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Zip Code 28512: Rising Home Values and Ownership in Pine Knoll Shores' Coastal Community
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
Pine Knoll Shores, located in zip code 28512 in North Carolina, is a coastal community known for its beautiful beaches and natural attractions. Over the past decade, this area has experienced significant shifts in homeownership rates and property values. The town has seen a general trend of increasing homeownership, rising average home prices, and fluctuating average rent prices.
The homeownership rate in Pine Knoll Shores has shown a steady increase from 2013 to 2022. In 2013, 74% of residents were homeowners, and this percentage rose to 80% by 2022. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $308,354, and by 2022, it had risen dramatically to $573,652, representing an 86% increase over nine years.
Federal interest rates appear to have influenced homeownership rates in Pine Knoll Shores. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates actually decreased slightly from 74% to 70%. However, as interest rates began to rise moderately from 2016 to 2019 (0.40% to 2.16%), homeownership rates increased from 71% to 77%. This suggests that other local factors, such as economic conditions or housing market dynamics, may have played a more significant role in driving homeownership trends in this area than national interest rates alone.
The renter population in Pine Knoll Shores has decreased as homeownership has increased. In 2013, 26% of residents were renters, but by 2022, this had dropped to 20%. Interestingly, average rent prices have remained relatively stable despite this decrease in the renter population. In 2013, the average rent was $1,044, and it increased to $1,053 by 2022, showing only a marginal 0.9% increase over nine years. This stability in rent prices, despite a decreasing renter population, could indicate a balanced rental market or the influence of local regulations.
In 2023 and 2024, the average home prices in Pine Knoll Shores continued to rise, reaching $591,819 in 2023 and $608,715 in 2024. This represents a 3.2% increase from 2022 to 2023 and a further 2.9% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends and property values in the area.
Looking ahead to the next five years, based on the observed trends, we can expect average home prices in Pine Knoll Shores to continue rising, albeit potentially at a slower rate due to higher interest rates. If the current trajectory holds, average home prices could reach approximately $700,000 by 2029. Average rent prices, which have been relatively stable, may see modest increases, potentially reaching around $1,200 per month by 2029. However, these projections could be influenced by various factors including economic conditions, local development, and changes in population dynamics.
In summary, Pine Knoll Shores has experienced a significant increase in homeownership rates and average home prices over the past decade, while maintaining relatively stable average rent prices. The town's real estate market has shown resilience and growth, with homeownership becoming increasingly prevalent. As we move forward, the interplay between rising home prices, interest rates, and local economic factors will likely continue to shape the housing landscape in this coastal North Carolina community.
