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Havelock, NC: Rising Home Values Amid Military Heritage
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Havelock, North Carolina: A Decade of Housing Market Evolution in a Military Community Havelock, situated in North Carolina, is a vibrant community with strong ties to the military due to its proximity to Marine Corps Air Station Cherry Point. Over the past ten years, this city has witnessed significant changes in its housing market, characterized by fluctuating homeownership rates and evolving average home and rent prices.
The trend in homeownership in Havelock has shown minor variations over the years. In 2013, the homeownership rate was 43%, and by 2022, it remained relatively stable at 43%. However, there were fluctuations in between, with the rate reaching a peak of 44% in 2014 and 2017, and dropping to a low of 40% in 2021. These changes in homeownership rates occurred against a backdrop of steadily increasing average home prices. In 2013, the average home price was $129,309, which rose to $187,311 by 2022, representing a substantial 44.9% increase over this period.
The relationship between federal interest rates and homeownership rates in Havelock shows some correlation. When interest rates were at historic lows between 2013 and 2015 (ranging from 0.09% to 0.13%), homeownership rates remained relatively stable around 43-44%. However, as interest rates began to rise more significantly from 2016 onwards, reaching 1.68% by 2022, homeownership rates showed some volatility, dropping to 40% in 2021 before rebounding slightly to 43% in 2022.
Renter percentages in Havelock have shown a slight upward trend over the years, increasing from 56% in 2013 to 57% in 2022. This trend has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $1,024, which increased to $1,205 by 2022, representing a 17.7% rise. Notably, there were some years of decline in between, such as in 2015 when the average rent dropped to $981. These changes in rental trends have occurred alongside a declining population, which decreased from 22,447 in 2013 to 17,938 in 2022, potentially influencing the rental market dynamics.
In 2023 and 2024, Havelock experienced a continued surge in average home prices. The average home price in 2023 reached $209,731, a significant jump from the previous year. This upward trend continued into 2024, with average home prices rising further to $223,519. Concurrently, federal interest rates also saw a substantial increase, climbing to 5.02% in 2023 and further to 5.33% in 2024, marking a significant shift in the lending environment.
Looking ahead, predictive models suggest that average home prices in Havelock are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to the higher interest rate environment. Average rent prices are also expected to increase, driven by the overall trend of rising housing costs and the city's stable renter population. However, the rate of increase may be moderated by the city's declining population trend.
In summary, Havelock's housing market has been characterized by relatively stable homeownership rates, steadily increasing average home prices, and a slight uptick in renter percentages over the past decade. The recent sharp rise in both home prices and interest rates in 2023 and 2024 marks a significant shift in the market dynamics, which is likely to influence future trends in both homeownership and rental markets.
