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Lewiston Woodville's Rising Home Values and Ownership: A Small Town's Housing Evolution
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
Lewiston Woodville, a town in North Carolina, has experienced significant demographic shifts and housing market changes over the past decade. This small community has seen fluctuations in its population, homeownership rates, and housing prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Lewiston Woodville has shown a notable upward trend, increasing from 63% in 2013 to 76% in 2022. This rise in homeownership coincides with changes in average home prices, although specific price data is limited for earlier years. In 2022, the average home price in Lewiston Woodville was $46,298, which is relatively low compared to many other areas in the United States.
The trend of increasing homeownership rates in Lewiston Woodville appears to have been influenced by federal interest rates. From 2013 to 2021, interest rates remained historically low, ranging from 0.08% to 1.83%. This period of low interest rates likely contributed to the growth in homeownership, as it made mortgage financing more affordable for potential buyers. The sharp increase in homeownership from 65% in 2017 to 76% in 2022 coincided with interest rates that, while rising, were still relatively low compared to historical standards.
Conversely, the percentage of renters in Lewiston Woodville has decreased from 37% in 2013 to 24% in 2022. Despite this decline in the renter population, average rent prices have shown considerable volatility. The average rent dropped from $605 in 2014 to $426 in 2015, then rose significantly to $1,076 in 2022. This increase in rent prices, despite a decreasing renter population, could be attributed to various factors such as improved housing quality or economic changes in the area.
In 2023 and 2024, Lewiston Woodville's housing market continued to evolve. The average home price increased to $46,720 in 2023 and further to $48,154 in 2024, showing a steady upward trend. This price growth occurred alongside a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the town.
Looking ahead, based on recent trends, it's projected that average home prices in Lewiston Woodville will continue to rise moderately over the next five years, potentially reaching around $52,000 by 2029. Average rent prices, if following the recent upward trajectory, could potentially increase to approximately $1,300-$1,400 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Lewiston Woodville has experienced a significant increase in homeownership rates, coupled with moderate growth in home prices. The rental market has seen a decrease in the percentage of renters but an increase in average rent prices. These trends reflect the complex interplay between population changes, economic factors, and housing market dynamics in this small North Carolina town.
