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Zip Code 27317: Average Home Values and Ownership Trends in Randleman's Resilient Housing Market
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
Zip code 27317, located in Randleman, North Carolina, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its rich history and small-town charm, has seen a general trend of increasing homeownership and rising property values, with some fluctuations in recent years.
The homeownership rate in zip code 27317 has shown a gradual increase over time, with some variations. In 2013, the homeownership rate was 71%, and it remained relatively stable until 2020 when it rose to 76%. This increase coincided with a significant jump in average home prices. From 2013 to 2020, average home prices in the area rose from $131,759 to $183,234, representing a 39% increase. The relationship between homeownership rates and average home prices appears to be positive, with both trends generally moving upward over the observed period.
Federal interest rates have played a role in shaping homeownership trends in zip code 27317. For instance, the period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained steady at around 71%, while average home prices increased from $131,759 to $142,685. As interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), homeownership rates dipped slightly to 70% in 2017 but rebounded to 71% by 2019, suggesting a resilient local housing market.
Regarding rental trends, the percentage of renters in zip code 27317 has fluctuated inversely with homeownership rates. In 2013, the renter percentage was 29%, and it remained relatively stable until 2020 when it decreased to 24% as homeownership increased. Average rent prices have shown an overall upward trend, rising from $696 in 2013 to $774 in 2020, an 11.2% increase. However, the relationship between renter percentages and rent prices is not always straightforward. For example, in 2015, despite a slight increase in the renter percentage to 31%, the average rent actually decreased to $716 from $726 the previous year.
In 2023 and 2024, zip code 27317 has seen continued growth in average home prices. The average home price in 2023 was $247,633, and in 2024 it further increased to $259,364. This represents a substantial 46% increase from 2020 levels. Notably, these price increases have occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong demand in the local housing market.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 27317 to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also likely to increase, driven by overall housing demand and potential shifts in the rental market as some prospective buyers may delay purchases due to higher mortgage rates.
In summary, zip code 27317 has demonstrated a robust housing market with increasing homeownership rates and rising property values. The area has shown resilience in the face of changing interest rates, with homeownership remaining strong even as prices have climbed significantly. The rental market has also seen general price increases, though with more fluctuations in occupancy rates. As we move forward, the interplay between interest rates, housing affordability, and local economic factors will continue to shape the housing landscape in this North Carolina community.
