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Rising Home Values and Stable Ownership in Hundred Pines, Beaufort: A Decade of Real Estate Trends
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
Hundred Pines, a neighborhood in Beaufort, South Carolina, has demonstrated remarkable resilience in its housing market over the past decade. The area has experienced significant growth in average home values, coupled with fluctuating homeownership rates, reflecting broader economic trends and local market dynamics. The average home prices in Hundred Pines have shown a consistent upward trend, increasing from $261,436 in 2010 to $504,218 in 2022, representing a substantial 92.9% appreciation over this period. This trend continued into 2023 and 2024, with average home prices reaching $538,028 and $563,762 respectively, indicating a 4.8% year-over-year growth. Such appreciation occurred despite rising federal interest rates, suggesting strong underlying demand for housing in the neighborhood.
Homeownership rates in Hundred Pines have exhibited variability, ranging from a high of 72% in 2015 to a low of 57% in 2018. Interestingly, during periods of historically low interest rates between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained relatively stable at 66% and 61%. This stability during a period of low interest rates suggests that other factors, such as local economic conditions or housing supply, may have played a significant role in homeownership decisions in the neighborhood.
Rental trends in Hundred Pines have shown some volatility. The percentage of renters fluctuated from a low of 28% in 2015 to a high of 43% in 2018. Average rent prices have also varied, with notable increases and decreases. For example, average rent rose from $871 in 2014 to $1,197 in 2017, a 37.4% increase, before declining to $858 in 2019, a 28.3% decrease. These fluctuations may be attributed to changes in local employment opportunities, shifts in housing preferences, or broader economic factors affecting the Beaufort area.
Looking ahead, based on historical trends and current market conditions, average home prices in Hundred Pines are expected to continue their upward trajectory, albeit potentially at a more moderate pace due to higher interest rates. A 5-year forecast suggests average home prices could reach approximately $650,000 to $700,000 by 2029, assuming a conservative annual appreciation rate of 3-4%. Average rent prices, which have shown more volatility, are projected to stabilize and potentially increase in line with inflation and housing demand, possibly reaching around $1,100 to $1,200 per month in the next five years.
In summary, Hundred Pines has demonstrated resilience and attractiveness as a residential area, with consistently rising average home prices despite fluctuations in homeownership rates. The neighborhood's ability to maintain price growth even in the face of rising interest rates indicates strong fundamental demand. While rental markets have shown more volatility, the overall trend suggests a balanced market that accommodates both owners and renters. As Hundred Pines continues to evolve, it is likely to remain a desirable location within Beaufort, offering opportunities for both homeowners and investors in the coming years.
