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Zip Code 28447: Rising Home Values and Stable Ownership in Rural Ivanhoe, NC
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 28447, encompassing Ivanhoe in North Carolina, presents an intriguing landscape of homeownership and real estate trends. This rural area has experienced fluctuations in its housing market over the past decade, with notable shifts in homeownership rates, average home prices, and average rent prices.
The homeownership rate in zip code 28447 has shown remarkable stability, hovering around 80-85% throughout most of the observed period. In 2013, the homeownership rate stood at 84%, and by 2022, it had slightly increased to 85%. During this same period, average home prices in the area demonstrated a steady upward trajectory. In 2013, the average home price was $83,072, which rose consistently year over year, reaching $158,111 by 2022. This represents a substantial increase of 90.3% over nine years.
The relationship between federal interest rates and homeownership rates in zip code 28447 appears to deviate from typical trends. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, the homeownership rate remained relatively stable. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 28447 have remained relatively low, fluctuating between 11% and 20% from 2013 to 2022. Interestingly, average rent prices have shown a general upward trend during this period, despite the small renter population. In 2013, the average rent was $582, which increased to $775 by 2022, representing a 33.2% increase. The population of the area has remained relatively stable, with 1,803 residents in 2013 and 1,592 in 2022, suggesting that changes in population are not a significant factor in rent price trends.
In 2023 and 2024, the housing market in zip code 28447 continued its upward trajectory. The average home price reached $162,869 in 2023 and further increased to $164,294 in 2024. This represents a 3.9% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 28447 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to follow this upward trend, possibly reaching the $900-$1,000 range by 2029. However, the area's high homeownership rate may help stabilize rent increases to some extent.
In summary, zip code 28447 demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to national economic factors, maintaining its homeownership levels despite fluctuations in interest rates. The consistent rise in both average home prices and average rent prices suggests a strong local real estate market, which is likely to continue its upward trajectory in the coming years.
