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Zip Code 28713: Home Values and Ownership in Scenic Bryson City, 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 28713, located in Bryson City, North Carolina, is a picturesque area known for its stunning natural beauty and outdoor recreational opportunities. Over the past decade, this region has experienced notable shifts in homeownership rates and property values, reflecting broader economic trends and local market dynamics.
Homeownership rates in zip code 28713 have shown remarkable stability over the years, with a slight increase from 72% in 2019 to 75% in 2022. This trend coincides with a significant rise in average home prices, which grew from $191,246 in 2019 to $283,219 in 2022, representing a 48% increase over just three years. The correlation between rising home values and steady homeownership rates suggests a robust local real estate market, where existing homeowners have benefited from appreciation while new buyers remain motivated despite higher prices.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2019 to 2021 saw historically low interest rates, dropping from 2.16% to 0.08%. This environment likely contributed to the maintenance of high homeownership rates in zip code 28713, as low borrowing costs made homeownership more accessible. The slight increase in homeownership from 72% in 2019 to 78% in 2021 aligns with this period of extremely low interest rates.
Renter percentages in zip code 28713 have fluctuated slightly, decreasing from 28% in 2019 to 25% in 2022. Interestingly, average rent prices have shown volatility during this period. In 2019, the average rent was $644, which decreased to $615 in 2020 and 2022, but spiked to $794 in 2021. This fluctuation in rent prices, coupled with the relatively stable renter population, suggests that local economic factors and housing supply dynamics may be influencing the rental market more than overall population changes.
In 2023 and 2024, average home prices in zip code 28713 continued their upward trajectory, reaching $301,135 in 2023 and $318,676 in 2024. This represents a 12.5% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically dampen home buying activity, the continued rise in home prices indicates strong demand and resilience in the local housing market.
Looking ahead, predictive models suggest that average home prices in zip code 28713 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 increase moderately, driven by ongoing demand for rental properties and the overall appreciation of real estate in the area.
The most significant discoveries in zip code 28713 include the robust growth in average home prices, which have more than doubled from $141,577 in 2010 to $318,676 in 2024. The area has maintained a high homeownership rate, hovering around 75%, despite rising property values. The rental market has shown resilience with slight fluctuations in both renter percentages and average rent prices. These trends collectively paint a picture of a desirable location with a strong housing market, capable of weathering economic changes while continuing to attract both homeowners and renters.
