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Sharon Woods: A Decade of Rising Home Values and Resilient Ownership Rates
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
Sharon Woods, a neighborhood in Charlotte, North Carolina, has experienced significant changes in homeownership and property values over the past decade. The area has seen a general trend of decreasing homeownership alongside rising average home and rent prices. This analysis examines these trends and their potential future implications. Homeownership rates in Sharon Woods have fluctuated over the years, showing an overall decline. In 2013, 75% of residents owned their homes, but this figure dropped to 64% by 2020. However, there was a recent uptick to 71% in 2022. Concurrently, average home prices have risen substantially. The average home price in 2013 was $412,145, which increased dramatically to $814,831 by 2022, representing a 97.7% increase over nine years. The relationship between federal interest rates and homeownership rates in Sharon Woods shows some correlation. When interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates remained relatively stable, hovering around 71-75%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018, homeownership rates declined to 65% that year.
Renter percentages in Sharon Woods have generally increased over time, albeit with some fluctuations. In 2013, 25% of residents were renters, which increased to 36% by 2020, before dropping back to 28% in 2022. Average rent prices have shown an overall upward trend, rising from $1,453 in 2013 to $1,518 in 2022, a 4.5% increase. The population of Sharon Woods grew from 4,081 in 2013 to 4,534 in 2022, which may have contributed to the demand for rental properties.
In 2023, the average home price in Sharon Woods reached $871,277, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $934,221, while interest rates have slightly risen to 5.33%. These figures represent a continuation of the upward trend in home prices, despite higher interest rates which typically dampen housing demand.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in Sharon Woods may continue to rise over the next five years, potentially reaching around $1.2 million by 2029. Average rent prices are also likely to increase, possibly surpassing $1,700 per month within the same timeframe.
In summary, Sharon Woods has experienced a notable decline in homeownership rates over the past decade, coupled with significant increases in average home prices. The rental market has seen more moderate growth in both occupancy and prices. Recent data from 2023 and 2024 indicate that home prices continue to climb despite higher interest rates, suggesting strong demand for housing in this Charlotte neighborhood.
