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Rising Home Values and Shifting Ownership in Cross Winds: A Decade of Change
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
Cross Winds, a neighborhood in Winston-Salem, North Carolina, has experienced significant changes in its housing market over the past decade. The area has seen a general trend of decreasing homeownership rates coupled with rising average home prices and fluctuating rent costs. This analysis examines these trends and their potential implications for the neighborhood's future.
The homeownership rate in Cross Winds has declined notably from 2013 to 2022. In 2013, the neighborhood had a high 79% homeownership rate. However, by 2022, this figure had dropped dramatically to 52%, representing a significant decrease of 27 percentage points. This decline in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price in Cross Winds was $88,926. By 2022, this figure had nearly doubled to $174,522, representing a 96.3% increase over nine years.
The relationship between federal interest rates and homeownership rates in Cross Winds appears to follow established trends. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable, hovering around 73-79%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Cross Winds declined sharply, dropping to 52% by 2022.
The renter population in Cross Winds has grown substantially, mirroring the decline in homeownership. In 2013, only 19% of the neighborhood's residents were renters. By 2022, this figure had more than doubled to 48%. This shift coincided with fluctuations in average rent prices. The average rent in 2013 was $941, which decreased to $844 in 2017 before rising again to $933 in 2022. Despite these fluctuations, the overall trend shows a slight decrease in average rent over this period. The population of Cross Winds has also seen significant changes, growing from 1,367 in 2013 to 1,852 in 2022, which may have contributed to the increased demand for rental properties.
As of 2024, the average home price in Cross Winds has reached $194,021, representing a further 11.2% increase from 2022. This continued appreciation in home values occurs against the backdrop of higher interest rates, which stood at 5.33% in 2024. These factors combined may further impact homeownership trends in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Cross Winds may continue to rise over the next five years, potentially reaching around $225,000 by 2029. Rent prices are also expected to increase, possibly surpassing $1,100 per month on average by 2029. These projections are based on historical trends and current market conditions.
In summary, Cross Winds has undergone significant changes in its housing market dynamics over the past decade. The neighborhood has experienced a substantial shift from homeownership to renting, with homeownership rates dropping by 27 percentage points between 2013 and 2022. This transition has occurred alongside a nearly 100% increase in average home prices. The interplay between federal interest rates, housing affordability, and demographic changes has shaped these trends, resulting in a transformed residential landscape for Cross Winds.
