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North Sharon Amity: Rising Home Values and Shifting Ownership Trends
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
North Sharon Amity, a neighborhood in Charlotte, North Carolina, has experienced significant changes in its real estate market and demographic composition over the past decade. This area has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions. Homeownership rates in North Sharon Amity have fluctuated over the years, with a general trend towards increasing ownership since 2017. The rate decreased from 43% in 2013 to 36% in 2017, but has since gradually increased, reaching 42% in 2022. This trend coincides with a substantial rise in average home prices in the neighborhood. The average home price more than tripled from $80,719 in 2013 to $286,204 in 2022, representing a remarkable 254% increase over nine years.
The relationship between federal interest rates and homeownership rates in North Sharon Amity shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates initially declined. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates also started to increase. This suggests that other factors, such as local economic conditions and housing market dynamics, may have played a more significant role in driving homeownership trends in this neighborhood.
Renter percentages in North Sharon Amity have shown an inverse relationship to homeownership rates. The percentage of renters increased from 57% in 2013 to a peak of 64% in 2015 and 2017, before declining to 58% in 2022. Average rent prices have steadily increased during this period, rising from $901 in 2013 to $1,121 in 2022, a 24.4% increase. The population of the neighborhood grew from 7,991 in 2013 to 8,027 in 2022, which may have contributed to the upward pressure on rent prices.
In 2023 and 2024, the average home prices in North Sharon Amity continued to rise, reaching $293,814 in 2023 and $304,726 in 2024. This represents a 2.7% increase from 2022 to 2023 and a further 3.7% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Looking ahead, based on the historical trends and current market conditions, it's projected that average home prices in North Sharon Amity will continue to appreciate, albeit at a more moderate pace. A five-year forecast suggests average home prices could reach approximately $350,000 to $375,000 by 2029. Average rent prices are also expected to continue their upward trajectory, potentially reaching $1,300 to $1,400 per month within the next five years.
In summary, North Sharon Amity has experienced substantial growth in both average home prices and average rent prices over the past decade. The neighborhood has seen a recent trend towards increased homeownership, despite rising home prices and interest rates. These trends reflect the area's attractiveness and the overall strength of Charlotte's real estate market. As the neighborhood continues to evolve, it will likely maintain its appeal to both homeowners and renters, with property values and rental rates expected to continue their upward trajectory in the coming years.
