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Granite Falls, NC: Home Values Double as Ownership Rates Remain Stable
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
Granite Falls, a charming town in North Carolina, has experienced notable shifts 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 local real estate dynamics. Homeownership in Granite Falls has remained relatively stable, with a slight decline observed in recent years. In 2013, the homeownership rate stood at 77%, gradually decreasing to 74% by 2022. This trend coincides with a significant increase in average home prices. In 2013, the average home price was $111,898, which steadily rose to $227,473 by 2022, representing a substantial 103% increase over this period.
The relationship between federal interest rates and homeownership rates in Granite Falls shows some correlation. As interest rates remained low between 2013 and 2021 (ranging from 0.08% to 0.4%), homeownership rates were generally stable. However, the slight decrease in homeownership from 77% to 74% during this period, despite low interest rates, suggests that other factors such as rising home prices may have influenced affordability.
Renter occupancy in Granite Falls has shown a modest increase, from 23% in 2013 to 26% in 2022. This trend aligns with the rise in average rent prices. In 2013, the average rent was $623, which increased to $784 by 2022, representing a 26% rise. The growth in both renter occupancy and rent prices could be attributed to factors such as population changes and the overall increase in property values.
Looking at the most recent data, the average home price in Granite Falls continued its upward trajectory, reaching $241,122 in 2023 and further increasing to $249,065 in 2024. This represents a 9.5% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast the next five years, we anticipate that average home prices in Granite Falls will continue to rise, potentially reaching around $300,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $900 per month within the same timeframe. These projections are based on the historical trends observed and assume relatively stable economic conditions.
In summary, Granite Falls has experienced a notable increase in both average home prices and average rent prices over the past decade. While homeownership rates have slightly declined, they remain relatively high at 74%. The town's real estate market has shown resilience and growth, with property values appreciating significantly. As interest rates continue to rise, it will be interesting to observe how this impacts homeownership trends and property values in the coming years.
