The North Carolina housing market continues to be robust in 2022 by a combination of high demand, limited supply, and steadily increasing house selling prices. In June 2022, the typical home in the state of North Carolina was valued at $320,291. That’s a whopping 27.4% increase year-over-year (YoY), and Zillow predicts the market will continue to rise over the next twelve months. The second quarter of 2023 will see higher home prices in North Carolina than the second quarter of the current year.
How is the North Carolina Housing Market?
From June 2021 to June 2022, new listings were up 16.1%. 18,820 new listings were added in June but the still the average months of supply is 2 months, down year over year, according to Redfin.
- In June 2022, home prices in North Carolina were up 14.5% compared to last year, selling for a median price of $364,900.
- There were 17,079 homes sold in June this year, up from 15,671 homes sold in June last year.
- The median days on the market were 22 days, down 14% year over year.
- 57.3% of homes in North Carolina sold below list price, down 0.2 points year over year.
- There were only 25.6% of homes that had price drops, up from 9.0% of homes in June last year.
- There was a 102.3% sale-to-list price, down 0.0013 points year over year.
- If the ratio is above 100%, the home sold for more than the list price.
Are North Carolina Rent Prices Going Up?
Prospective buyers are not the only ones feeling the heat in this property market; tenants have also been scorched. Statewide the average rent price has grown by 29.55% year-over-year. The median rent for all bedrooms and all property types in North Carolina is $1,915. Rent has increased by $165 compared to the previous year, according to Zillow Rentals Data. Rent in North Carolina is 13% lower than the national median.
- The median rent price in North Carolina for August 2022 is $1,915.
- This is $165 more than August 2021 and $15 more than July 2022.
- The median rent in North Carolina is $284 less than the national median.
- There are currently 8,349 rentals available in North Carolina.
Will The North Carolina Housing Market Crash?
We continue to hear rumors of a market crash, but local data does not corroborate this at this time. Even if minor, the monthly figures indicate that the market has begun to cool. In June 2022, home prices in North Carolina rose 14.5% annually. Simultaneously, the number of homes sold increased by 7.7%, while the number of properties for sale decreased by 2.0%.
Bottom line: We're not seeing any major home price decline or crash in the North Carolina housing market just yet. The present supply of homes in North Carolina still favors sellers. In June 2022, the number of properties for sale in the state increased by 24.2% year-over-year. The current number of active listings in North Carolina is 16,726, a rise from 13,463 new listings that were added in June 2021.
North Carolina is home to Charlotte, the second-largest financial industry city in the United States after New York. Charlotte is showing no signs of slowing in its quest to be an even more influential financial hub. Charlotte has had substantial growth from the year 2000, despite reasonable delays in the expansion of financial services owing to the 2008 financial crisis. Since 2000, there has been a 47.7% rise in the number of financial industry positions in Charlotte, compared to just an 11.7% increase in the United States as a whole.
<<Read About Charlotte Housing Market Trends in 2022>>>
In 2023, North Carolina is predicted to remain a top-ranked state and relocation destination. The flood of new inhabitants will increase competition and limit housing availability, making North Carolina real estate even tighter. According to YouGov, the state is the fifth-best place to live. The state ranks second in terms of business climate, seventh in terms of education, and seventh in terms of fiscal stability.
North Carolina Housing Supply Graph
Real Estate Market Statistics in North Carolina & MSA Forecast for 2023
| Housing Statistics | Value |
|---|---|
| Zillow Home Value Index | $320,291 |
| Home Value Change YoY | +27.4% |
| Average Rent Price Change YoY | +29.55% |
| Available Housing Inventory For Sale | 16,726 |
| Is North Carolina a Buyer’s or Seller’s Market | Seller’s Market |
| Charlotte MSA One Year Home Values Forecast | +11.2% |
| Raleigh MSA One Year Home Values Forecast | +10.6% |
| Greensboro MSA One Year Home Values Forecast | +9.6% |
| Durham MSA One Year Home Values Forecast | +9.9% |
| Winston-Salem MSA One Year Home Values Forecast | +10.7% |
| Wilmington MSA One Year Home Values Forecast | +9.9% |
| Asheville MSA One Year Home Values Forecast | +9.3% |
<<Read About Raleigh Housing Market Trends in 2022>>>
Data Sources:
- https://www.zillow.com/research/data/
- https://www.zillow.com/nc/home-values/
- https://www.zillow.com/rental-manager/market-trends/nc/
- https://fred.stlouisfed.org/series/ACTLISCOUNC#
- https://www.redfin.com/state/North-Carolina/housing-market
- https://www.rent.com/research/average-rent-price-report/
- https://www.propeterra.com/resource-center/charlotte-north-carolina-banking
- https://today.yougov.com/topics/travel/articles-reports/2021/04/13/us-states-ranked-best-worst-according-americans
