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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Windsor Estates, a neighborhood in Winston-Salem, North Carolina, has experienced significant changes in its housing market over the past decade. The area is characterized by high rental occupancy rates and steadily increasing home values. From 2013 to 2022, homeownership rates in Windsor Estates fluctuated between 14% and 22%, while average home prices saw a substantial rise from $127,071 in 2013 to $250,419 in 2022, marking a 97% increase over nine years. The relationship between federal interest rates and homeownership rates in Windsor Estates shows some correlation. For example, in 2017, when the federal interest rate was 1%, the homeownership rate increased to 22% from 17% the previous year. However, as interest rates climbed to 1.83% in 2018, homeownership dropped slightly to 20%. This trend suggests that lower interest rates may have encouraged more residents to purchase homes in the neighborhood. Renter percentages in Windsor Estates have remained consistently high, ranging from 77% to 86% between 2013 and 2022. The average rent prices, however, have shown some fluctuation. In 2013, the average rent was $723, which increased to $1,006 by 2015. Subsequently, rent prices declined, reaching a low of $670 in 2018, before rising again to $791 in 2022. These changes in rent prices don't show a clear correlation with the percentage of renters, suggesting that other factors, such as local market conditions or housing supply, may have influenced rent prices more significantly.
In 2023, the average home price in Windsor Estates reached $262,405, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $275,370, while interest rates slightly rose to 5.33%. These figures indicate a continued upward trend in home prices despite higher interest rates, suggesting strong demand in the neighborhood.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Windsor Estates will likely continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices may also see moderate increases as demand for rental properties remains high in the area. However, if interest rates begin to decrease, we might see a slight shift towards higher homeownership rates, which could impact both home prices and rent levels.
In summary, Windsor Estates has maintained a predominantly renter-occupied profile with steadily increasing average home prices over the past decade. The neighborhood has shown resilience in terms of property values, even in the face of fluctuating interest rates and economic conditions. The continued rise in both home prices and rent levels suggests that Windsor Estates remains an attractive area for both investors and residents in Winston-Salem.