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Zip Code 28091: Rising Home Values and Steady Ownership in Lilesville, NC
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 28091, located in Lilesville, North Carolina, presents an intriguing case study of housing market dynamics in a small rural community. Over the past decade, this area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 28091 has shown notable stability over the years, with some minor fluctuations. In 2013, the homeownership rate stood at 71%, and by 2022, it had increased slightly to 74%. This relative consistency in homeownership rates is particularly interesting when compared to the significant changes in average home prices during the same period. Average home prices in the area have seen a substantial increase, rising from $35,936 in 2013 to $75,792 in 2022, representing a remarkable 110.9% increase over nine years.
The relationship between federal interest rates and homeownership rates in zip code 28091 appears to follow general economic principles. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), the homeownership rate remained relatively stable, hovering around 73%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate actually increased slightly to 74%, possibly indicating other local factors influencing housing decisions in this area.
Renter percentages and average rent prices in zip code 28091 have shown some interesting trends. The percentage of renters decreased from 29% in 2013 to 26% in 2022. During this period, average rent prices fluctuated, starting at $679 in 2013, peaking at $735 in 2021, and then decreasing to $659 in 2022. These changes in rent prices and renter percentages occurred against a backdrop of varying population levels, with the population decreasing from 2,973 in 2013 to 2,756 in 2022, which may have influenced rental market dynamics.
Looking at more recent data, the average home prices in zip code 28091 continued to rise, reaching $79,947 in 2023 and $82,091 in 2024. This represents a 5.5% increase from 2022 to 2023 and a further 2.7% increase from 2023 to 2024. Interestingly, these price increases occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests that local market factors may be outweighing the potential dampening effect of higher interest rates on home prices in this area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices in zip code 28091, albeit at a potentially slower rate than seen in recent years. Average home prices could potentially reach around $95,000 to $100,000 by 2029. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $700 to $750 per month by 2029, assuming current economic conditions and local market trends persist.
In summary, zip code 28091 has demonstrated resilience in its housing market, with steadily increasing homeownership rates and significant growth in average home prices over the past decade. Despite fluctuations in population and federal interest rates, the area has maintained a relatively stable rental market. The continued rise in home prices, even in the face of higher interest rates, suggests strong local demand for housing in this rural North Carolina community.
