Loading Content...
Mount Tabor: Rising Home Values and Stable Ownership in a Resilient Winston-Salem Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Mount Tabor, a neighborhood in Winston-Salem, North Carolina, has experienced notable fluctuations in homeownership rates and property values over the past decade. This area has seen a general increase in average home prices, rising from $112,648 in 2010 to $192,914 in 2022. The ownership percentage has remained relatively stable, hovering around 65-75% throughout the period. Average rent prices have also shown an upward trend, increasing from $788 in 2013 to $1,283 in 2022.
Analyzing the relationship between ownership percentage and average home prices reveals some interesting patterns. In 2013, when the ownership rate was at 75%, the average home price was $96,783. As home prices began to rise, there was a slight decrease in ownership, dropping to 64% in 2017 when the average home price reached $107,900. However, as prices continued to climb, ownership rates rebounded. By 2022, with average home prices at $192,914, the ownership rate had increased to 73%, suggesting a resilient homeownership market despite rising prices.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2016, when interest rates were exceptionally low (below 0.5%), ownership rates in Mount Tabor remained relatively stable. As interest rates began to rise in 2017 (1%), there was a slight dip in ownership to 64%. However, even as rates continued to increase, reaching 1.68% in 2022, homeownership in the neighborhood actually increased to 73%, indicating other factors may have influenced buying decisions.
Renter percentages and average rent prices have shown some correlation. In 2013, when the renter percentage was 25%, the average rent was $788. As the renter percentage increased to 36% in 2017, average rent also rose to $803. However, by 2022, despite a decrease in the renter percentage to 27%, average rent had significantly increased to $1,283. This suggests that while renter demand may influence prices, other factors such as overall market conditions and property values also play a crucial role in determining rent levels.
In 2023 and 2024, Mount Tabor has continued to see growth in average home prices. The average home price in 2023 was $206,649, and in 2024 it further increased to $216,476. This represents a 7.2% increase from 2022 to 2023 and a 4.8% increase from 2023 to 2024. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen since 2007.
Looking ahead, based on the trends observed, we can forecast that average home prices in Mount Tabor are likely to continue rising over the next five years, albeit potentially at a slower rate due to the higher interest rates. Average rent prices are also expected to increase, driven by rising property values and potential shifts in housing demand. However, the rate of increase may moderate if homeownership becomes more challenging due to higher interest rates and home prices.
In summary, Mount Tabor has demonstrated a robust housing market with increasing property values and relatively stable homeownership rates despite fluctuations in economic conditions. The neighborhood has shown resilience in maintaining high ownership percentages even as home prices and interest rates have risen. The rental market has also seen significant growth in prices, reflecting the overall increase in property values in the area. These trends suggest a strong and desirable housing market in Mount Tabor, with potential for continued growth in both the ownership and rental sectors.
