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Wingate, NC: Surging Home Values and Ownership Rates Defy Interest Rate Trends
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
Wingate, located 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.
From 2013 to 2022, Wingate witnessed a slight increase in homeownership rates, rising from 68% to 72%. This trend coincided with a significant surge in average home prices. In 2013, the average home price in Wingate was $105,870. By 2022, this figure had more than doubled to $282,123, representing a substantial 166% increase over nine years.
The relationship between federal interest rates and homeownership rates in Wingate presents an interesting pattern. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 0.14%), homeownership rates remained relatively stable, hovering around 60-65%. However, as interest rates began to rise in 2022 to 1.68%, homeownership surprisingly increased to 72%. This suggests that local factors may have had a stronger influence on homeownership than national interest rates during this period.
Renter percentages in Wingate have shown a gradual decline from 2013 to 2022, dropping from 29% to 28%. Interestingly, this decrease in renter occupancy has been accompanied by a steady rise in average rent prices. In 2013, the average rent was $695 per month. By 2022, it had increased to $1,006, representing a 45% increase over nine years. This trend suggests a tightening rental market, possibly due to limited rental inventory or increased demand from the town's growing population, which rose from 7,723 in 2013 to 7,372 in 2022.
In 2023 and 2024, Wingate's housing market continued its upward trajectory. The average home price reached $294,215 in 2023 and further increased to $303,829 in 2024. This represents a 7.7% 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 prospective homebuyers.
Looking ahead, predictive models suggest that Wingate's housing market will likely continue its growth trajectory over the next five years. Average home prices are projected to increase by approximately 4-5% annually, potentially reaching around $370,000 by 2029. Average rent prices are expected to follow a similar trend, with annual increases of 3-4%, potentially reaching $1,200 per month by 2029.
In summary, Wingate has experienced a robust increase in homeownership rates and average home prices over the past decade, despite fluctuations in federal interest rates. The rental market has seen a slight decrease in occupancy but a significant increase in average rent prices. These trends, combined with the town's population growth, suggest a dynamic and evolving housing market in Wingate, with continued growth expected in both home values and rental prices in the coming years.
