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Zip Code 28423: 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
Bolton, located in zip code 28423 in North Carolina, has experienced notable shifts in homeownership rates and housing prices over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices in this area.
The homeownership rate in Bolton has shown fluctuations over the years. In 2013, the area had a high homeownership rate of 86%. However, this percentage decreased to 76% by 2019, indicating a shift towards renting. Interestingly, the trend reversed in recent years, with homeownership rising to 82% in 2022. This increase coincided with a significant rise in average home prices. From 2019 to 2022, the average home price in zip code 28423 increased from $120,427 to $177,785, representing a substantial 47.6% increase over just three years.
The relationship between federal interest rates and homeownership rates in Bolton shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1%, the homeownership rate declined from 86% to 78%. However, when interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate stabilized and then increased to 82%. This trend suggests that other local factors may have a stronger influence on homeownership in this area than national interest rates.
Renter percentages in Bolton have shown an inverse relationship to homeownership rates. The percentage of renters increased from 14% in 2013 to 24% in 2019, before decreasing to 18% in 2022. Average rent prices have fluctuated during this period. In 2013, the average rent was $740, which decreased to $667 in 2016 before rising to $815 in 2019. Interestingly, despite the decrease in renter percentage, the average rent continued to rise, reaching $857 in 2021 before dropping slightly to $726 in 2022. This trend suggests that rental demand remained strong even as more residents transitioned to homeownership.
In 2023 and 2024, the housing market in zip code 28423 showed signs of cooling. The average home price decreased from $177,785 in 2022 to $175,062 in 2023 and further to $168,826 in 2024. This represents a 5% decrease over two years. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which likely contributed to the cooling housing market.
Looking ahead, predictive models suggest that average home prices in Bolton may continue to experience moderate decreases over the next five years, potentially stabilizing around $160,000 by 2029. Average rent prices are projected to show slight increases, potentially reaching around $900 by 2029, reflecting ongoing demand for rental properties in the area.
In summary, Bolton has experienced significant fluctuations in homeownership rates and housing prices over the past decade. The recent trend shows an increase in homeownership despite rising home prices, suggesting strong local demand for housing. The rental market has remained resilient, with rent prices generally trending upward despite fluctuations in renter percentages. The cooling of the housing market in 2023 and 2024, coupled with rising interest rates, may signal a period of stabilization in both the ownership and rental markets in the coming years.
