The real estate market in North Carolina has seen a rise in recent years because of its stunning coastlines and mountains, making it a popular location for many people. A combination of increasing prices for homes with a drop in inventory and a crowded market suggests it is likely that North Carolina is currently leaning towards being a selling market.
Prices for homes within North Carolina experienced a 3.7 percent year-over-year growth in November 2023, suggesting a stable and rising market. Although there are challenges like a decrease in the volume of sales and inventory, there are no immediate indicators of a housing collapse. The market is resilient, adjusting to the ever-changing dynamics.
What do you feel about the North Carolina housing market right now?
According to Redfin, in November 2023, the analysis of year-over-year data showed a 3.7 percent rise in the cost of homes, which indicates that the market is thriving. However the number of houses sold saw an 8.0 percent decline, which was accompanied by an 5.6 percentage decrease in the supply of homes that are available for auction. These numbers highlight the complex equilibrium between the supply and demand of homes in the North Carolina housing market.
On average, 10,778 homes have been sold during November of 2023. This is an 8.0 percent decrease from last year. The median number of days on the market was 39, which underscores the importance of a speedy buying and selling process for the buyers and sellers.
North-Carolina Housing Demand
Analyzing the market competition, November 2023 saw 23.6 percent of homes sold over the asking price, which is a decrease of 2.5 points over last year. However, the proportion of homes with price decreases fell from 26.0 percent to 22.5 per cent. The sale to list price ratio increased slightly to 98.3 percent over a year.
The Top Ten Metros of North Carolina that have the fastest Growth in Prices for Sales
- Elizabeth City, NC: 34.6%
- Hickory, NC: 34.5%
- Chapel Hill, NC: 28.4%
- Thomasville, NC: 26.8%
- Rocky Mount, NC: 25.7%
- Canton, NC: 23.6%
- Murraysville, NC: 22.2%
- Shelby, NC: 21.5%
- Wilson, NC: 21.1%
- Troutman, NC: 20.8%
North-Carolina Housing Supply
Looking at the market in November, there were 42,442 homes on the market, which is a 5.6 percent decrease year on year. Homes that had been listed for sale recently however, grew by 2.9 percent, and reached 11,179. The supply average decreased to three months, highlighting the continuing challenges in satisfying buyers’ demand.
Is Now a Good Time to Buy a House in NC
Due to the high competition in the market and the slight decline in the number of homes sold above the listed price, potential buyers must carefully review their alternatives. Consulting with real estate professionals is recommended for an informed decision, depending on the specific circumstances.
North Carolina Housing Market Forecast for 2024
The North Carolina housing market’s positive trend indicates the state’s growing economy, various career opportunities, and appealing lifestyle options. The mix of urban centres, picturesque landscapes, and a low cost of living has resulted in people who are looking to settle down for the long term and investors seeking lucrative opportunities.
Average Home Value and Trends
According to Zillow, the median house price of homes in North Carolina currently stands at $316,103, a 3.1 percent growth over the last year. This impressive growth is a sign of a vibrant real estate market. The average home can be sold in around 19 working days, demonstrating real estate’s competitive and high-demand character.
Inventory and New Listings
As of December 31st 2023, there are 31056 homes available for sale within North Carolina. The state has experienced 859 new listings, highlighting the market’s rapid growth as sellers adjust to an increasing demand. This increase in inventory indicates an active and healthy real estate market.
Median Sale and List Prices
The median price for sale on December 30th, 2023, was $309,667. The median list price was $363,300 on December 31st 2023. The median ratio of sale to list is 0.996, underscoring the close alignment between the sale and listing prices. These numbers provide valuable benchmarks for both sellers and buyers when it comes to navigating the market.
Market Dynamics: Sales Performance
Analyzing sales performance indicators, 31.0% of transactions in North Carolina were recorded over the list price, demonstrating the dynamism in this market. In contrast, 51.1% of sales were recorded below the list price, showing potential buyers a diverse variety of choices.
TOP 10 Metro Areas in NC with Proposed Growth by 2024
In 2024, specific regions of North Carolina are expected to witness significant increases in the price of homes. Based on forecasts based on data:
- Sanford, NC: The forecast is for a growth rate of 7.2 percent until December 31st 2024.
- Laurinburg, NC: The forecast predicts an increase of 6.6 percent until 2024’s end.
- Wilson, NC: Expects an average increase of 6.5 percent until December 31st 2024.
- Kinston, NC: Projects a growth rate of 6.5 percent through 2024.
- Boone, NC: With the potential for growth of 6.4 percent until December 31st, 2024. Boone is an area that could be appreciated. The location’s strategic position and nearby amenities make it a desirable choice for potential homebuyers and investors.
- Rocky Mount, NC: Anticipating a 6.2 percent rise in the cost of homes at the end of 2024, Rocky Mount showcases a solid real estate market—the city’s economic growth and market trends for housing place it in a prominent region to consider.
- Lumberton, NC: Projecting a 6.2 percentage rise in the cost of homes, Lumberton offers opportunities for people who want to participate in an area characterized by constant appreciation. Infrastructure development and community growth are significant factors in Lumberton’s positive outlook.
- Brevard, NC: Projection of a rise of 6.1 percent in the cost of homes, Brevard exhibits resilience in its real estate market. Brevard’s distinctive appeal and its economic aspects make it an appealing possibility for those considering investing in property.
- Albemarle, NC: With an anticipated increase of 6.6%, Albemarle signifies stability and potential return for investors and homeowners. Albemarle’s economic indicators, as well as the market for housing, make it a desirable place to live in as a market that is growing.
- Hickory, NC: With a forecast of an expected 5.9 percent rise in the cost of homes, Hickory stands out as an attractive market that offers a wide range of options. The city’s economic diversity and rich cultural resources make it a popular location for those looking to find the right balance between growing and living.
These regions offer promising opportunities for both investors and homeowners and investors since they’re poised to surpass the overall housing market with regard to appreciation. North Carolina is currently a North Carolina housing market that leans towards being more of a buyer’s market. This is evident in the massive demand for homes, as apparent in the average value of homes that has increased by 3.1 percent over the last year.
Will The North Carolina Housing Market Crash?
Based on the latest market and economic data Based on the current data and market trends, there is no evidence of an imminent housing decline within North Carolina. The constant growth in average home value, strong market demand, and competitive dynamics suggest a robust and stable housing market. But, it’s essential to monitor external and economic influences that could impact this market’s performance in the coming years.
Market Fundamentals
A variety of factors are responsible for this current stability in the North Carolina housing market:
- Economy Strength North Carolina boasts an expanding and diverse economy. Major industries thrive within the state, including healthcare, technology, finance, and manufacturing. This mixed economy creates a solid base to sustain the demand for housing.
- State Population Growth The State continues to draw a steady stream of new residents due to its employment opportunities, the high quality of life and affordable cost of living compared to other popular areas. The population growth is a boon for the demand for housing.
- Balance of Supply and Demand: Although some areas could experience housing shortages, the general balance of supply and demand in North Carolina remains relatively stable. This balance prevents dramatic price swings that could lead to an economic crash.