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Ranlo, NC: Home Values Double as Ownership Rates Rebound in 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
Ranlo, located in North Carolina, is a small community with a population of 3,579 as of 2022. This charming town has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Ranlo has shown a general decline from 2013 to 2017, followed by a recovery in recent years. In 2013, the homeownership rate stood at 72%, but it decreased to 65% by 2017. However, the trend reversed, and by 2022, the rate had climbed back to 70%. This pattern coincides with significant changes in average home prices. In 2013, the average home price was $97,426, which steadily increased to $255,772 by 2022, representing a substantial 162% increase over this period.
Federal interest rates have played a crucial role in shaping homeownership trends in Ranlo. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. Despite these favorable borrowing conditions, homeownership rates declined during this time, possibly due to other economic factors or local market conditions. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Ranlo actually improved. This suggests that local factors, such as job market improvements or demographic shifts, may have had a stronger influence on homeownership than national interest rate trends.
Renter percentages in Ranlo have generally mirrored the inverse of homeownership rates, rising from 28% in 2013 to a peak of 35% in 2017, before declining to 30% in 2022. Average rent prices have shown considerable volatility during this period. In 2013, the average rent was $735, which increased to $1,147 by 2017, representing a 56% jump. However, rent prices have since moderated, falling to $895 in 2022. This trend suggests that the rental market in Ranlo experienced a boom period followed by a correction, possibly influenced by changes in housing supply, local economic conditions, or shifts in population demographics.
In 2023 and 2024, Ranlo has continued to see growth in average home prices, reaching $261,895 in 2023 and $270,379 in 2024. This represents a 5.7% increase from 2022 to 2024, indicating a continued strong housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying activity and affordability.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Ranlo will continue to appreciate, albeit at a more moderate pace. Over the next five years, average home prices could potentially reach around $300,000 to $320,000, assuming a conservative annual growth rate of 2-3%. Average rent prices are expected to stabilize and potentially increase slightly, possibly reaching $950 to $1,000 per month within the next five years, reflecting ongoing demand for rental properties and overall economic growth in the area.
In summary, Ranlo has demonstrated resilience in its housing market, with recovering homeownership rates and steadily increasing home values. The interplay between federal interest rates, local economic conditions, and housing affordability continues to shape the town's real estate landscape. While the rental market has shown some volatility, it appears to be stabilizing. These trends suggest a dynamic and evolving housing market in Ranlo, with potential for continued growth and development in the coming years.
