North Carolina is one of the most popular locations in the United States to buy your dream homes. Rich in history and culture, the state was ranked third best for business in 2010 by Forbes magazine and 68th in the world for education, ranked by U.S. News Rankings. From tourist spots and beach destinations to luxurious restaurants and leading businesses, North Carolina is full of opportunities, scenic beauty, and warmth.
When buying homes in the United States, the list of best locations is never-ending; however, the increasing demand and popularity of some locations have made it hard for home buyers to afford such properties. Well, this is different for North Carolina; from the most luxurious to the most affordable real estate properties, you can find it all here.
Every year, the regulations for buying properties change, and the state of North Carolina has its regulations. However, before investing a massive proportion of your savings in purchasing the home of your dreams, it is wise to know the market trends of a particular location. And how the market is expected to remain, just in case you want to sell your property or rent it. There are a lot of things to consider before making that final decision; prior knowledge about the market can help you decide better.
Real Estate In North Carolina
North Carolina is one of those states in the United States with a high demand for real estate properties for almost the entire year. In a place where the poverty rates are as low as 13.6%, and the average median household salary is more than $57000, buying a property here is indeed profitable.
After the pandemic, the housing market in the state has witnessed a decline, but eventually, it is back in its form. Recently, in 2023, in October, the state saw an increase of 8.0% in home prices, whereas, in the previous year, the percentage was 5.5%. This rate increase is directly related to the state’s demand for properties.
Now, the question remains, are enough properties available for sale to cope-up with the high demands? And the answer is a yes; with an increase in demand, the supply of properties is increasing. However, the recent 2023-2023 statistics say there was a decline of 17.5% in the listing and selling of new homes. And this can also be the result of a hike in price. The real estate market in the state of North Carolina witnesses a rise often, and the decline rates are low.
The 2023 Forecast Of Housing Market In North Carolina – 5 Things To Know
According to the recent 2023-2023 statistics, the state of North Carolina witnessed a growth in its housing market by 27.4% in June. This whopping increase in demand in the market is expected to rise in the upcoming year; hence, it is good news for homebuyers willing to buy new properties or invest in real estate. The recent surveys conducted on the housing market of North Carolina between June to October tell a lot about its demands and supply; here are its current forecasts:
1. The housing market is witnessing a growth in sales by 14.6%. The statistics say that more than 17,000 homes were sold in June. The figure for houses sold in June 2023 was around 15,500. Hence, you can see how the demand for properties has increased over the years.
2. The average price and rent are growing with the increased demand for properties. The cost of residential properties has risen by 8.0%, and there is also a rise in rent by 29.55%. These rates are expected to grow further.
3. As the demand increases, the housing market needs to deal with the growth in demand. In October 2023, there was a decline of 1.9% in the supply of properties. Nearly 42,000 homes were sold until October.
4. The mortgage rates are soaring after the pandemic and affecting house markets adversely. Luckily, for North Carolina, the mortgage rates are fixed, and the recent surveys say that for a 30-year fixed, the rate is 6.84%, and for 15 years, it is 6.17.
5. There are no worrying signs of the crashing of the housing market in North Carolina. Even if there is a disbalance between the demand and supply, home listing, and sales, there are no such worries related to the downfall. On average, the housing market of this state is also witnessing growth in many areas.
5 Best Locations In North Carolina
Buying housing properties in North Carolina is the best decision because of its scenic beauty and infrastructure and its plethora of opportunities, low poverty rates, and abundant properties. If you are seeking the best locations in N.C., here are the best ones:
• Raleigh- The state’s capital with over 450,000, unemployment rates as low as 3%.
Charlotte has a population of approximately 880,000, and the estimated monthly living expenses are roughly $7,000.
• Wilmington- Has a population of more than 110,000 and an unemployment rate as low as 3.5 %.
• Greenville- Ideal for buyers seeking less-populous locations, this city has a population as low as 89,000, and the cost of living is relatively low compared to metropolitan cities.
• Winston-Salem- Also among the less-populous city lists, has a population of approx. 250,000 and a good community wellness score of 55 out of 100.
Things To Consider Before Buying A Real Estate Property In House Carolina
There are many things to consider before buying a property in North Carolina, and some of these significant factors include the following:
• Deciding on the most convenient location.
• Doing thorough research on the housing market of a particular location.
• Evaluating and comparing the home values.
• Paying attention to the property’s mortgage rates.
• Evaluating property tax.
• Cost of living and downpayment assistance, if any.
North Carolina is undoubtedly gaining more popularity across the country for its job opportunities, educational facilities, fewer unemployment rates, and environment-friendly approach. And this is why there has recently been a growth in population rates and housing property demands. Living in one of the most advanced states of the country that shares a striking contrast of rich history and culture and technological advancements at its peak is indeed praiseworthy.