Loading Content...
Oxford, NC: Rising Home Values and Fluctuating Ownership Rates in a Small Urban Setting
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Oxford, North Carolina, a city in Granville County with a population of 14,765 in 2022, has experienced significant changes in its housing market over the past decade. The city has witnessed a general trend of increasing average home prices, while homeownership rates have fluctuated. This analysis examines the interplay between home values, ownership rates, and rental market dynamics in Oxford. The homeownership rate in Oxford has shown variations over the years. In 2013, the rate stood at 63%, decreasing to 57% by 2019, but rebounding to 63% in 2022. Concurrently, average home prices in Oxford have demonstrated a consistent upward trend. The average home price rose from $111,308 in 2013 to $151,211 in 2019, marking a 35.8% increase over six years. This upward trajectory continued, with average home prices reaching $220,704 in 2022, representing a substantial 98.3% increase from 2013.
Federal interest rates have played a role in shaping homeownership trends in Oxford. From 2013 to 2016, interest rates remained very low, ranging from 0.11% to 0.4%, during which homeownership rates in Oxford fluctuated between 58% and 63%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates in Oxford showed a slight decline, reaching 57% in 2019. However, when interest rates dropped sharply in 2020 (0.38%) and 2021 (0.08%), homeownership rates in Oxford began to recover, reaching 63% by 2022.
The rental market in Oxford has also experienced changes. The percentage of renters increased from 37% in 2013 to 43% in 2019, before decreasing to 37% in 2022. Average rent prices have shown some fluctuation over the years. In 2013, the average rent was $829, which increased to $855 by 2015. However, rent prices then decreased to $800 in 2018 before rising again to $953 in 2021. Interestingly, despite the decrease in renter percentage in 2022, the average rent dropped to $827, possibly indicating a shift in the rental market dynamics.
In 2023 and 2024, Oxford's housing market continued to evolve. The average home price in 2023 was $230,937, showing a 4.6% increase from 2022. In 2024, the average home price further increased to $242,854, representing a 5.2% rise from 2023. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the city.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Oxford will continue to rise over the next five years, potentially reaching around $300,000 by 2029. This forecast assumes a continuation of the steady growth observed in recent years. For rent prices, the projection is less certain due to the fluctuations seen in the past. However, if the trend of the last few years persists, average rent prices could potentially reach $1,100 to $1,200 per month by 2029.
In summary, Oxford has experienced a complex interplay between homeownership rates, average home prices, and rental market dynamics. The city has seen a general trend of increasing home values, with some fluctuations in homeownership rates that appear to be influenced by federal interest rates. The rental market has shown variability in both renter percentages and average rent prices. As Oxford moves forward, these trends will likely continue to shape the city's housing landscape, with rising home prices potentially impacting affordability and homeownership opportunities for residents.
