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Rising Home Values and Ownership Fluctuations in College Court, Greenville's Dynamic Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
College Court is a vibrant neighborhood in Greenville, North Carolina, characterized by its dynamic housing market and fluctuating population. Over the past decade, this area has experienced significant shifts in homeownership rates and property values, reflecting broader economic trends and local market conditions. The homeownership rate in College Court has shown notable variability between 2013 and 2022. In 2013, the homeownership rate stood at 41%, which increased to 45% by 2015 and 2016. However, this upward trend was not sustained, as the rate dropped to 35% in 2021 before rebounding to 45% in 2022. Concurrently, average home prices in the neighborhood have demonstrated a consistent upward trajectory. From 2013 to 2022, average home prices rose from $150,660 to $233,044, representing a substantial increase of 54.7% over this period.
The relationship between federal interest rates and homeownership rates in College Court presents an interesting case study. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, homeownership rates in the neighborhood did not consistently rise as one might expect. This suggests that other local factors, such as student population fluctuations or employment opportunities, may have had a more significant impact on homeownership trends in this particular area.
Rental trends in College Court have shown their own distinct patterns. The percentage of renters fluctuated between 55% and 65% from 2013 to 2022. Average rent prices experienced volatility during this period, starting at $605 in 2013, peaking at $751 in 2020, and then settling at $837 in 2022. This represents a 38.3% increase in average rent over the decade. The population of College Court also saw significant changes, growing from 471 in 2013 to a peak of 707 in 2019, before decreasing to 482 in 2022. These population shifts likely influenced rental demand and pricing in the neighborhood.
In 2023 and 2024, the housing market in College Court continued its upward trajectory. Average home prices reached $252,443 in 2023 and further increased to $258,770 in 2024, marking a 11.1% rise from 2022 to 2024. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in College Court could potentially reach or exceed $300,000 by 2029. Similarly, average rent prices might surpass $950 per month within the same timeframe, assuming the current growth rate persists.
In summary, College Court has experienced significant fluctuations in homeownership rates and consistent growth in property values over the past decade. The neighborhood's rental market has shown resilience with steadily increasing prices, despite population variations. The recent surge in home prices, even in the face of rising interest rates, indicates strong demand in the area. These trends suggest that College Court remains an attractive location for both homeowners and renters, with the potential for continued appreciation in property values and rental rates in the coming years.
