Loading Content...
Rising Home Values and Ownership Trends in Goldsboro, NC: A Decade of Agricultural Heritage and Air Force Influence
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Goldsboro, North Carolina, a city in Wayne County, is notable for its strong military presence, being home to Seymour Johnson Air Force Base. The city has experienced significant changes in its real estate market over the past decade, with fluctuations in homeownership rates and notable increases in average home and rent prices. The homeownership rate in Goldsboro has shown a slight decline over the years, with recent signs of stabilization. In 2013, the city had an even split between owners and renters at 50% each. By 2016, the ownership rate dropped to 46%, its lowest point in the available data. However, there has been a gradual recovery since then, with the rate reaching 48% in 2022. This trend corresponds with the movement in average home prices. In 2013, the average home price was $108,238, and it has steadily increased to $168,805 by 2022, representing a 56% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in Goldsboro. The period from 2013 to 2016, when homeownership rates were declining, coincided with historically low interest rates, ranging from 0.11% to 0.40%. Despite these low rates, the declining ownership percentages suggest that other factors, such as rising home prices or local economic conditions, may have outweighed the potential benefits of cheap financing. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observed a slight recovery in homeownership rates, possibly indicating improved economic conditions or increased urgency among buyers to secure homes before rates climbed further.
Renter percentages in Goldsboro have shown an inverse relationship to homeownership rates. The proportion of renters increased from 50% in 2013 to a peak of 54% in 2016, before stabilizing around 52% in 2022. Average rent prices have generally trended upward during this period, rising from $837 in 2013 to $860 in 2022, an increase of about 2.7%. Interestingly, the peak in average rent was observed in 2019 at $884, coinciding with a period of higher population in the city. The population of Goldsboro has fluctuated, reaching a high of 52,049 in 2016 before declining to 47,274 in 2022, which may have influenced rental demand and prices.
Looking at the most recent data, average home prices in Goldsboro continued their upward trajectory, reaching $184,135 in 2023 and $192,090 in 2024. This represents a significant jump of 13.8% from 2022 to 2024. Concurrently, federal interest rates have risen dramatically, from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially slow down the pace of home price appreciation and affect affordability for prospective buyers.
Applying predictive models to forecast trends over the next five years, we anticipate that average home prices in Goldsboro will continue to rise, albeit potentially at a slower rate due to higher interest rates. We project average home prices could reach around $220,000 to $230,000 by 2029. Average rent prices are also expected to increase, potentially reaching $900 to $950 per month in the same timeframe, driven by ongoing demand for rental properties and overall inflation.
In summary, Goldsboro's real estate market has shown resilience and growth over the past decade. The city has experienced a slight shift from homeownership to renting, with recent trends suggesting a stabilization in this balance. Average home prices have seen substantial appreciation, outpacing the growth in rent prices. The interplay between federal interest rates, local economic conditions, and population dynamics continues to shape the housing market in Goldsboro, presenting both opportunities and challenges for residents and investors alike.
