Loading Content...
Zip Code 27923: Rising Home Values and Ownership Rates in Rural Coinjock, North Carolina
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Coinjock, located in zip code 27923 in North Carolina, has experienced notable shifts in its housing market over the past decade. This small community has seen significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Coinjock has shown a strong upward trend, particularly in recent years. In 2013, the homeownership rate was 79%, which steadily increased to 94% by 2022. This substantial rise in homeownership coincides with a significant increase in average home prices. In 2017, the average home price was $245,279, which rose to $377,552 by 2022, representing a 54% increase over five years.
The relationship between federal interest rates and homeownership rates in Coinjock demonstrates an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates continued to climb. This suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a significant role in driving homeownership in this area.
As homeownership increased, the percentage of renters in Coinjock decreased from 21% in 2013 to just 6% in 2022. Interestingly, despite the declining renter population, average rent prices have shown volatility. The average rent peaked at $1,469 in 2019 before decreasing to $1,296 in 2022. This fluctuation in rent prices, despite the decreasing renter population, could be attributed to changes in housing quality, limited rental stock, or broader economic factors affecting the area.
Looking at the most recent data, the average home price in Coinjock reached $383,402 in 2023 and further increased to $388,778 in 2024. This continued upward trend in home prices occurs against the backdrop of rising federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates have not yet appeared to dampen the local housing market's growth.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Coinjock 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 $450,000 to $475,000, assuming a moderate annual growth rate of 3-4%. For rent prices, given the volatility observed in recent years and the declining renter population, we predict a stabilization or slight increase, potentially reaching an average of $1,400 to $1,500 per month by 2029.
In summary, Coinjock has experienced a remarkable increase in homeownership rates, rising from 79% to 94% between 2013 and 2022. This trend has been accompanied by substantial growth in average home prices, which have increased by over 50% since 2017. The rental market has seen a significant decrease in the renter population, with volatile rent prices. Looking ahead, we anticipate continued growth in home prices, albeit at a potentially slower pace, and a stabilization of the rental market.
