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Icard, NC: Home Values Soar Amid Population Decline
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
United States Census Bureau: American Community Survey Data (ACS)
Zillow: Zillow Home Value Index (ZHVI)
Icard, located in North Carolina, is a small community with a population of 3,604 as of 2022. The city has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Icard has shown a general upward trend in recent years, increasing from 69% in 2017 to 75% in 2022. This rise in homeownership coincided with a significant increase in average home prices. In 2019, the average home price was $120,365, which rose to $191,185 by 2022, representing a substantial 58.8% increase over just three years.
The relationship between federal interest rates and homeownership rates in Icard appears to follow the typical pattern observed in many housing markets. As interest rates remained relatively low between 2019 and 2021 (ranging from 2.16% to 0.08%), homeownership rates increased from 76% to 78%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
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Renter percentages in Icard have shown an inverse relationship to homeownership rates, decreasing from 31% in 2017 to 25% in 2022. Despite this decrease in the proportion of renters, average rent prices have experienced some volatility. The average rent price rose from $710 in 2017 to $811 in 2018, then dropped significantly to $592 in 2019. By 2022, the average rent had rebounded to $561, still lower than the 2017 levels. This fluctuation in rent prices could be attributed to various factors, including changes in housing supply, local economic conditions, and population shifts.
In 2023 and 2024, Icard continued to see growth in average home prices. The average home price reached $205,661 in 2023 and further increased to $211,399 in 2024. This represents a 7.6% increase from 2022 to 2023 and a 2.8% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the observed trends, we can forecast potential 5-year trends for average home and rent prices in Icard. Assuming the current trajectory continues, average home prices could potentially reach around $240,000 to $250,000 by 2029. However, this growth rate may moderate due to the recent increases in interest rates. For rent prices, given the historical volatility, it's more challenging to predict a clear trend. However, if the local economy remains stable, average rent prices might stabilize in the $600 to $700 range over the next five years.
In summary, Icard has experienced a notable increase in homeownership rates and average home prices over the past few years, despite fluctuations in the rental market. The community has shown resilience in its housing market, with continued growth in home values even in the face of rising interest rates. These trends suggest a potentially strong and stable housing market in Icard, though future developments will depend on various economic factors and local market conditions.
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