On average, homes in North Carolina spend 65 days on average on the market, making an analysis of price and value a very important factor. In North Carolina, the median home value is $180,300 and there has been an appreciation in home value by 8.6% since 2018. That appreciation is expected to continue by 1.2% going forward.
Per square foot, the price of a home is approximately $130 and the average listing price is $260,000 and the average price paid at time of closing is $193,800. House rentals are approximately $1,300 per month.
Another factor to consider is the housing market and its current condition. Houses are in high demand but supply is lacking. North Carolina is presently considered a seller’s market and buyers should be ready to make a move if they find a home that is to their liking.
Aside from the above, knowledge of which cities are most and least expensive is a great barometer to use. Here is a quick reference for you:
- Least expensive cities: Eden, Silver City, Graham, Burlington, Greensboro
- Most expensive cities: Carolina Beach, Oak Island, Kill Devil Hills, Wilmington, Leland
Two “hotspot” cities are Asheville in the Blue Ridge Mountains and Chapel Hill due to its close proximity to the Raleigh-Durham metropolitan area and which is home to the University of North Carolina.
Overall, the best cities to purchase affordable new homes in North Carolina are below:
This city has increased in size by more than double since the year 2000 with a present estimated population of 26,865 residents. Homeownership is very high in Holly Springs with 88% of the homes owned as opposed to renter-occupied. A manufacturing facility for Novartis, the pharmaceutical company, makes its home in Holly Springs, which is less than 20 miles from the major city of Raleigh.
As such, Holly Springs offers a large number of employment options. In terms of monthly income, Holly Springs residents earn approximately $7,432 on average and the home median value is $236,700. The town itself is rich in history and historical culture, having been incorporated in 1877 right after the conclusion of the Civil War.
This town is rooted in native American history and is approximately 15 minutes outside of Charlotte. The city is over 100 years old and 85.8% of homes are owned, not rented. Population grew from 1,942 all the way up to 11,905 residents during the 1990s and population growth has steadily increased since that time.
A strong community atmosphere pervades this city and continued enrichment of that culture is a major focus. The Parks Master Plan was initiated in 2009 which created recreation and parks. That was followed by the opening of Crossing Paths Park in 2001 which features an amphitheater, playgrounds and public art on display.
Located 17 miles from Raleigh, this town features 74.6% homeowner rate and the home value median is $192,700. This town also features a heavy emphasis on and devotion to parks, recreation and family-based activities.
The parks and recreation department has created 18 different park sites along with a sports program for young adults, programs for seniors as well as a summer camp. There are six separate public schools as well as Wake Technical Community College.
The original site of Wake Forest University, this city is known as a “bedroom community“, realizing a sharp increase in population between the years 2010 and 2012.
Located 18 miles from Raleigh, homeownership is 74.8% and residents have the ability to attend Wake Technical Community College as well as South Eastern Baptist Theological Seminary, which is also one of the largest employers in Wake Forest.
Clayton is often referred to as a “satellite” to the nearby big city of Raleigh. The population is very small with 16,078 residents. Homeownership rate is 65.7% and the median home value is $258,500. Despite the fact that it is small in size, Clayton features manufacturing and pharmaceutical facilities that employ many of its residents. These companies are Grifols Therapeutics and Novo Nordisk and the well-known construction company Caterpillar tank has its construction and building products division located here.
North Carolina holds great appeal for those seeking a stable and prospering economy, warm, beach-friendly weather and a hip, vibrant lifestyle filled with culture and entertainment. Wherever you live, North Carolina has something for everyone and you will be warmly welcomed and feel right at home almost immediately. Making the move is one you will enjoy and reflect upon fondly for years to come.