Loading Content...
Zip Code 28730: Rising Home Values and Stable Ownership in Fairview, NC
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 28730, located in Fairview, North Carolina, has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a predominantly owner-occupied housing market, with ownership rates consistently above 70% throughout the observed period. The trends in average home prices and average rent have shown significant fluctuations, reflecting the dynamic nature of the local real estate market.
The homeownership rate in zip code 28730 has demonstrated resilience, with a slight overall increase from 71% in 2017 to 80% in 2022. This upward trend in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $238,129, which steadily increased to $479,571 by 2022, representing a remarkable 101% increase over nine years. The most significant annual jump occurred between 2020 and 2021, with average home prices surging from $354,003 to $413,210, a 16.7% increase in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2013 to 2022 saw historically low interest rates, particularly from 2013 to 2016 when rates remained below 0.5%. This low-interest environment likely contributed to the sustained high homeownership rates in zip code 28730. As interest rates began to rise more significantly in 2017 (1%) and 2018 (1.83%), we observe a slight dip in homeownership from 73% in 2016 to 71% in 2017. However, the overall trend remained robust, with ownership rates rebounding to 80% by 2022 despite rising interest rates.
The rental market in zip code 28730 has shown interesting patterns in relation to homeownership trends. As the percentage of renters decreased from 29% in 2017 to 20% in 2022, average rent prices experienced fluctuations. In 2013, the average rent was $855, which increased to a peak of $1,066 in 2016. Subsequently, rent prices showed some volatility, settling at $986 in 2022. This represents a 15.3% increase in average rent from 2013 to 2022, a more modest growth compared to home prices. The population in the area has remained relatively stable, with 10,708 residents in 2017 decreasing slightly to 9,500 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, average home prices in zip code 28730 continued their upward trajectory, reaching $511,125 in 2023 and further increasing to $537,529 in 2024. This represents a 6.6% and 5.2% year-over-year increase in 2023 and 2024, respectively. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, marking the highest levels in over a decade. Despite these elevated interest rates, the local housing market has maintained its growth momentum.
Applying predictive models to forecast future trends, we anticipate that average home prices in zip code 28730 will continue to rise over the next five years, albeit at a potentially slower rate due to the higher interest rate environment. We project average home prices could reach approximately $650,000 by 2029. For the rental market, we expect average rent prices to show moderate growth, potentially reaching around $1,200 per month by 2029, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 28730 has demonstrated a strong preference for homeownership, with rates increasing despite rising property values. The area has seen substantial appreciation in average home prices, outpacing growth in the rental market. The resilience of the housing market in the face of recent interest rate hikes suggests a robust local economy and continued demand for homeownership in this North Carolina community.
