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Zip Code 28363: Rising Home Values and Shifting Ownership in Rural 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 28363, located in Hoffman, North Carolina, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 28363 has shown a gradual decline from 2013 to 2021, with a slight rebound in 2022. In 2013, the homeownership rate stood at 79%, but by 2021, it had decreased to 74%. However, in 2022, there was a modest increase to 76%. This trend coincides with changes in average home prices. From 2018 to 2022, average home prices in the area rose significantly, from $85,258 to $112,917, representing a 32.4% increase over four years.
The relationship between federal interest rates and homeownership rates in this zip code aligns with well-established trends. For instance, the period from 2013 to 2016 saw relatively stable homeownership rates (around 79%) when interest rates were historically low (below 0.5%). As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, we observe a corresponding decline in homeownership rates to 75% by 2020.
Renter percentages in zip code 28363 have shown an inverse relationship to homeownership rates, naturally increasing as homeownership decreased. The renter population grew from 21% in 2013 to 26% in 2021, before slightly decreasing to 24% in 2022. Average rent prices, however, have not consistently followed this trend. From 2013 to 2022, average rent prices fluctuated, reaching a peak of $741 in 2013 and a low of $662 in 2017. By 2022, the average rent stood at $687, showing a slight recovery from the 2021 figure of $664.
In 2023 and 2024, average home prices in zip code 28363 continued their upward trajectory, reaching $122,369 in 2023 and $124,823 in 2024. This represents a 10.5% increase from 2022 to 2024, despite the significant rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024. These figures suggest a robust 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 28363 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 are also expected to increase moderately, driven by ongoing demand for rental properties and overall housing market appreciation.
In summary, zip code 28363 has experienced a gradual shift from homeownership to renting over the past decade, with a recent slight reversal of this trend. Average home prices have shown strong growth, particularly in recent years, while rent prices have fluctuated but generally remained stable. The area's housing market has demonstrated resilience, continuing to appreciate even as interest rates have risen significantly. These trends suggest a dynamic and evolving housing landscape in Hoffman, North Carolina.
