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Zip Code 28312: Rising Home Values and Homeownership Recovery in Eastover, North Carolina
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 28312, located in Eastover, North Carolina, has experienced significant changes in homeownership rates and housing prices over the past decade. This area, covering 176.37 square miles, has seen a dynamic shift in its real estate landscape, with notable trends in both ownership percentages and average home and rent prices.
The homeownership rate in zip code 28312 has shown moderate fluctuations over the years. In 2013, the area had a 72% homeownership rate, which declined to 64% by 2019. However, there has been a recent uptick, with the rate reaching 71% in 2022. This trend correlates interestingly with the average home prices in the area. From 2013 to 2022, average home prices increased steadily from $131,667 to $229,877, representing a substantial 74.6% increase over this period. The most significant annual jump occurred between 2020 and 2021, when average home prices rose from $183,273 to $203,477, a 11% increase in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 28312. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 67% to 72%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a corresponding dip in homeownership rates, reaching a low of 64% in 2019. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a rebound in homeownership rates, climbing back to 68% and 69% respectively.
Renter percentages and average rent prices in zip code 28312 have shown an inverse relationship to homeownership trends. As the renter population increased from 28% in 2013 to a peak of 36% in 2019, average rent prices initially rose from $860 in 2013 to $904 in 2014 but then began a gradual decline, reaching $792 in 2019. This trend suggests that increased rental supply may have helped moderate rent prices. The population growth from 18,818 in 2013 to 20,360 in 2019 likely contributed to the increased demand for rental properties during this period.
In 2023 and 2024, zip code 28312 has continued to see growth in average home prices. The average home price reached $247,264 in 2023 and further increased to $256,814 in 2024, representing a 11.7% rise from 2022 to 2024. This growth has occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, predictive models suggest that average home prices in zip code 28312 may continue to rise over the next five years, albeit at a potentially slower rate due to the current high interest rate environment. Average rent prices, which have shown volatility in recent years, are expected to stabilize and potentially increase moderately as the rental market adjusts to changing economic conditions and housing demand.
In summary, zip code 28312 has demonstrated resilience in its housing market, with a recent trend towards increased homeownership despite rising home prices. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with low interest rates generally supporting higher homeownership. The rental market has shown flexibility in responding to changing demand, with rent prices adjusting to accommodate shifts in the renter population. As the area continues to grow, these trends will likely evolve, shaped by broader economic factors and local market dynamics.
