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Zip Code 28904: Rising Home Values and Stable Ownership in Scenic Hayesville, 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 28904, located in Hayesville, North Carolina, has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing home values and rental costs, along with shifts in the balance between owner-occupied and renter-occupied housing.
The homeownership rate in zip code 28904 has shown variability over the years, with a general trend towards increased ownership. In 2013, the homeownership rate stood at 82%, which decreased to 75% in 2015. However, by 2022, it had rebounded to 81%. This trend correlates interestingly with average home prices in the area. In 2013, the average home price was $147,999, which steadily increased to $316,461 by 2022, representing a substantial 114% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained relatively stable at 75% to 78%. This stability in homeownership during low interest rate periods suggests that other factors, such as local economic conditions or housing supply, may have played a significant role in this market.
Renter percentages and average rent prices in zip code 28904 have also shown interesting trends. The percentage of renters increased from 18% in 2013 to 25% in 2015 and remained stable until 2020. During this period, average rent prices rose significantly, from $607 in 2013 to $849 in 2020, a 40% increase. This suggests that despite rising rents, demand for rental properties remained strong, possibly due to factors such as population growth or changes in housing preferences.
In 2023 and 2024, the housing market in zip code 28904 continued to evolve. The average home price reached $330,786 in 2023 and further increased to $341,016 in 2024, representing a 3.1% year-over-year growth. This growth occurred despite high federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing even in a higher-cost financing environment.
Looking ahead, predictive models suggest that the upward trend in both home prices and rents is likely to continue in zip code 28904 over the next five years. Based on historical data and current market conditions, average home prices could potentially reach around $400,000 by 2029. Average rent prices, which have shown consistent growth, may approach or exceed $1,200 per month in the same timeframe.
In summary, zip code 28904 has demonstrated resilience and growth in its housing market. The area has seen a general trend towards increased homeownership, significant appreciation in home values, and rising rental costs. These trends, coupled with the area's ability to maintain growth even during periods of higher interest rates, suggest a robust and desirable local real estate market with potential for continued appreciation in both home values and rental rates.
