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Rising Home Values and Steady Ownership: Rolesville's Resilient Real Estate Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Rolesville, a charming town in North Carolina, has experienced significant growth and development over the past decade. Located in Wake County, this suburban community has seen a steady increase in population, reaching 16,056 residents in 2022. The town has maintained a high rate of homeownership throughout the years, with a strong preference for owner-occupied housing.
The homeownership rate in Rolesville has remained remarkably stable, hovering around 85% from 2013 to 2022. This high rate of ownership coincides with a substantial increase in average home prices. In 2013, the average home price in Rolesville was $253,945, and it steadily climbed to $502,462 by 2022, representing a nearly 98% increase over nine years. This trend suggests that despite rising home prices, residents of Rolesville have continued to prioritize homeownership, possibly due to the town's desirable location and quality of life.
Federal interest rates have played a significant role in homeownership trends in Rolesville. From 2013 to 2016, interest rates remained extremely low, ranging from 0.11% to 0.40%. During this period, the homeownership rate in Rolesville remained consistently high at around 84-86%. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, the homeownership rate in Rolesville remained stable, indicating a strong local housing market that could withstand moderate increases in borrowing costs.
The rental market in Rolesville has shown interesting trends as well. The percentage of renters has remained relatively low, fluctuating between 12% and 15% from 2013 to 2022. Average rent prices have seen some volatility, increasing from $1,086 in 2013 to a peak of $1,535 in 2015, before settling at $1,317 in 2022. Despite the town's growing population, which increased by 53% from 2013 to 2022, the rental market has remained a smaller segment of the housing landscape in Rolesville.
In 2023 and 2024, Rolesville's housing market showed signs of stabilization. The average home price in 2023 was $500,785, a slight decrease from the previous year, followed by a modest increase to $505,977 in 2024. This slight uptick occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating the resilience of Rolesville's housing market in the face of higher borrowing costs.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for Rolesville's housing market. Average home prices are likely to continue their upward trajectory, albeit at a more moderate pace. We might expect average home prices to reach approximately $550,000 to $575,000 by 2029. Average rent prices could also see a gradual increase, potentially reaching around $1,500 to $1,600 per month in the same timeframe.
In summary, Rolesville has demonstrated a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The town's ability to maintain these trends despite fluctuations in interest rates and significant population growth speaks to its appeal as a residential community. While the rental market remains a smaller component of Rolesville's housing landscape, it has shown resilience and moderate growth. As Rolesville continues to evolve, its housing market is poised for continued stability and gradual appreciation, making it an attractive option for both homeowners and investors in the coming years.
