Loading Content...
Pilot Mountain: Rising Home Values Amidst Fluctuating Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Pilot Mountain, located in North Carolina, is a charming community known for its proximity to Pilot Mountain State Park, a popular destination for outdoor enthusiasts. Over the past decade, this town has experienced notable shifts in homeownership rates and housing market dynamics. The overall trend shows a slight decline in homeownership, with fluctuations in average home prices and average rent prices.
The homeownership rate in Pilot Mountain has shown a gradual decline from 2013 to 2019, followed by a recovery in recent years. In 2013, the homeownership rate stood at 76%, but it decreased to 67% by 2019. However, there has been a reversal of this trend, with homeownership increasing to 73% by 2022. Concurrently, average home prices have shown a consistent upward trajectory. In 2013, the average home price was $137,629, which steadily increased to $241,169 by 2022, representing a substantial 75% increase over this period.
Federal interest rates appear to have influenced homeownership rates in Pilot Mountain. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates declined from 76% to 68%. However, as interest rates began to rise more significantly from 2016 onwards, reaching 1.68% in 2022, homeownership rates stabilized and then increased, reaching 73% in 2022. This trend suggests that other local factors may have had a stronger influence on homeownership than interest rates alone.
The rental market in Pilot Mountain has shown interesting trends. The percentage of renters increased from 24% in 2013 to a peak of 33% in 2019, before declining to 27% in 2022. Average rent prices have been volatile during this period. In 2013, the average rent was $606, which increased to $667 in 2015. However, there was a significant drop to $427 in 2017, followed by a recovery to $774 in 2022. These fluctuations in rent prices and renter percentages could be attributed to changes in local economic conditions and housing supply.
In 2023, the average home price in Pilot Mountain reached $249,156, with interest rates at 5.02%. Moving into 2024, the average home price further increased to $259,286, while interest rates rose slightly to 5.33%. These figures indicate a continuing upward trend in home prices despite higher interest rates, suggesting strong demand in the local housing market.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Pilot Mountain are likely to continue their upward trajectory over the next five years, potentially reaching around $300,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase, potentially reaching $850-$900 per month in the same timeframe. However, these projections could be influenced by various factors including local economic conditions, housing supply, and broader market trends.
In summary, Pilot Mountain has experienced a recent resurgence in homeownership after a period of decline, alongside consistently rising average home prices. The rental market has shown more volatility, both in terms of renter percentages and average rent prices. The town's housing market appears resilient, with home prices continuing to rise even in the face of increasing interest rates, indicating strong local demand for housing.
