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Zip Code 28712: Rising Home Values and Stable Ownership in Brevard, 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 28712, located in Brevard, North Carolina, is a diverse area spanning 147.31 square miles. This region has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 28712 has remained relatively stable, hovering around 72% from 2013 to 2022. However, there have been slight variations, with the rate reaching a peak of 73% in 2014, 2015, and 2018, before settling at 71% in 2022. Interestingly, these changes in homeownership rates have coincided with significant shifts in average home prices. In 2013, the average home price was $192,888, which steadily increased to $409,788 by 2022, representing a substantial 112.4% increase over this period.
The relationship between federal interest rates and homeownership rates in this area presents an intriguing pattern. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate remained relatively constant. This suggests that other local factors may have played a more significant role in influencing homeownership decisions in this zip code than national interest rate trends.
Renter percentages in zip code 28712 have shown a slight upward trend, increasing from 27% in 2014 to 29% in 2022. This shift corresponds with changes in average rent prices, which have experienced notable fluctuations. Average rent increased from $764 in 2013 to $1,093 in 2021, representing a 43% increase. However, it's important to note that average rent prices saw some volatility, dropping to $725 in 2015 before rising again. The population in this zip code has also grown from 18,559 in 2013 to 19,698 in 2022, potentially contributing to increased demand for rental properties.
Looking at the most recent data, average home prices in zip code 28712 continued their upward trajectory, reaching $436,772 in 2023 and $456,434 in 2024. This represents a 6.6% and 4.5% year-over-year increase, respectively. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 28712 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $550,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,300 per month by 2029, driven by population growth and housing demand.
In summary, zip code 28712 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has seen substantial growth in property values, with average home prices more than doubling from 2013 to 2024. Rental markets have also shown strength, with increasing renter percentages and rising average rent prices. These trends, combined with population growth and evolving interest rates, suggest a dynamic and potentially competitive housing market in this North Carolina zip code for the foreseeable future.
