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Rich Square, NC: Resilient Housing Market Amidst Economic Fluctuations
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
Rich Square, a town in North Carolina, has demonstrated notable changes in its population and housing market over the past decade. The town's homeownership rates have maintained a relatively stable position, averaging around 70%, while average home prices and rent have exhibited interesting trends.
The relationship between homeownership rates and average home prices in Rich Square presents a complex picture. In 2013, the homeownership rate was 66% with an average home price of $48,495. As home prices initially declined to $45,122 in 2015, homeownership increased to 69%. Interestingly, as average home prices began to rise steadily from 2016 onwards, homeownership rates also increased, reaching 74% in 2016 when the average home price was $49,456. This trend continued through 2020, with homeownership at 71% and average home prices reaching $64,428.
Federal interest rates appear to have influenced homeownership rates in Rich Square. During periods of low interest rates, such as from 2013 to 2015 when rates were below 0.15%, homeownership rates remained relatively stable. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates actually increased, suggesting that local factors may have played a more significant role in housing decisions than national interest rates.
Renter percentages and average rent prices in Rich Square have shown an inverse relationship. In 2013, the renter-occupied percentage was 34% with an average rent of $808. As the renter percentage decreased to 28% in 2014, average rent also dropped to $624. However, this trend didn't hold consistently. In 2017, despite an increase in renter percentage to 33%, average rent rose to $737. By 2022, the renter percentage was 30% with an average rent of $744, showing a slight increase in both metrics over time.
In 2023, the average home price in Rich Square was $84,771, representing a slight decrease from the previous year. However, 2024 has seen a rebound, with average home prices rising to $86,695. This upward trend coincides with higher federal interest rates, which stood at 5.02% in 2023 and increased to 5.33% in 2024.
Looking ahead, predictive models suggest that average home prices in Rich Square may continue to rise moderately over the next five years, potentially reaching around $95,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $800 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Rich Square has demonstrated resilience in its housing market, with homeownership rates remaining strong despite fluctuations in home prices and interest rates. The inverse relationship between renter percentages and average rent prices suggests a dynamic rental market responsive to local economic conditions. The recent uptick in both home prices and interest rates indicates a potentially robust housing market moving forward.
