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Zip Code 28804: Rising Home Values and Stable Ownership in Woodfin, North Carolina
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 28804, located in Woodfin, North Carolina, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a relatively stable homeownership rate with fluctuations in average home and rent prices, reflecting broader economic trends and local market conditions. The homeownership rate in zip code 28804 has remained relatively stable, hovering around 67% from 2013 to 2022. During this period, average home prices have shown a substantial upward trend. In 2013, the average home price was $279,370, which steadily increased to $583,085 by 2022, representing a remarkable 108.7% increase over nine years. This trend suggests that despite rising home prices, the area has maintained a consistent level of homeownership. Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate remained stable at around 65-67%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), the homeownership rate showed slight fluctuations but generally remained within the 65-67% range. This stability in homeownership despite rising interest rates and home prices indicates a strong local housing market and potentially robust local economy.
Renter percentages in zip code 28804 have fluctuated between 33% and 35% from 2013 to 2022, mirroring the homeownership trends. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,099, which increased to $1,358 by 2021, representing a 23.6% increase. However, there was a slight decrease to $1,138 in 2022. The population growth from 20,994 in 2013 to 25,006 in 2022 (a 19.1% increase) may have contributed to the overall upward pressure on rent prices, despite the slight dip in 2022.
As of 2024, the average home price in zip code 28804 has reached $633,219, continuing the upward trend observed in previous years. This represents a 8.6% increase from the 2023 average of $610,046. Notably, the federal interest rate has risen significantly to 5.33% in 2024, up from 5.02% in 2023. These higher interest rates may impact homebuying affordability and potentially influence future homeownership rates in the area.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 28804. Average home prices are likely to continue their upward trajectory, potentially reaching around $750,000 to $800,000 by 2029, assuming a moderate annual growth rate of 3-5%. Average rent prices may also continue to rise, potentially reaching $1,500 to $1,600 per month by 2029, assuming a 3-4% annual increase.
In summary, zip code 28804 has demonstrated a resilient housing market with stable homeownership rates despite significant increases in average home prices. The area has experienced substantial population growth, which has likely contributed to rising home values and rent prices. The recent spike in interest rates may introduce new dynamics to the local housing market, potentially affecting affordability and homeownership trends in the coming years.
