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Zip Code 28032: Cramerton's Resilient Housing Market Amid Rising Home Values
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 28032, located in Cramerton, North Carolina, has experienced notable shifts in homeownership rates and housing prices over the past decade. This small town, with a population of 2,646 in 2022, has seen interesting trends in its real estate market, reflecting broader economic changes and local developments.
The homeownership rate in zip code 28032 has shown a fluctuating but overall increasing trend from 2013 to 2022. In 2013, the homeownership rate was 67%, which dipped to 59% in 2016 and 2017. However, it rebounded strongly, reaching 70% by 2022. This upward trend in homeownership coincided with a significant increase in average home prices. The average home price in 2013 was $114,871, which steadily rose to $279,837 by 2022, representing a remarkable 143.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting case. Despite the general trend of lower interest rates encouraging homeownership, the data for 28032 shows a more complex picture. For instance, when interest rates were at historic lows between 2013 and 2015 (0.11% to 0.13%), homeownership rates actually decreased from 67% to 61%. Conversely, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates in the area increased to 70%. This suggests that local factors may have played a more significant role in driving homeownership trends than national interest rates in this particular zip code.
Renter percentages and average rent prices in zip code 28032 have also shown notable trends. The percentage of renters peaked at 41% in 2016 and 2017, coinciding with lower average rent prices of $1,034 and $1,005 respectively. However, as the renter percentage decreased to 30% by 2022, average rent prices increased substantially, reaching $1,365. This inverse relationship between renter percentages and rent prices could indicate a shift towards higher-quality rental properties or increased demand in specific segments of the rental market.
In 2023 and 2024, the average home prices in zip code 28032 continued to rise, reaching $285,185 in 2023 and $290,274 in 2024. This represents a steady increase of about 1.9% and 1.8% year-over-year, respectively. Notably, these price increases occurred despite a significant jump in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has maintained growth even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 28032 may continue to rise over the next five years, albeit at a more moderate pace. Based on historical trends, we might expect average home prices to reach around $320,000 to $350,000 by 2029. Average rent prices are also likely to increase, potentially reaching $1,600 to $1,700 per month in the same timeframe. However, these projections assume relatively stable economic conditions and no major disruptive events.
In summary, zip code 28032 has demonstrated resilience and growth in its housing market. The area has seen a strong trend towards homeownership, with rates rising to 70% by 2022, coupled with significant increases in average home prices. The rental market has also evolved, with higher average rents coinciding with a decrease in the percentage of renters. These trends, combined with the continued price growth in 2023 and 2024 despite rising interest rates, paint a picture of a robust and desirable local real estate market.
