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Stoneville, NC: Home Values Soar as Ownership Declines
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Stoneville, a town in North Carolina, has experienced notable shifts in its housing market over the past decade. This small community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Stoneville has shown a gradual decline from 2013 to 2022. In 2013, 75% of residents owned their homes, but by 2022, this figure had decreased to 71%. During this same period, average home prices in Stoneville demonstrated a consistent upward trend. In 2013, the average home price was $110,046, and by 2022, it had risen significantly to $195,824, representing a 78% increase over nine years.
The relationship between federal interest rates and homeownership rates in Stoneville appears to follow the general trend observed nationwide. As interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates in Stoneville remained relatively stable, hovering around 75-76%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Stoneville showed a gradual decline, dropping to 71% by 2022.
Conversely, the percentage of renters in Stoneville increased from 25% in 2013 to 29% in 2022. This rise in renters coincided with fluctuations in average rent prices. In 2013, the average rent was $607, which decreased to $498 by 2018. However, from 2019 onwards, average rent prices began to climb again, reaching $745 in 2022. This represents a 23% increase in average rent from 2013 to 2022, despite some fluctuations in between.
In 2023 and 2024, Stoneville's housing market continued to evolve. The average home price in 2023 reached $202,515, and in 2024 it further increased to $205,772. This represents a steady growth in property values. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the town.
Looking ahead, based on the observed trends, it's projected that average home prices in Stoneville will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the growing renter population and overall housing market appreciation. However, the rate of increase may be moderated by affordability constraints and potential new housing developments.
In summary, Stoneville has witnessed a gradual shift towards renting, with a corresponding decrease in homeownership rates. Despite this trend, both average home prices and rent prices have generally increased over the past decade, with home prices showing particularly strong growth. The recent spike in interest rates may further influence these trends, potentially slowing home price appreciation and affecting affordability for both buyers and renters in the coming years.
