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Swepsonville's Homeownership Surge: A Decade of Rising Home Values in a Small North Carolina Town
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
Swepsonville, a small town in North Carolina, has experienced significant changes in its housing market and population dynamics over the past decade. The town has seen a notable increase in homeownership rates alongside rising average home prices, while the rental market has shown interesting fluctuations.
Homeownership in Swepsonville has seen a substantial increase from 75% in 2013 to 88% in 2022. This upward trend coincided with a steady rise in average home prices. In 2016, the average home price was $195,989, which climbed to $327,139 by 2022, representing a 67% increase over six years. This correlation suggests that despite rising prices, more residents were able to enter the housing market, possibly due to favorable economic conditions or local initiatives promoting homeownership.
The federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), Swepsonville saw a slight increase in homeownership from 75% to 77%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership in the town actually accelerated, reaching 86% by 2019. This suggests that local factors may have outweighed the impact of rising interest rates on homeownership decisions during this period.
The rental market in Swepsonville has shown an inverse relationship to homeownership trends. The percentage of renters decreased from 25% in 2013 to 12% in 2022. Despite this decline, average rent prices have generally increased. In 2013, the average rent was $754, which rose to $814 by 2022, an 8% increase. This trend indicates that while fewer people are renting, those who do are facing higher costs. The population growth from 2,385 in 2013 to 3,564 in 2022 may have contributed to the upward pressure on rent prices despite the decreasing renter population.
In 2023 and 2024, Swepsonville's housing market continued its upward trajectory. The average home price reached $349,810 in 2023 and further increased to $361,850 in 2024. This represents a 10.6% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on current trends, we can predict that average home prices in Swepsonville will continue to rise over the next five years, potentially reaching around $425,000 by 2029. Average rent prices, which have shown more modest increases, may continue to climb gradually, potentially reaching approximately $900 per month by 2029. These projections assume a continuation of current economic conditions and local market factors.
In summary, Swepsonville has experienced a significant shift towards homeownership, with a corresponding decrease in renters. Average home prices have risen substantially, outpacing the increase in rent prices. The town's ability to maintain high homeownership rates despite rising prices and increasing interest rates suggests a robust local housing market. However, the decreasing rental population coupled with rising rent prices indicates potential challenges for those who remain in the rental market.
