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Home Values and Ownership in Laurinburg, NC: A Decade of Stability Amidst Rising Prices
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
Laurinburg, a city 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 in Laurinburg, revealing interesting patterns and potential future trajectories. Homeownership rates in Laurinburg have remained relatively stable, with a slight decline observed from 2013 to 2022. In 2013, the homeownership rate stood at 54%, and by 2022, it had decreased marginally to 53%. Despite this minor decline, the average home prices in Laurinburg have shown a significant upward trend. In 2013, the average home price was $70,554, which steadily increased to $118,633 by 2022, representing a substantial 68% increase over this period.
The relationship between federal interest rates and homeownership rates in Laurinburg appears to follow the general trend observed nationwide. Between 2013 and 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained stable at 54%. As interest rates began to rise from 2017 onwards, there was a slight decrease in homeownership rates to 53%, which persisted through 2022. This suggests that while lower interest rates may have supported homeownership, other local factors also played a role in Laurinburg's housing market dynamics.
Renter percentages in Laurinburg have shown a gradual increase over the years, rising from 44% in 2013 to 47% in 2022. This trend coincides with an overall increase in average rent prices. In 2013, the average rent was $669, which fluctuated over the years but ultimately rose to $717 by 2022, representing a 7.2% increase. It's worth noting that the population of Laurinburg decreased from 20,471 in 2013 to 19,362 in 2022, which may have influenced the rental market dynamics.
The years 2023 and 2024 have seen a continuation of the upward trend in average home prices in Laurinburg. In 2023, the average home price reached $131,163, and in 2024, it further increased to $134,514. This represents a 13.4% 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 in the city.
Looking ahead, based on the observed trends, we can forecast potential scenarios for the next five years. If the current trajectory continues, average home prices in Laurinburg could potentially reach around $160,000 to $170,000 by 2029. Average rent prices, which have shown more volatility, might stabilize around $800 to $850 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, Laurinburg's housing market has demonstrated resilience and growth over the past decade. Despite a slight decrease in homeownership rates, average home prices have increased significantly. The rental market has seen a gradual increase in both the percentage of renters and average rent prices. The recent sharp rise in interest rates, coupled with continued growth in home prices, suggests a dynamic and evolving housing market in Laurinburg for the coming years.
