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Maxton, NC: Rising Home Values Amidst Declining Ownership 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
Maxton, a small town in North Carolina, has experienced notable shifts in its housing market over the past decade. The town's homeownership rates and average home prices have shown interesting trends, reflecting broader economic changes and local dynamics. Homeownership in Maxton has seen a gradual decline since 2013. The ownership percentage peaked at 60% in 2017 and 2018 but has since decreased to 53% in 2022. This downward trend coincides with a significant increase in average home prices. From 2016 to 2022, average home prices in Maxton rose from $57,421 to $95,022, representing a substantial 65.5% increase over six years. The relationship between federal interest rates and homeownership rates in Maxton shows an interesting pattern. As interest rates remained low from 2013 to 2017, hovering around 0.1% to 1%, homeownership rates in Maxton increased from 55% to 60%. However, as interest rates began to rise more sharply from 2018 onwards, reaching 1.68% in 2022, homeownership rates in Maxton started to decline, dropping to 53% by 2022.
Conversely, the percentage of renters in Maxton has been on an upward trajectory, increasing from 38% in 2017 to 47% in 2022. This rise in renters coincides with fluctuations in average rent prices. Average rent in Maxton decreased from $573 in 2013 to $447 in 2016, but then rose again to $594 by 2022. It's worth noting that despite the increase in renters, the town's population has decreased from 6,321 in 2017 to 4,914 in 2022, suggesting a complex interplay of factors affecting housing choices in the area.
Looking at more recent data, average home prices in Maxton continued to rise, reaching $102,829 in 2023 and $104,045 in 2024. This represents a 9.5% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Maxton will continue to rise, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the growing percentage of renters and overall housing market trends.
In summary, Maxton has experienced a shift towards renting, with homeownership rates declining as average home prices have significantly increased. The town has seen substantial growth in property values, particularly from 2016 to 2024, while also facing population decline. These trends, coupled with rising interest rates, suggest a changing housing landscape in Maxton that may continue to evolve in the coming years.
