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Zebulon's Housing Market: Home Values Soar as Ownership Remains Stable
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zebulon, a charming town in North Carolina, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in Zebulon, providing insights into the local real estate landscape.
Homeownership in Zebulon has shown a general upward trend, with some fluctuations. In 2013, the homeownership rate was 71%, which increased to 73% by 2022. During this period, average home prices in Zebulon have seen substantial growth. In 2013, the average home price was $158,573, which rose dramatically to $343,519 by 2022, representing a 116.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in Zebulon appears to follow the expected pattern. As interest rates remained low from 2013 to 2020, ranging from 0.09% to 0.38%, homeownership rates in Zebulon generally increased. For instance, when the federal interest rate was 0.38% in 2020, the homeownership rate reached 75%, the highest in the observed period. This aligns with the principle that lower interest rates typically encourage homeownership due to more affordable financing options.
Renter percentages in Zebulon have fluctuated inversely to homeownership rates, as expected. The percentage of renters decreased from 28% in 2013 to 27% in 2022. Average rent prices, however, have shown an overall upward trend with some variations. In 2013, the average rent was $945, which increased to $1,054 in 2019, representing an 11.5% increase. Interestingly, average rent prices then decreased to $914 by 2022, possibly influenced by the growing population and changing market conditions.
Looking at the most recent data, the average home price in Zebulon for 2023 was $344,056, showing a slight increase from 2022. In 2024, the average home price further rose to $348,103. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in Zebulon.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Zebulon will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $400,000 to $425,000. For average rent prices, we expect a moderate increase, potentially reaching around $1,100 to $1,200 per month by 2029, assuming steady population growth and economic stability.
In summary, Zebulon has experienced a significant increase in average home prices over the past decade, accompanied by a general trend towards higher homeownership rates. The recent rise in federal interest rates may impact future housing market dynamics. Despite some fluctuations, average rent prices have shown an overall upward trend, reflecting the town's growing population and changing real estate landscape. These trends suggest that Zebulon's housing market remains dynamic and continues to evolve in response to various economic factors.
