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Rising Home Values and Ownership Trends in Stantonsburg, North Carolina: A Small Town's Real Estate Transformation
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
Stantonsburg, a small town in North Carolina, has experienced notable 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 local real estate dynamics.
The homeownership rate in Stantonsburg has shown a steady increase from 2013 to 2022. In 2013, 68% of residents owned their homes, and this figure rose to 76% by 2022. Concurrently, average home prices in the town have demonstrated significant growth. In 2013, the average home price was $77,825, which increased to $153,036 by 2022, representing a substantial 96.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in Stantonsburg appears to follow well-established trends. As interest rates remained low from 2013 to 2020, ranging from 0.08% to 0.4%, homeownership rates in the town increased from 68% to 73%. This aligns with the general principle that lower interest rates encourage homeownership due to more affordable financing options.
Renter percentages in Stantonsburg have correspondingly decreased as homeownership rates increased. In 2013, 32% of residents were renters, which declined to 24% by 2022. Average rent prices, however, have shown some fluctuation. In 2013, the average rent was $659, which increased to $703 in 2018 but then decreased slightly to $670 in 2022. This trend may be influenced by the town's declining population, which fell from 1,916 in 2013 to 1,648 in 2022, potentially affecting rental demand.
In 2023 and 2024, Stantonsburg's housing market continued to evolve. The average home price rose to $161,354 in 2023 and further increased to $165,713 in 2024. This represents an 8.3% increase from 2022 to 2024. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the previous years.
Looking ahead, predictive models suggest that average home prices in Stantonsburg may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are expected to remain relatively stable or increase slightly, influenced by the town's homeownership trends and population changes.
In summary, Stantonsburg has seen a clear trend of increasing homeownership rates and rising average home prices over the past decade. The recent sharp increase in interest rates may impact future homeownership trends and price growth. The rental market has shown more stability in recent years, with a slight downward trend in both renter percentages and average rent prices.
