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Kingstown, NC: Housing Market Fluctuations and Home Value Trends in a Small Town
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
Kingstown, a small town in North Carolina, has experienced notable shifts in its housing market over the past decade. The town's homeownership rates and housing prices have undergone significant changes, reflecting broader economic trends and local market dynamics.
The homeownership rate in Kingstown has shown a fluctuating trend over the years. In 2013, 77% of residents owned their homes. This percentage increased steadily, reaching a peak of 89% in 2019. However, there was a sharp decline in homeownership after 2019, dropping to 77% by 2022. This change coincided with shifts in average home prices, which saw a substantial increase from $110,395 in 2022 to $129,701 in 2023.
The relationship between federal interest rates and homeownership rates in Kingstown appears to follow expected patterns. As interest rates remained low from 2013 to 2019, hovering between 0.09% and 2.16%, homeownership rates increased. The sharp rise in interest rates to 5.02% in 2023 coincided with the decline in homeownership rates, suggesting that higher borrowing costs may have made home purchases less affordable for some residents.
Renter percentages in Kingstown have inversely mirrored the homeownership trends. The proportion of renters decreased from 23% in 2013 to a low of 11% in 2019, before increasing again to 23% by 2022. Average rent prices in Kingstown have shown a general upward trend, despite some fluctuations. The average rent decreased from $838 in 2013 to $668 in 2019, but then rose sharply to $1,006 by 2022. This increase in rent prices coincided with the growth in the renter population, possibly reflecting increased demand for rental properties.
In 2023 and 2024, Kingstown's housing market continued to evolve. The average home price reached $129,701 in 2023, representing a significant 17.5% increase from 2022. However, there was a slight decrease to $125,098 in 2024. Federal interest rates remained high during this period, at 5.02% in 2023 and 5.33% in 2024, which may have influenced buying decisions and market dynamics.
Looking ahead, predictive models suggest that Kingstown's housing market may continue to see moderate growth in both home prices and rents over the next five years. Average home prices are projected to increase by approximately 2-3% annually, potentially reaching around $140,000 by 2029. Rent prices are expected to follow a similar trend, with annual increases of 3-4%, potentially surpassing $1,200 per month by 2029.
In summary, Kingstown has experienced significant fluctuations in its housing market, with notable shifts in homeownership rates, average home prices, and rent prices. The interplay between these factors, along with broader economic conditions such as interest rates, has shaped the town's housing landscape. As the market continues to evolve, it will be crucial for residents and policymakers to monitor these trends and their impacts on housing affordability and accessibility in Kingstown.
