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Wilson's Mills: Rising Home Values and Ownership Rates in a Growing 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
Wilson's Mills, a small town in North Carolina, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the town's real estate dynamics.
Homeownership in Wilson's Mills has shown a strong upward trend. In 2013, the homeownership rate was 73%, and by 2022, it had increased to an impressive 87%. This 14 percentage point increase demonstrates a growing preference for homeownership in the community. Simultaneously, average home prices have risen substantially. In 2013, the average home price was $105,857, and by 2022, it had more than doubled to $266,158, reflecting a robust 151% increase over nine years.
The relationship between federal interest rates and homeownership rates in Wilson's Mills follows a well-established pattern. From 2013 to 2021, interest rates remained historically low, hovering between 0.08% and 2.16%. During this period, homeownership rates increased from 73% to 85%, suggesting that the low-interest environment likely contributed to the growing number of homeowners by making mortgages more affordable.
As homeownership rates increased, the percentage of renters in Wilson's Mills decreased correspondingly. In 2013, 27% of residents were renters, but by 2022, this figure had dropped to just 13%. Despite this decline in the renter population, average rent prices have remained relatively stable. In 2013, the average rent was $954, and by 2022, it had decreased slightly to $937, representing a modest 1.8% decrease over the nine-year period.
Looking at the most recent data, average home prices in Wilson's Mills continued to rise in 2023 and 2024. In 2023, the average home price reached $278,317, and in 2024, it further increased to $284,258. This represents a 6.8% increase from 2022 to 2024. Interestingly, federal interest rates also saw a significant increase during this period, rising from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024.
Based on these trends, we can make some predictions for the next five years. Average home prices are likely to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $320,000 to $340,000 by 2029. Average rent prices, which have been relatively stable, may see a slight increase to keep pace with inflation, potentially reaching $1,000 to $1,050 by 2029.
In summary, Wilson's Mills has seen a significant shift towards homeownership, with a corresponding increase in average home prices. The town's real estate market has demonstrated resilience and growth, even in the face of rising interest rates. The stability in rent prices, despite a decreasing renter population, suggests a balanced rental market. As the town continues to grow, these trends will likely shape its housing landscape in the coming years.
