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Zip Code 28745: Rising Home Values and Ownership Rates in Lake Junaluska
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
Lake Junaluska, located in zip code 28745 in North Carolina, has experienced significant changes in homeownership rates and housing prices over the past decade. This small community has seen a notable increase in homeownership, coupled with substantial growth in average home prices. The area has also witnessed fluctuations in average rent prices, reflecting the dynamic nature of its housing market.
The trend in homeownership rates in Lake Junaluska shows a remarkable increase from 2013 to 2022. In 2013, the homeownership rate was 81%, which steadily increased to 93% by 2022. This significant rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $221,543, and by 2022, it had nearly doubled to $412,464. This trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in Lake Junaluska. From 2013 to 2020, interest rates remained relatively low, ranging from 0.11% to 2.16%. This period of low interest rates coincided with the steady increase in homeownership rates, as more affordable financing options likely encouraged home purchases. The sharp increase in homeownership from 86% in 2020 to 93% in 2022 occurred despite a rise in interest rates from 0.38% to 1.68%, indicating strong local demand for homeownership.
The renter population in Lake Junaluska has decreased significantly as homeownership rates increased. In 2013, 18% of the population were renters, which dropped to just 7% by 2022. Interestingly, average rent prices have shown considerable volatility during this period. The average rent increased from $716 in 2013 to a peak of $1,748 in 2016, before declining to $1,023 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a shift in the local housing market towards homeownership.
In 2023 and 2024, the housing market in Lake Junaluska continued to evolve. The average home price reached $437,417 in 2023 and further increased to $455,782 in 2024, representing a 10.5% growth over two years. This upward trend occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating strong demand and resilience in the local housing market.
Looking ahead, the 5-year forecast for Lake Junaluska suggests continued growth in both average home prices and rent prices. Based on historical trends and current market conditions, average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $550,000 by 2029. Average rent prices are expected to stabilize and potentially increase by 2-3% annually, possibly reaching $1,150-$1,200 by 2029.
In summary, Lake Junaluska has experienced a significant shift towards homeownership, with rates increasing from 81% to 93% between 2013 and 2022. This trend has been accompanied by substantial growth in average home prices, nearly doubling over the same period. Despite rising interest rates in recent years, the local housing market has shown resilience, with continued price appreciation. The rental market has seen a declining share of the population and fluctuating prices, reflecting the area's strong preference for homeownership. These trends paint a picture of a robust and evolving housing market in zip code 28745, with potential for continued growth in the coming years.
