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Woodland's Shifting Housing Market: Average Home Values Double Amidst Declining Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Woodland, a small town in North Carolina, has experienced significant demographic and housing market changes over the past decade. This analysis examines the trends in homeownership, average home prices, and average rent prices in Woodland from 2013 to 2022, providing insights into the local real estate market dynamics.
The homeownership rate in Woodland has fluctuated considerably between 2013 and 2022. In 2013, the homeownership rate stood at 51%, but by 2022, it had decreased to 45%. This decline in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price in Woodland was $41,380. By 2022, it had more than doubled to $89,996, representing a 117.5% increase over nine years. This sharp rise in home prices likely contributed to the declining homeownership rate, as higher prices may have made purchasing a home less affordable for many residents.
The relationship between federal interest rates and homeownership rates in Woodland shows some interesting patterns. From 2013 to 2015, when interest rates were consistently low (around 0.1-0.13%), the homeownership rate declined slightly from 51% to 48%. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, the homeownership rate actually increased to 62%. This suggests that other local factors may have played a more significant role in homeownership trends than national interest rates during this period.
Renter percentages in Woodland have generally increased as homeownership rates declined. In 2013, 49% of residents were renters, and by 2022, this figure had risen to 55%. Interestingly, average rent prices in Woodland have shown significant volatility. In 2013, the average rent was $393 per month. It decreased to $290 in 2017 before rising sharply to $748 in 2022, representing a 90.3% increase from 2013 to 2022. This substantial increase in rent prices, coupled with rising home prices, suggests growing housing affordability challenges in Woodland.
Looking at the most recent data, the average home price in Woodland for 2023 was $89,537, showing a slight decrease from 2022. In 2024, the average home price further decreased to $89,185. Meanwhile, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may further impact homeownership trends and housing affordability in Woodland.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Woodland to continue their upward trajectory, albeit at a slower pace due to the recent slight decreases and higher interest rates. Average rent prices are likely to continue rising, driven by increased demand for rental properties as homeownership becomes less accessible. However, the rate of increase may moderate as the market adjusts to economic conditions and local housing supply changes.
In summary, Woodland has experienced a significant shift in its housing market over the past decade. The town has seen a decline in homeownership rates, substantial increases in both average home prices and rent prices, and a growing proportion of renters. These trends point to increasing housing affordability challenges in Woodland, which may continue to shape the local real estate market in the coming years.
