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Home Values and Ownership Trends in Simpson, North Carolina: A Decade of Change
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
Simpson, located in North Carolina, is a small yet densely populated community spanning just 0.37 square miles. This charming village has experienced significant fluctuations in its population and housing market over the past decade. The ownership percentage has generally remained high, while average home prices and average rent prices have shown an upward trend, particularly in recent years.
The homeownership rate in Simpson has remained relatively stable, with a slight decline observed in recent years. In 2013, the ownership rate stood at 90%, and it maintained this level until 2019. However, there was a noticeable decrease to 84% by 2022. Despite this slight decline, the average home prices have shown a consistent upward trend. In 2010, the average home price was $111,589, and it steadily increased to $188,421 by 2022, representing a substantial 68.9% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Simpson follows the general trend observed nationwide. As interest rates remained low between 2010 and 2021, ranging from 0.08% to 2.16%, the homeownership rate remained relatively high. However, as interest rates began to rise sharply in 2022 to 1.68%, we saw a corresponding decrease in the homeownership rate from 90% in 2019 to 84% in 2022.
The renter percentage in Simpson has shown a gradual increase over the years, rising from 10% in 2013 to 16% in 2022. This trend coincides with a significant increase in average rent prices. In 2013, the average rent was $666, which rose to $876 by 2022, marking a 31.5% increase. The population fluctuations may have influenced this trend, as the village saw its peak population of 5,555 in 2015 before declining to 4,635 in 2022.
Looking at the most recent data, the average home price in Simpson continued its upward trajectory, reaching $204,817 in 2023 and further increasing to $215,450 in 2024. This represents a substantial 14.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen dramatically, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Simpson will continue to rise, potentially reaching around $250,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. For average rent prices, we expect a continued increase, potentially reaching approximately $1,100 per month by 2029, assuming the current growth rate persists.
In summary, Simpson has experienced a gradual shift towards more renters, with a corresponding increase in both average home prices and average rent prices. The village has maintained a high homeownership rate despite these changes, but recent increases in interest rates may challenge this trend. The rapid growth in housing prices, particularly in the last few years, suggests a strong local real estate market, which is likely to continue in the near future, albeit potentially at a more moderate pace.
