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Zip Code 28634: Rising Home Values and Ownership Rates in Harmony, 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 28634, located in Harmony, North Carolina, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and fluctuating average home and rent prices, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 28634 has shown a steady increase from 2013 to 2022. In 2013, 80% of residents were homeowners, and this figure rose to 84% by 2022. This upward trend in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $114,336, and it rose dramatically to $236,906 by 2022, representing a 107% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, when average home prices jumped from $171,278 to $209,631, a 22.4% rise in just one year.
Federal interest rates have played a role in shaping homeownership trends in this area. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the steady increase in homeownership rates, as more affordable financing options likely encouraged home purchases. However, despite the sharp increase in interest rates to 1.68% in 2022 and 5.02% in 2023, homeownership rates remained high at 84%, suggesting other factors may be influencing homeownership in this area.
The rental market in zip code 28634 has shown inverse trends to homeownership. The percentage of renters decreased from 20% in 2013 to 16% in 2022. Average rent prices have fluctuated over this period, with notable volatility. In 2013, the average rent was $924, which dropped significantly to $592 in 2014. Rent prices then showed an overall upward trend, reaching $702 in 2022, though this is still below the 2013 level. The population in the zip code has remained relatively stable, increasing slightly from 4,998 in 2013 to 4,880 in 2022, which may have contributed to the moderate changes in rental demand and prices.
In 2023 and 2024, the real estate market in zip code 28634 continued to evolve. The average home price in 2023 was $243,093, a 2.6% increase from 2022. In 2024, it further increased to $251,228, representing a 3.3% year-over-year growth. Notably, federal interest rates reached 5.02% in 2023 and 5.33% in 2024, marking a significant increase from previous years. Despite these higher interest rates, home prices continued to rise, suggesting strong demand or limited supply in the area.
Looking ahead, predictive models suggest that average home prices in zip code 28634 may continue to increase over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are expected to stabilize or show moderate growth, reflecting the area's consistent population and the balance between homeownership and rental markets.
In summary, zip code 28634 has demonstrated a strong trend towards homeownership, with increasing average home prices despite rising interest rates. The rental market has contracted slightly but remains an important component of the local housing ecosystem. The area's real estate market has shown resilience and growth, with homeownership rates and property values both trending upward over the past decade.
