The Guide To North Carolina Real Estate
Nicole Leininger December 15, 2021
Nicole Leininger December 15, 2021
North Carolina is a great place to live with something for everyone. Beach fanatic? There’s a whole coastline of some of the most popular beaches on the East Coast. Mountains more your style? Western North Carolina offers some of the most stunning views and trails to explore on bike or on foot. With a rich four season climate and a booming economy, it’s no wonder so many are declaring North Carolina their new home.
Beyond a high standard of living, the North Carolina real estate market is also thriving. If you’re looking to buy your first home or just a new home, here is your guide to North Carolina real estate.
The real estate market in North Carolina is booming, with the average sale price of an average home reaching an all-time high. The average listing price for a home in North Carolina is now $314,000, and the average sale price is even higher at $349,000. The statewide median sales price is currently $255,000.
However, real estate prices vary depending on the location. Charlotte’s real estate in south central North Carolina is selling at a median price of $195,000. Raleigh’s real estate in Eastern North Carolina is going for a median price of $245,000. And Asheville real estate – the main mountain city in Western North Carolina – is going for a median price of $395,000.
The real estate market in North Carolina has been appreciating at a rate of nearly 18% over the past two years. This is above the national average of less than 9%. What’s more is that North Carolina real estate agents are predicting that the real estate market in North Carolina will continue to grow in value for the foreseeable future. If you’re looking for a long-term investment, buying real estate in North Carolina may be a wise decision.
The North Carolina real estate market also continues to climb year after year even through natural disasters like Hurricane Florence. The strength of the real estate market is the new construction homes with just 9% of homes here being built pre-1950. Most North Carolina real estate agents attribute this increased demand to the rapid growth rate in the state which has seen an increase over the last ten years of 9.5%, including foreign buyers looking for a real estate investment.
Currently, North Carolina real estate is more affordable than many other states. The average monthly mortgage payment in the state is $1,2417 with interest rates between 4% and 5%. When you compare this to the national average of $1,486, owning real estate is becoming more affordable for residents in North Carolina.
Many people are making the decision to purchase real estate in North Carolina as they see it as a more affordable option than renting, and with the increasing values, it is only becoming more advantageous to buy.
The economy in North Carolina is doing very well and has an unemployment rate below the national average. The state’s GDP has also been increasing steadily for the last few years and is now up to $550 billion.
This booming economy is attracting people to North Carolina from all over the United States. The influx of people is also causing the real estate market in the state to continue to grow in value. If you’re looking for a great place to live with a strong economy, North Carolina is a great option.
Here’s what you need to know about the real estate market of each North Carolina city. They are listed by region.
Asheville real estate is currently seeing a boom in home prices, with realtors attributing that growth to the relatively low housing inventory.
Asheville real estate represents a great option for realtors looking for long-term investments, although many realtors are becoming concerned about future growth because of the high interest rates and rent prices.
Boone is home to App State and the Appalachian Ski Mountain. As a growing college town and an outdoor enthusiast’s playground, Boone is a great place to raise a family and for professionals in the outdoor recreation industry. It’s also a great spot for those who want to work remotely from a beautiful setting. Real estate agents predict real estate values in Boone will likely increase over the next couple of years realtors, making it a great time to invest or buy real estate in Boone.
The real estate market in Hendersonville is seeing a lot of growth as well, with realtors attributing that to the city’s natural beauty as part of the family of mountain cities out in North Carolina’s “High Country.” Families are especially interested in Hendersonville because of the excellent schools and low crime rates.
Charlotte real estate is picking up, with an increase in real estate sales and property values. Homebuyers here are particularly interested in condos and townhouses to get the most value out of their money.
North Carolina real estate agents predict that Charlotte real estate will continue its upward trajectory for the next few years while more people move into the area. Charlotte has ranked in the top 3 fastest growing cities in the US for over 10 years, with many publications ranking Charlotte at #1 on that list.
The real estate market in Greensboro is doing phenomenal, with realtors attributing that growth to a reduction in real estate tax. Letting housing values increase has been a progressive strategy that has been paying off due to the amount of realtors and families choosing Greensboro as their new home. This city has become a hotspot for realtors looking to take advantage of strong sales figures and low inventory across all price ranges as well as for residents who want to avoid Charlotte pricing while still living within a two hour drive of the Queen City.
Winston-Salem real estate is one of North Carolina’s best investments right now, with homes increasing in value by more than 17.7% over the past year. Winston-Salem is expected to grow significantly in the next few years, making it a great city to invest in.
Statesville real estate is benefiting from its location, being situated midway between Charlotte and Greensboro. This allows for easy access to both cities while avoiding some of the negative aspects of living in either city like traffic and a high cost of living.
Investors are taking advantage of this by buying up properties and fixing them up before renting them out, which is causing Statesville’s rental market to grow rapidly.
The real estate market in Raleigh is red-hot with home values increasing by more than 60% over the past 10 years. Current realtors here are finding that buyers are looking for homes within walking distance to shopping centers or restaurants, although smaller homes are also popular due to their affordability.
Durham real estate has increased in value by nearly 67% over the past decade. Real estate agents are continuing to see promising signs for home buyers here.
Durham is part of “The Triangle” area that includes the cities of Raleigh, Durham, and Chapel Hill. Durham is a great place to buy if you work anywhere within The Triangle.
Chapel Hill is another strong city in the North Carolina real estate market with a growth rate of just under 39% over the past 10 years. Chapel Hill real estate is considered a great investment because of its future potential.
The real estate market in Greenville is strong with an increase in population causing real estate values to continue growing. Being a coastal North Carolina city, investors are especially interested in waterfront properties while families are looking for homes near good schools.
Wilmington is another coastal North Carolina city where real estate is seeing a resurgence after years of being overshadowed by other North Carolina cities. Wilmington realtors are reporting bidding wars on many properties as well as rising home values.
North Carolina real estate agents predict that increasing demand will likely drive real estate prices up over the next few years along with increased luxury development.
As the real estate market continues its rapid growth, now is a great time to buy real estate in North Carolina before costs climb any further.
As you can see, each of these North Carolina real estate markets is unique and has something different to offer realtors and home buyers alike. No matter which city you choose to invest in, you can’t go wrong with investing in North Carolina real estate.
If you are looking to buy a home anywhere within the Charlotte real estate market – you need the best representation there is. That would be Nicole Leininger. As a waterfront property specialist, as well as a military relocation professional, Nicole proudly serves both families and individuals that make our country so great. Contact Nicole today to get started towards finding your new, forever, or investment home.
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