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Roper, NC: Rising Home Values and Ownership Amid Market Fluctuations
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
Roper, located in North Carolina, is a small community with a rich history and a dynamic real estate landscape. Over the past decade, this town has experienced significant fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Roper has shown notable variations between 2013 and 2022. Starting at 69% in 2013, it reached its peak of 75% in 2022, indicating a strong trend towards homeownership in recent years. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $77,224, which steadily increased to $128,092 by 2022, representing a 65.9% increase over this period.
The relationship between federal interest rates and homeownership rates in Roper follows a well-established pattern. As interest rates remained low between 2013 and 2020, ranging from 0.09% to 0.38%, homeownership rates generally increased. This trend is particularly evident from 2020 to 2022, when homeownership rose from 69% to 75% while interest rates were still relatively low, although beginning to rise.
Renter percentages and average rent prices in Roper have shown interesting trends. The percentage of renters decreased from 31% in 2013 to 25% in 2022. However, average rent prices experienced significant fluctuations. Starting at $543 in 2013, rents dipped to a low of $476 in 2019 before sharply rising to $891 in 2021, and then decreasing to $640 in 2022. These changes in rent prices don't always directly correlate with the renter population percentage, suggesting other factors, such as local economic conditions or housing supply, may play a role.
In 2023 and 2024, Roper's real estate market showed signs of stabilization. The average home price slightly decreased to $125,871 in 2023 and further to $121,807 in 2024. This slight cooling of the market coincides with higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer demand.
Looking ahead, predictive models suggest a potential continuation of the recent cooling trend in home prices for Roper over the next five years. Average home prices may stabilize or experience modest decreases, influenced by higher interest rates and economic factors. Rent prices, which have been more volatile, could see moderate increases as the rental market adjusts to changing homeownership rates and housing demand.
In summary, Roper has experienced a significant increase in homeownership rates and average home prices over the past decade, particularly from 2013 to 2022. The recent stabilization in home prices, coupled with rising interest rates, suggests a potential shift in the local real estate market dynamics. The rental market has shown more volatility, with recent trends indicating a decrease in the renter population alongside fluctuating rent prices. These trends reflect the complex interplay of local and national economic factors shaping Roper's housing market.
