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Zip Code 28717: Rising Home Values and Ownership Rates in Cashiers's Picturesque Landscape
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
Cashiers, located in zip code 28717 in North Carolina, is a picturesque mountain community known for its natural beauty and outdoor recreational opportunities. Over the past decade, this area has experienced significant fluctuations in homeownership rates and property values, reflecting broader economic trends and local market dynamics.
The homeownership rate in Cashiers has shown a notable increase in recent years, rising from 68% in 2018 to 86% in 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. In 2018, the average home price was $684,284, which steadily climbed to $1,275,711 by 2022, representing an impressive 86.4% increase over just four years.
The relationship between federal interest rates and homeownership rates in Cashiers appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows of 0.08% in 2021, the homeownership rate in the area was 80%. As interest rates began to rise in 2022 to 1.68%, we still saw a continued increase in homeownership to 86%, possibly due to buyers rushing to secure properties before rates climbed further.
Conversely, the percentage of renters in Cashiers has decreased from 32% in 2018 to 14% in 2022. Despite this decline in the renter population, average rent prices have shown an upward trend. In 2018, the average rent was $987, which increased to $1,030 by 2022, representing a 4.4% rise. This increase in rent prices, despite a smaller renter population, could be attributed to the overall increase in property values and the desirability of the area.
Looking at the most recent data, the average home price in Cashiers for 2023 was $1,300,767, and it further increased to $1,328,667 in 2024. This continued appreciation occurs despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, indicating strong demand for properties in this zip code even in a higher interest rate environment.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Cashiers will continue to appreciate, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $1,600,000 to $1,800,000, assuming consistent market conditions and economic factors. For rent prices, we expect a moderate increase, potentially reaching an average of $1,200 to $1,300 per month by 2029.
In summary, Cashiers (28717) has experienced a significant increase in homeownership rates and property values over the past decade. The area has shown resilience in its real estate market, with home prices continuing to rise even in the face of increasing interest rates. The trend of decreasing renter populations coupled with rising rent prices suggests a highly desirable location where demand for housing remains strong. As we look to the future, Cashiers is poised to maintain its attractiveness to homeowners and investors alike, with continued growth in property values expected in the coming years.
