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Zip Code 29651: Rising Home Values and Ownership Rates in Greer, South Carolina
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 29651, located in Greer, South Carolina, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a notable increase in both population and homeownership, coupled with fluctuating average home and rent prices.
The homeownership rate in zip code 29651 has shown a strong upward trend, increasing from 73% in 2015 to 83% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2015, the average home price was $165,910, which rose steadily to $306,421 by 2022, representing an impressive 84.7% increase over seven years. This trend suggests a growing preference for homeownership in the area, despite rising property values.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite historically low interest rates from 2015 to 2021 (ranging from 0.08% to 1.83%), homeownership rates continued to climb. This trend contradicts the typical expectation that lower interest rates lead to increased homeownership. Instead, it appears that other factors, such as local economic conditions or housing market dynamics, may have played a more significant role in driving homeownership in this area.
Conversely, the percentage of renters in zip code 29651 has decreased from 26% in 2015 to 17% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2015, the average rent was $922, which increased to $961 by 2022, representing a 4.2% rise. This trend suggests that even with a smaller renter population, demand for rental properties remains strong, possibly due to the growing overall population in the area, which increased from 45,392 in 2015 to 57,246 in 2022.
Looking at more recent data, the average home price in zip code 29651 continued to rise, reaching $319,893 in 2023 and $324,985 in 2024. This represents a 4.4% increase from 2022 to 2023 and a further 1.6% increase from 2023 to 2024. Interestingly, federal interest rates also saw a significant increase during this period, rising from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. Despite these higher interest rates, home prices in the area have continued to appreciate, albeit at a slower pace than in previous years.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 29651 to continue their upward trajectory, albeit potentially at a more moderate pace due to higher interest rates. Average home prices could potentially reach around $360,000 to $380,000 by 2029. For rent prices, the forecast suggests a continued gradual increase, potentially reaching an average of $1,100 to $1,200 per month by 2029, assuming the current trends in population growth and housing demand persist.
In summary, zip code 29651 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. Despite fluctuations in interest rates and a decreasing renter population, both home prices and rent have shown overall growth. The area's continued population growth and the persistent increase in homeownership rates suggest a robust and attractive housing market in this part of Greer, South Carolina.
