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Rising Home Values and Ownership Rates in Ellenboro, NC: A Decade of Housing Market Shifts
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ellenboro, a small town in North Carolina, has experienced significant shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the dynamic real estate landscape of this community. Homeownership in Ellenboro has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 67%, and by 2022, it had risen to an impressive 88%. This substantial growth in homeownership coincides with a notable increase in average home prices. In 2013, the average home price in Ellenboro was $83,806, and by 2022, it had climbed to $174,790, representing a 108.6% increase over this period.
The trend of increasing homeownership rates in Ellenboro appears to have been influenced by federal interest rates. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates in Ellenboro increased from 67% to 74%. As interest rates began to rise more significantly from 2017 onwards, the rate of increase in homeownership slowed but continued to climb, reaching 88% by 2022 when the federal interest rate was 1.68%.
Conversely, the percentage of renters in Ellenboro has decreased over time, from 33% in 2013 to 12% in 2022. Despite this decline in the renter population, average rent prices have shown some fluctuation. In 2013, the average rent was $663, which decreased to $590 in 2015 before rising again to $724 in 2018. By 2022, the average rent had settled at $679. This variability in rent prices, despite the decreasing renter population, may be attributed to factors such as changes in housing quality or local economic conditions.
Looking at the most recent data, the average home price in Ellenboro for 2023 was $174,140, showing a slight decrease from 2022. However, the 2024 average home price has increased to $178,320, indicating a recovery in the housing market. These figures coincide with higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Ellenboro will continue to rise, albeit at a more moderate pace. Given the historical growth rate and recent market conditions, average home prices could potentially reach around $200,000 to $220,000 by 2029. Average rent prices are expected to remain relatively stable or increase slightly, potentially reaching $700 to $750 per month in the next five years, assuming current economic conditions persist.
In summary, Ellenboro has experienced a significant increase in homeownership rates and average home prices over the past decade, while the renter population has decreased. The town's real estate market has shown resilience and growth, with recent data indicating continued appreciation in home values. These trends suggest a strong preference for homeownership in Ellenboro, potentially driven by factors such as community stability, local economic conditions, and historically low interest rates in the earlier part of the decade.
