Hemby Bridge, a small town in North Carolina covering just 2.29 square miles, has experienced significant changes in its real estate landscape over the past decade. The homeownership rate in Hemby Bridge has remained relatively stable, hovering around 85% between 2013 and 2022. However, there has been a slight decline from 87% in 2013 to 82% in 2022. This trend coincides with a substantial increase in average home prices. In 2013, the average home price was $114,558, which steadily rose to $305,557 by 2022, representing a remarkable 166.7% increase over nine years. This significant appreciation in home values may have contributed to the slight decrease in homeownership, as higher prices potentially made it more challenging for new buyers to enter the market.

Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely supported the high homeownership rates observed during this time. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we see a corresponding slight dip in homeownership percentages. The dramatic drop in interest rates in 2020 (0.38%) and 2021 (0.08%) may have helped maintain homeownership levels despite rapidly rising home prices.

The rental market in Hemby Bridge has shown interesting trends as well. The percentage of renters increased from 12% in 2013 to 18% in 2022, indicating a growing demand for rental properties. This trend aligns with the rise in average rent prices, which increased from $982 in 2013 to $1,241 in 2022, a 26.4% increase. The population growth from 2,289 in 2013 to 3,020 in 2022 likely contributed to the increased demand for rentals, especially as home prices rose at a faster rate than rents.