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Turkey's Housing Market: Resilient Growth Amidst Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Turkey, located in North Carolina, is a small community with a population of 1,805 as of 2022. This quaint town has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local dynamics.
The homeownership rate in Turkey has shown a significant upward trend in recent years. In 2013, 83% of residents owned their homes. This rate declined to a low of 59% in 2018 but has since rebounded strongly, reaching 84% by 2022. Concurrently, average home prices have seen substantial growth. In 2019, the average home price was $78,793, which increased to $115,966 by 2022, representing a 47% increase over just three years.
The relationship between federal interest rates and homeownership rates in Turkey aligns with well-established economic principles. As interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 1.68%, homeownership rates in the town generally increased. This correlation is particularly evident in the sharp rise in homeownership from 60% in 2017 to 84% in 2022, coinciding with interest rates staying below 2% for most of this period.
Rental trends in Turkey have been inversely related to homeownership patterns. The percentage of renters peaked at 41% in 2018, corresponding with the lowest homeownership rate. Average rent prices have shown volatility, rising from $468 in 2013 to a high of $759 in 2017, before stabilizing around $700 in recent years. The population fluctuations, from a high of 2,460 in 2010 to 1,805 in 2022, likely influenced these rental market dynamics.
In 2023 and 2024, Turkey's housing market continued to evolve. The average home price slightly decreased to $115,499 in 2023 but showed signs of recovery, reaching $117,077 in 2024. This occurred against a backdrop of significantly higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and market dynamics.
Looking ahead, predictive models suggest a continued but moderate increase in average home prices over the next five years, potentially reaching around $130,000 by 2029. Rent prices are expected to follow a similar trajectory, possibly approaching $800 per month. These projections assume stable economic conditions and no major local economic shifts.
In summary, Turkey has experienced a remarkable resurgence in homeownership rates, rising from 59% to 84% between 2018 and 2022, coupled with significant growth in average home prices. The rental market has conversely contracted, with renter percentages declining and rent prices stabilizing. The town's housing market has shown resilience in the face of rising interest rates, with home prices continuing to trend upward, albeit at a more moderate pace.
