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Rising Home Values and Ownership in Creswell, North Carolina: A Decade of Change in a Small Agricultural 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
Creswell, a small town in North Carolina, has experienced significant demographic and housing market changes over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in Creswell, providing insights into the local real estate market dynamics. Homeownership in Creswell has shown a notable increase in recent years. In 2013, the homeownership rate was 74%, which rose to 88% by 2022. This substantial increase of 14 percentage points indicates a strong trend towards homeownership in the community. Concurrently, average home prices in Creswell have also seen an upward trajectory. In 2013, the average home price was $90,532, which steadily increased to $141,391 by 2022, representing a significant 56% growth over this period.
The relationship between federal interest rates and homeownership rates in Creswell presents an interesting dynamic. Despite the general trend of lower interest rates encouraging homeownership, Creswell's homeownership rate increased even as federal interest rates rose from 0.11% in 2013 to 1.68% in 2022. This suggests that local factors may have played a more significant role in driving homeownership than national interest rate trends.
The rental market in Creswell has experienced a decline in both the percentage of renters and average rent prices. The percentage of renters decreased from 26% in 2013 to 12% in 2022. Average rent prices also saw a substantial decrease, falling from $951 in 2013 to $508 in 2022, a 46.6% reduction. This decline in both renter percentage and average rent prices could be attributed to the town's decreasing population, which fell from 1,791 in 2013 to 1,231 in 2022, potentially reducing demand for rental properties.
In 2023 and 2024, Creswell's housing market showed signs of stabilization. The average home price in 2023 was $140,634, a slight decrease from 2022, and further decreased to $138,475 in 2024. This coincides with higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which may have cooled the housing market slightly.
Looking ahead, based on recent trends, we can predict that average home prices in Creswell may continue to show modest growth or stabilization over the next five years. The average home price could potentially reach around $150,000 by 2029. Average rent prices, which have been declining, might stabilize or see a slight increase, potentially reaching around $550 per month by 2029, assuming the population decline slows or reverses.
In summary, Creswell has experienced a significant shift towards homeownership, with rising home prices and declining rental rates. The town's decreasing population has likely influenced these trends, particularly in the rental market. Despite rising federal interest rates, local factors appear to have supported the growth in homeownership. Moving forward, the housing market in Creswell may see more moderate growth or stabilization in both home prices and rental rates.
