Grifton, a town in North Carolina, has experienced significant changes in its housing market over the past decade. This analysis examines trends in homeownership, average home prices, and average rent prices, revealing interesting patterns in the local real estate landscape. From 2013 to 2022, Grifton's homeownership rate fluctuated, peaking at 72% in 2018 and 2019 before declining to 58% in 2022. Simultaneously, average home prices showed a consistent upward trend, increasing from $77,357 in 2013 to $146,534 in 2022, representing an 89% growth over this period. The sharp rise in home prices, particularly from $106,998 in 2020 to $146,534 in 2022, may have contributed to the decrease in homeownership rates during the same timeframe.

The relationship between federal interest rates and homeownership rates in Grifton presents an intriguing dynamic. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, homeownership rates in Grifton did not consistently increase. The highest homeownership rates of 72% in 2018 and 2019 occurred when interest rates were slightly higher at 1.83% and 2.16% respectively. This suggests that local factors may have had a more significant influence on homeownership than national interest rates.

Renter percentages in Grifton have shown an inverse relationship to homeownership rates, increasing as homeownership declined. The renter-occupied percentage rose from 28% in 2019 to 42% in 2022. Average rent prices have not shown a consistent upward trend during this period. The average rent peaked at $683 in 2016, dropped to $572 in 2018, and then fluctuated, reaching $607 in 2022. This relative stability in rent prices, combined with rising home prices, may have made renting a more attractive option for some residents, contributing to the increase in the renter population.