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Pikeville, NC: Rising Home Values and Steady 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
Pikeville, a small town in North Carolina, has experienced notable fluctuations in its housing market and population dynamics over the past decade. The town has seen significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Pikeville has shown a general upward trend, increasing from 73% in 2013 to 75% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price in Pikeville was $106,614, which steadily climbed to $209,218 by 2022, representing a 96% increase over this period. This trend suggests that despite rising home prices, Pikeville residents have maintained a strong inclination towards homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in Pikeville. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates in Pikeville remained relatively stable, ranging from 71% to 74%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, Pikeville's homeownership rate actually increased to 75%, indicating a resilient local housing market.
The rental market in Pikeville has also undergone significant changes. The percentage of renters decreased from 27% in 2013 to 25% in 2022. Despite this slight decrease in the renter population, average rent prices have risen consistently. In 2013, the average rent was $576, which increased to $880 by 2022, representing a 53% increase. This trend suggests that while fewer people are renting, those who do are paying significantly more.
In 2023 and 2024, Pikeville's housing market continued its upward trajectory. The average home price reached $223,069 in 2023 and further increased to $235,572 in 2024. This represents a 12.6% increase from 2022 to 2024. Concurrently, federal interest rates saw a sharp rise, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Pikeville will continue to rise over the next five years, potentially reaching around $280,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,000 per month within the same timeframe.
In summary, Pikeville has demonstrated a robust housing market characterized by increasing homeownership rates and rising property values. The town has shown resilience in maintaining high homeownership levels despite significant increases in home prices and fluctuating interest rates. The rental market, while shrinking slightly, has seen substantial increases in average rents. These trends point to a dynamic and evolving housing landscape in Pikeville, with continued growth expected in both the homeownership and rental sectors.
