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Home Values and Ownership in Vanceboro, NC: A Resilient Small Town Market
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
Vanceboro, a small town in North Carolina, has experienced notable fluctuations in its housing market over the past decade. The town, known for its close-knit community and rural charm, has seen interesting shifts in homeownership rates and housing prices, reflecting broader economic trends and local demographic changes.
Homeownership in Vanceboro has shown a general decline from 2013 to 2018, followed by a recovery in recent years. In 2013, the homeownership rate stood at 75%, but it decreased to 56% by 2018. However, there was a significant rebound, with homeownership reaching 74% in 2022. This trend correlates interestingly with average home prices, which have steadily increased over the years. In 2013, the average home price was $102,105, and it rose consistently, reaching $181,657 by 2022. This represents a substantial 77.9% increase over nine years.
The relationship between federal interest rates and homeownership rates in Vanceboro shows some correlation. For instance, the period from 2013 to 2016 saw relatively low interest rates (ranging from 0.11% to 0.4%), which coincided with higher homeownership rates (between 64% and 75%). As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a noticeable decline in homeownership, dropping to 56% in 2018. However, the sharp increase in homeownership to 74% in 2022, despite rising interest rates (1.68%), suggests that other local factors may have played a significant role in this trend reversal.
Renter percentages in Vanceboro have generally mirrored the inverse of homeownership trends. The renter population increased from 25% in 2013 to a peak of 44% in 2018, before decreasing to 26% in 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $688, which increased to $825 in 2022, representing a 19.9% increase. Notably, there was a dip in average rent to $605 in 2018, coinciding with the highest percentage of renters, possibly indicating increased rental supply or economic challenges in the town during that period.
In 2023 and 2024, Vanceboro's housing market continued its upward trajectory. The average home price reached $187,962 in 2023 and further increased to $194,124 in 2024. This represents a 6.9% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade.
Looking ahead, based on the observed trends, we can predict that average home prices in Vanceboro will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $220,000 by 2029. Rent prices are also likely to increase, potentially reaching an average of $950-$1,000 per month by 2029, assuming continued population growth and economic stability in the region.
In summary, Vanceboro has experienced a significant rebound in homeownership rates in recent years, despite rising home prices and interest rates. The town's housing market has shown resilience, with consistent growth in property values. The interplay between homeownership rates, rental markets, and economic factors paints a picture of a dynamic small-town housing market adapting to broader economic trends and local demographic shifts.
