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Slater Rd-Hamilton Circle: Rising Home Values Amidst Stable Ownership in Charlotte's Dynamic Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Slater Rd-Hamilton Circle, a neighborhood in Charlotte, North Carolina, has experienced significant changes in its housing market over the past decade. This area has seen notable fluctuations in homeownership rates and substantial increases in property values, reflecting broader economic trends and local market conditions.
The neighborhood has witnessed a shift in homeownership rates, with the percentage of owner-occupied homes decreasing from 57% in 2013 to 54% in 2022. Concurrently, average home prices have risen dramatically, from $72,230 in 2013 to $283,170 in 2022, representing a 292% increase over nine years. This inverse relationship between declining homeownership and rising home prices suggests that increasing property values may have made homeownership less accessible for some potential buyers.
Federal interest rates have played a crucial role in shaping homeownership trends in Slater Rd-Hamilton Circle. From 2013 to 2016, historically low interest rates ranging from 0.11% to 0.40% corresponded with relatively stable homeownership rates around 50-57%. As interest rates began to rise more sharply from 2017 (1%) to 2019 (2.16%), homeownership rates initially dipped to 46% in 2017 before rebounding to 54% by 2019. This pattern demonstrates how lower interest rates generally encourage homeownership by making mortgages more affordable, while higher rates can deter potential buyers.
Renter percentages in the neighborhood have fluctuated inversely with homeownership rates, reaching a peak of 54% in 2016 and 2017 before settling at 46% in 2022. Average rent prices have shown a general upward trend, increasing from $914 in 2013 to $1,113 in 2022, a 22% rise. The relationship between renter percentages and rent prices is not always straightforward, as evidenced by 2017 when the highest renter percentage (54%) coincided with a slight dip in average rent to $1,123 from $1,125 the previous year. This suggests that other factors, such as local economic conditions and housing supply, also influence rental market dynamics.
In 2023 and 2024, the neighborhood experienced continued growth in average home prices, reaching $287,184 in 2023 and $297,851 in 2024. This represents a steady increase of about 3.7% from 2022 to 2023 and another 3.7% from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and market dynamics.
Looking ahead, based on historical trends and current market conditions, projections suggest that average home prices in Slater Rd-Hamilton Circle may continue to rise over the next five years, potentially reaching around $350,000 by 2029. Average rent prices could also see moderate increases, potentially surpassing $1,300 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Slater Rd-Hamilton Circle has undergone significant changes in its housing market over the past decade. The neighborhood has experienced a slight decline in homeownership rates alongside substantial increases in average home prices. Rental market trends have been more moderate, with gradual increases in average rent prices. The interplay between federal interest rates, property values, and occupancy trends highlights the complex dynamics shaping this Charlotte neighborhood's real estate landscape.
