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Rising Home Values and Shifting Ownership in North Wilkesboro: NASCAR's Birthplace Faces Housing Market Changes
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
North Wilkesboro, located in North Carolina, is a charming town with a rich history and a population of 7,210 as of 2022. This small community has experienced notable fluctuations in homeownership rates and housing prices over the past decade. The town has seen a general decline in homeownership percentage, while average home prices have shown a significant upward trend. Average rent prices have also increased, albeit with some volatility.
The homeownership rate in North Wilkesboro has experienced a slight decline from 2013 to 2022. In 2013, 60% of residents owned their homes, but by 2022, this figure had decreased to 54%. During this same period, average home prices in the town saw a substantial increase. In 2013, the average home price was $96,926, and by 2022, it had risen to $184,174, representing an impressive 90% increase over nine years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), North Wilkesboro saw a decline in homeownership from 60% to 54%. This trend contradicts the typical expectation that lower interest rates encourage homeownership. However, from 2016 to 2021, as interest rates gradually increased from 0.40% to 1.68%, homeownership rates in North Wilkesboro stabilized around 54-57%.
The percentage of renters in North Wilkesboro has generally increased from 40% in 2013 to 46% in 2022. This trend coincides with a significant rise in average rent prices. In 2013, the average rent was $584, which increased to $678 by 2022, representing a 16% increase. Notably, there was a sharp spike in average rent in 2018 and 2019, reaching $816 and $840 respectively, before moderating in subsequent years.
In 2023, the average home price in North Wilkesboro reached $199,042, continuing the upward trend observed in previous years. The federal interest rate in 2023 was 5.02%, a significant increase from the previous year. Moving into 2024, the average home price has further increased to $202,091, while the federal interest rate has risen slightly to 5.33%. These higher interest rates may impact homebuying affordability and potentially influence the local real estate market.
Looking ahead, based on the observed trends, it's projected that average home prices in North Wilkesboro will continue to rise over the next five years, potentially reaching around $230,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $750 per month within the same timeframe. However, these projections may be influenced by various factors such as economic conditions, local development, and changes in federal interest rates.
In summary, North Wilkesboro has experienced a gradual shift towards a higher percentage of renters, coupled with significant increases in both average home prices and rent. The town's real estate market has shown resilience and growth, with home values nearly doubling over the past decade. As the community continues to evolve, these trends in homeownership, home prices, and rental markets will play a crucial role in shaping the town's future housing landscape.
