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Zip Code 28411: Rising Home Values and Stable Ownership in Murraysville, 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 28411, located in Murraysville, North Carolina, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing population and housing values, with some fluctuations in homeownership rates.
The homeownership rate in zip code 28411 has shown a slight overall decline from 2013 to 2022. In 2013, the homeownership rate was 79%, which decreased to 77% by 2022. During this same period, average home prices in the area have steadily increased. In 2013, the average home price was $219,336, rising to $406,589 by 2022, representing an impressive 85.4% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained relatively stable at 74% in 2020 and 77% in 2021. This stability in homeownership during low-interest periods aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 28411 have shown a slight increase from 21% in 2013 to 23% in 2022. Concurrently, average rent prices have also risen, though not as dramatically as home prices. In 2013, the average rent was $1,345, increasing to $1,435 by 2022, a 6.7% increase over nine years. The population growth in the area, from 31,846 in 2013 to 37,156 in 2022, may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the average home prices in zip code 28411 continued to rise significantly. The average home price reached $435,232 in 2023 and further increased to $452,900 in 2024. This represents a 7% increase from 2022 to 2023 and a 4% increase from 2023 to 2024. Notably, federal interest rates also saw a substantial increase during this period, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen since 2007.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 28411 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate suggests average home prices could reach approximately $525,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,700 by 2029, assuming a continued steady growth in population and demand for rental properties.
In summary, zip code 28411 has demonstrated robust growth in both population and housing values over the past decade. While homeownership rates have slightly decreased, they remain high at 77%. The area has seen substantial appreciation in average home prices, outpacing the growth in average rent prices. The recent spike in interest rates may impact future homeownership trends and price growth, but the area's consistent population growth suggests continued demand for both owned and rented housing in the coming years.
