 2029 if current trends persist. Average rent prices are also expected to increase, potentially surpassing $800 per month within the same timeframe. These projections assume stable economic conditions and continued population growth in the area.
In summary, Gibson has experienced significant fluctuations in homeownership rates, with a recent trend towards increased renting. Average home prices have shown strong growth, particularly since 2017, while rent prices have also increased, albeit at a slower pace. The interplay between interest rates, housing prices, and ownership patterns reflects the dynamic nature of Gibson's real estate market, with recent data pointing towards a continued upward trajectory in both home values and rental costs.
