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Zip Code 28714: Rising Home Values and Shifting Ownership Patterns in Burnsville, 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 28714, located in Burnsville, North Carolina, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its picturesque mountain views and small-town charm, has seen a general trend of increasing average home prices alongside fluctuations in homeownership rates.
The homeownership rate in zip code 28714 has shown some variability over the years, with a slight overall decline from 2013 to 2020, followed by a recent uptick. In 2013, the homeownership rate stood at 76%, gradually decreasing to 72% by 2020. However, there was a significant reversal of this trend in recent years, with homeownership rising to 77% in 2022. Concurrently, average home prices have shown a consistent upward trajectory. In 2010, the average home price was $151,233, which steadily increased to $295,288 by 2022, representing a substantial 95% increase over this period.
Federal interest rates appear to have influenced homeownership rates in the area. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%, which coincided with relatively stable homeownership rates around 75-76%. As interest rates began to rise from 2016 onwards, reaching 2.16% in 2019, there was a corresponding slight decline in homeownership rates to 72%. However, the sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) may have contributed to the recent surge in homeownership to 77% by 2022.
Renter percentages in zip code 28714 have generally mirrored the inverse of homeownership trends. The proportion of renters increased from 24% in 2013 to a peak of 28% in 2020, before declining to 23% in 2022. Average rent prices have shown some volatility over this period. In 2013, the average rent was $721, which decreased to $617 by 2019. However, there was a significant increase to $729 in 2021, followed by a drop to $631 in 2022. These fluctuations in rent prices and renter percentages may be influenced by the area's changing population, which grew from 14,425 in 2013 to 15,711 in 2022.
Looking at the most recent data, average home prices in zip code 28714 continued to rise in 2023 and 2024, reaching $302,218 and $307,447 respectively. This represents a modest but steady increase from the 2022 figure. Notably, federal interest rates have also seen a significant increase, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may potentially impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in zip code 28714 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. Average home prices could potentially reach around $340,000 to $350,000 by 2029. Rent prices may also see moderate increases, potentially reaching an average of $700 to $750 per month in the same timeframe, assuming continued population growth and economic stability in the area.
In summary, zip code 28714 has experienced a notable increase in average home prices over the past decade, with a recent resurgence in homeownership rates despite rising interest rates. The rental market has shown some volatility, both in terms of renter percentages and average rent prices. The area's continued population growth and the interplay between housing prices, interest rates, and homeownership rates will likely shape the real estate landscape in this Burnsville zip code in the coming years.
