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Zip Code 28590: Rising Home Values and Fluctuating Ownership in Winterville, 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
Winterville, located in zip code 28590 in North Carolina, has experienced notable shifts in its housing market over the past decade. This area has seen significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Winterville has shown resilience, with some fluctuations over time. In 2013, the homeownership rate stood at 70%, and by 2022, it had increased slightly to 72%. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $151,930, which rose dramatically to $254,827 by 2022, representing a 67.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Winterville appears to follow expected patterns. For instance, when interest rates were historically low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable around 67-70%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased slightly to 72%, possibly indicating other local factors influencing home buying decisions.
Renter percentages in Winterville have shown some variability, ranging from 30% in 2013 to 35% in 2019, before decreasing to 28% in 2022. Average rent prices have generally increased over this period, albeit with some fluctuations. In 2013, the average rent was $932, which increased to $1,074 by 2021, representing a 15.2% increase. However, there was a slight decrease to $1,031 in 2022. The population growth from 25,178 in 2013 to 26,469 in 2022 may have contributed to the overall upward pressure on rent prices.
In 2023 and 2024, the housing market in Winterville continued its upward trajectory. The average home price reached $272,808 in 2023 and further increased to $281,851 in 2024, marking a 10.6% rise over two years. This occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, predictive models suggest that average home prices in Winterville may continue to rise over the next five years, potentially reaching around $320,000 by 2029 if current trends persist. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Winterville has experienced a robust housing market with increasing homeownership rates and significant appreciation in average home values. The resilience of homeownership despite rising interest rates suggests strong local demand for housing. Meanwhile, the rental market has shown more variability, with fluctuating renter percentages and moderate increases in average rent prices. The continued rise in both home prices and interest rates in recent years indicates a dynamic and potentially challenging market for new entrants, while potentially benefiting existing homeowners through increased equity.
