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Rising Home Values and Ownership in Bryson City: A Decade of Growth
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
Bryson City, a charming town in North Carolina, offers a unique blend of small-town appeal and natural beauty. Located in the heart of the Great Smoky Mountains, this picturesque community has experienced notable shifts in homeownership rates and housing prices over the past decade. The town has generally maintained a strong majority of owner-occupied housing, while average home prices have shown a consistent upward trend.
Homeownership rates in Bryson City have fluctuated but remained relatively stable over the years. In 2013, the homeownership rate stood at 68%, and by 2022, it had maintained this level at 68%. During this period, average home prices in Bryson City saw a significant increase. In 2013, the average home price was $140,613, which rose steadily to reach $283,090 by 2022, representing a substantial 101% increase over nine years.
The relationship between federal interest rates and homeownership rates in Bryson City follows a general trend observed nationwide. Lower interest rates typically encourage homeownership due to more affordable financing options. For instance, in 2020, when federal interest rates dropped to 0.38%, Bryson City's homeownership rate increased to 71% from 70% the previous year. Conversely, as interest rates began to rise in 2022 to 1.68%, the homeownership rate slightly decreased to 68%.
Renter percentages and average rent prices in Bryson City have shown some interesting patterns. The percentage of renters fluctuated between 28% and 37% from 2013 to 2022. Average rent prices have been volatile during this period. In 2013, the average rent was $721, which increased to $829 in 2014. However, it then dropped significantly to $611 in 2016 before rising again to $886 in 2021. By 2022, the average rent had decreased to $686. These fluctuations in rent prices could be influenced by various factors, including changes in the local economy and housing supply.
In 2023 and 2024, Bryson City's housing market continued its upward trajectory. The average home price in 2023 reached $300,838, a 6.3% increase from 2022. In 2024, it further climbed to $318,051, representing a 5.7% year-over-year growth. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for Bryson City's housing market over the next five years. Average home prices are likely to continue their upward trend, albeit potentially at a slower rate due to higher interest rates. If the current trajectory holds, average home prices could potentially reach around $380,000 to $400,000 by 2029. Rent prices, which have been more volatile, might stabilize or see moderate increases, potentially reaching an average of $750 to $800 per month in the same timeframe.
In summary, Bryson City has maintained a relatively stable homeownership rate while experiencing significant growth in average home prices over the past decade. The town's housing market has shown resilience and consistent appreciation, even in the face of fluctuating interest rates. The rental market, while more volatile, has also seen overall growth. As Bryson City continues to attract residents with its natural beauty and small-town charm, these housing trends are likely to play a crucial role in shaping the community's future development and demographic composition.
