The rental market in zip code 28104, while smaller, has also seen changes. The percentage of renters has remained relatively stable, fluctuating between 8% and 9% from 2013 to 2022. Average rent prices have shown an upward trend, increasing from $1,395 in 2013 to $1,579 in 2022, a 13.2% rise over nine years. This increase in rent prices, coupled with the area's growing population, suggests a consistent demand for rental properties despite the high rate of homeownership.

In 2023 and 2024, the housing market in zip code 28104 continued its upward trajectory. The average home price reached $556,484 in 2023 and further increased to $579,502 in 2024, representing a 6.5% growth over two years. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and property values in the area.

Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 28104 to continue rising, albeit potentially at a slower rate due to higher interest rates. Projecting the current trend, average home prices could reach approximately $650,000 to $700,000 within the next five years. Average rent prices are also likely to increase, potentially reaching around $1,800 to $1,900 per month in the same timeframe, driven by the area's consistent population growth and the rising cost of homeownership.

In summary, zip code 28104 has demonstrated a robust and growing housing market characterized by high homeownership rates, steadily increasing average home prices, and a smaller but stable rental market with gradually rising rent prices. The area's consistent population growth and historically low interest rates have contributed to these trends. However, recent increases in interest rates may moderate future growth in both home prices and rental rates.