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Zip Code 27243: Rising Home Values and Ownership Rates in Efland, North Carolina
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
Efland, located in zip code 27243 in North Carolina, is a small community that has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in rental rates and average rent prices.
The homeownership rate in Efland has shown a notable increase from 2013 to 2022. In 2013, the homeownership rate was 83%, which rose to 87% by 2022. This 4% increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $171,289, and by 2022, it had climbed to $347,723, representing a remarkable 103% increase over this period. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in Efland. From 2013 to 2016, interest rates remained relatively low, hovering around 0.1% to 0.4%. During this period, homeownership rates increased from 83% to 84%, likely due to more affordable financing options. As interest rates began to rise more steeply from 2017 (1%) to 2019 (2.16%), homeownership rates initially dipped to 82% but then stabilized. Interestingly, despite the sharp increase in interest rates to 1.68% in 2022, homeownership in Efland reached its peak at 87%, indicating strong local demand for homeownership even in the face of higher borrowing costs.
Rental trends in Efland have shown some variability. The percentage of renters decreased from 17% in 2013 to 13% in 2022. However, average rent prices have fluctuated over this period. In 2013, the average rent was $866, which increased to $1,121 by 2017, representing a 29% jump. Interestingly, rent prices then decreased to $886 in 2022, a 21% drop from the 2017 peak. These fluctuations in rent prices, coupled with the decreasing percentage of renters, suggest a shifting dynamic in the local rental market, possibly influenced by the growing preference for homeownership in the area.
Looking at the most recent data, the average home price in Efland continued its upward trajectory, reaching $363,802 in 2023 and $380,739 in 2024. This represents a 4.6% increase from 2022 to 2023 and a further 4.7% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. Despite these high interest rates, the continued rise in home prices suggests strong demand and resilience in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Efland will continue to rise, albeit potentially at a more moderate pace due to the current high interest rate environment. We project average home prices could reach approximately $450,000 by 2029. For rent prices, the forecast suggests a potential stabilization and gradual increase, possibly reaching around $1,100 per month by 2029, assuming economic conditions and local market factors remain relatively stable.
In summary, Efland has demonstrated a strong trend towards increased homeownership and rising home values over the past decade. Despite fluctuations in the rental market and significant increases in interest rates, the area has maintained a robust housing market with consistently rising average home prices. The community's ability to sustain high homeownership rates and property values, even in the face of economic challenges, indicates a resilient and desirable local real estate market.
