Loading Content...
Statesville's Housing Market: Steady Ownership Amid Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Statesville, North Carolina, is a vibrant city with a rich history and growing population. Located in Iredell County, Statesville has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. The city has maintained a relatively stable homeownership rate while seeing substantial increases in both average home prices and average rent prices.
The homeownership rate in Statesville has remained relatively steady, with slight fluctuations between 64% and 66% from 2013 to 2022. Interestingly, this stability in homeownership rates has occurred alongside a substantial increase in average home prices. In 2010, the average home price in Statesville was $132,082. By 2022, this figure had nearly doubled to $262,428, representing a 98.7% increase over 12 years. Despite this significant rise in home prices, the homeownership rate has not seen a corresponding decline, suggesting a resilient local housing market and potentially strong economic conditions in the area.
Federal interest rates have played a role in shaping homeownership trends in Statesville. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. This period of low interest rates coincided with the city's stable homeownership rates, likely making home purchases more accessible for many residents. However, as interest rates began to rise sharply in 2022 (1.68%) and 2023 (5.02%), it will be interesting to observe any potential impacts on homeownership rates in the coming years.
The rental market in Statesville has also seen notable changes. The percentage of renters has remained relatively stable, ranging from 34% to 36% between 2013 and 2022. However, average rent prices have increased significantly during this period. In 2013, the average rent was $759 per month. By 2022, it had risen to $792, representing a 4.3% increase. The most substantial jump occurred between 2020 and 2021, when average rent increased from $809 to $840, a 3.8% rise in a single year. This increase in rent prices, coupled with the city's growing population (from 45,953 in 2013 to 52,584 in 2022), suggests a strong demand for rental properties in Statesville.
Looking at the most recent data, the average home price in Statesville continued to rise in 2023, reaching $272,669. This upward trend persisted into 2024, with average home prices hitting $281,163. Concurrently, federal interest rates have remained elevated, standing at 5.33% in 2024. These factors combined may influence future homeownership rates and housing affordability in the city.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in Statesville. Based on historical data and current market conditions, average home prices could potentially reach around $350,000 by 2029. Similarly, average rent prices may increase to approximately $950 per month over the same period. However, these projections are subject to various economic factors and market conditions.
In summary, Statesville has demonstrated remarkable stability in its homeownership rates despite significant increases in average home prices. The rental market has seen moderate growth in prices, with a consistent proportion of renters. The city's ability to maintain steady homeownership rates in the face of rising home prices suggests a robust local economy and housing market. As Statesville continues to grow, balancing housing affordability with market demands will be crucial for maintaining its appeal to both homeowners and renters.
