Loading Content...
Zip Code 27939: Rising Home Values and Ownership Rates in Grandy, 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
Zip code 27939, located in Grandy, North Carolina, has experienced significant shifts in homeownership rates and property values over the past decade. This area has seen a steady increase in homeownership, coupled with notable fluctuations in average home prices and rent costs. The trend of homeownership in zip code 27939 has shown a consistent upward trajectory. In 2013, the homeownership rate was 77%, which steadily increased to 86% by 2022. This 9% increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $173,115, and by 2022, it had climbed to $338,026, representing a remarkable 95.3% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. Despite fluctuating interest rates, homeownership continued to rise. For instance, when interest rates were at a low of 0.08% in 2021, homeownership was at 84%. Interestingly, even as interest rates increased to 1.68% in 2022, homeownership still grew to 86%, suggesting that other factors beyond interest rates were influencing homeownership decisions in this area.
Conversely, the percentage of renters in zip code 27939 has decreased from 23% in 2013 to 14% in 2022. This decline in renters coincided with a significant increase in average rent prices. In 2013, the average rent was $971, which rose to $1,219 by 2022, marking a 25.5% increase. Despite the rising rent costs, the area's population decreased from 1,894 in 2013 to 1,597 in 2022, potentially indicating a shift towards homeownership or outmigration of renters.
As of 2024, the average home price in zip code 27939 has reached $376,821, a 5.3% increase from 2023's average of $359,797. This continued appreciation in home values occurs against a backdrop of higher interest rates, which stand at 5.33% in 2024, up from 5.02% in 2023. These figures suggest a resilient housing market in the area, maintaining growth despite increased borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 27939 could potentially reach around $450,000 within the next five years if current trends persist. Rent prices may continue their upward trajectory, potentially approaching $1,500 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 27939 has demonstrated a strong trend towards homeownership, with a significant increase in average home prices over the past decade. The area has shown resilience in its housing market, maintaining growth even in the face of rising interest rates. The declining renter population, coupled with increasing rent prices, further underscores the shift towards homeownership in this community.
