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Rising Home Values and Shifting Ownership in Zip Code 27301: A Decade of Change in McLeansville, North Carolina
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
McLeansville, located in zip code 27301 in North Carolina, has experienced significant changes 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 landscape.
The homeownership rate in McLeansville has shown a slight decline over the years, with some fluctuations. In 2013, the homeownership rate was 88%, which decreased to 79% by 2019. However, there was a notable increase to 86% in 2020 and 2021, before settling at 83% in 2022. This trend coincides with changes in average home prices, which have seen a significant increase over the same period.
Average home prices in zip code 27301 have experienced substantial growth since 2010. The average home price in 2010 was $130,219, which steadily increased to $262,915 by 2022, representing a 101.9% increase over 12 years. This upward trend in home prices may have contributed to the slight overall decline in homeownership rates, as higher prices can make it more challenging for some residents to afford homes.
The relationship between federal interest rates and homeownership rates in McLeansville shows some correlation. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%) coincided with relatively high homeownership rates of 83% to 88%. However, as interest rates began to rise in 2017 and 2018 (1% and 1.83% respectively), there was a gradual decrease in homeownership rates to 81% by 2018.
Renter percentages in McLeansville have generally increased over time, from 12% in 2013 to 21% in 2019, before dropping back to 14% in 2020 and 2021, and then rising slightly to 17% in 2022. Average rent prices have fluctuated during this period. In 2013, the average rent was $981, which increased to $1,071 by 2015. Rent prices then showed a gradual decline, reaching $807 in 2020, before spiking to $1,233 in 2021 and then dropping again to $818 in 2022. These fluctuations in rent prices may be influenced by changes in population density and overall housing demand in the area.
In 2023 and 2024, average home prices in zip code 27301 continued their upward trajectory. The average home price reached $274,845 in 2023 and further increased to $280,664 in 2024. This represents a 6.8% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in McLeansville will likely continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $320,000 to $350,000 by 2029. Rent prices, which have shown more volatility, may stabilize and increase moderately, potentially reaching an average of $1,300 to $1,500 per month by 2029.
In summary, McLeansville has experienced a significant increase in average home prices over the past decade, with a slight overall decline in homeownership rates. Rent prices and renter percentages have fluctuated, reflecting changes in the local housing market dynamics. The recent surge in interest rates and continued growth in home prices suggest that affordability may become a more pressing issue in the coming years, potentially influencing the balance between homeowners and renters in this North Carolina community.
