Zip code 28173, located in Waxhaw, North Carolina, has experienced significant growth and changes in its real estate market over the past decade. This area has maintained a consistently high rate of homeownership while seeing substantial increases in both average home prices and average rent prices. The homeownership rate in zip code 28173 has remained relatively stable, hovering around 90% from 2013 to 2022. Despite this consistency, average home prices have shown a dramatic upward trend. In 2010, the average home price was $291,311, which steadily increased to $395,086 by 2019. The market then experienced a rapid acceleration, with average home prices jumping to $500,270 in 2021 and reaching $621,225 in 2022, representing a 113% increase over the 12-year period.

Federal interest rates have played a role in the homeownership trends of the area. From 2010 to 2015, interest rates remained exceptionally low, ranging from 0.09% to 0.18%. During this period, homeownership rates in zip code 28173 were at their highest, reaching 91% in 2013. As interest rates began to rise from 2016 onwards, there was a slight decrease in homeownership, settling at 89% by 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.

Renter percentages in zip code 28173 have shown a slight increase, moving from 9% in 2013 to 11% in 2022. Correspondingly, average rent prices have risen substantially. In 2013, the average rent was $1,438, which increased to $2,008 by 2019, representing a 40% increase over six years. However, there was a slight dip in average rent prices in 2020 and 2021, possibly due to the economic impacts of the COVID-19 pandemic, before settling at $1,894 in 2022. This overall upward trend in rent prices, coupled with the area's population growth from 41,857 in 2010 to 63,156 in 2022, suggests a growing demand for rental properties in the area.