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Zip Code 27808: Rising Home Values and Stable Ownership in Bayview, 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
Bayview, situated in zip code 27808 in North Carolina, is a small coastal community with a population of 1,998 as of 2022. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increasing average home values and a slight decrease in owner occupancy rates.
The homeownership rate in Bayview has shown slight variations over the years, with a peak of 89% in 2014, 2017, 2018, and 2020. However, by 2022, this rate had decreased to 83%, indicating a shift in the local housing market. Concurrent with these changes, average home prices in the area have seen a significant upward trend. From 2012 to 2022, average home prices rose from $190,719 to $346,088, representing an impressive 81.5% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in Bayview. For instance, the period from 2012 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates in the area remained relatively stable, hovering around 86-89%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observed a slight decline in homeownership rates, dropping to 83% in 2022.
Renter occupancy rates in Bayview have shown an inverse relationship to homeownership trends. In 2022, the renter-occupied percentage reached 17%, its highest point in the available data. This increase in renters coincided with a rise in average rent prices. From 2013 to 2022, average rent prices increased from $390 to $1,117, a substantial 186% increase. This trend suggests growing demand for rental properties in the area, possibly driven by factors such as population changes and shifting housing preferences.
The years 2023 and 2024 have seen continued growth in the local housing market. Average home prices in Bayview reached $371,196 in 2023 and further increased to $387,615 in 2024, representing a 7.3% and 4.4% year-over-year increase, respectively. These price increases have occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for potential homebuyers.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in both home prices and rent values in Bayview over the next five years. Average home prices are projected to surpass $450,000 by 2029, while average rent prices could approach $1,500 per month. However, these increases may be moderated by factors such as interest rates, economic conditions, and local development policies.
In summary, Bayview has experienced a notable increase in housing costs over the past decade, with both home prices and rent values showing substantial growth. While homeownership rates have slightly declined in recent years, the area remains predominantly owner-occupied. The interplay between federal interest rates, local housing demand, and economic factors will continue to shape the housing market in this coastal North Carolina community.
