Looking to buy or sell your home?
Either way, it’s good to know what’s going in the housing market.
Throughout 2022, the lingering effects of the COVID-19 pandemic have continued to impact the North Carolina housing market. Some of the indicators include historically low interest rates, supply and demand restraints, and lower unemployment levels. However, home values and rent prices have been increasing this year and are projected to continue into 2023.
Housing Market Forecast
In June 2021, new listings were up 16.1%. Around 18,000 listings were put on the market and around 15,000 homes were sold. A year later, we see this trend increasing, as around 17,000 homes were sold in June 2022. 57.3 percent of homes sold in North Carolina this year were sold below the listing price, which is a decrease of .02 points year over year.
As of June 2022, the value of a typical home in North Carolina was valued at $320, 291, an increase of 27.4 percent. The NC housing market is predicted to continuing rising throughout 2022 into 2023. In fact, it is likely that you will see higher home prices in the latter half of 2023 than this end of 2022.
Are NC Rent Prices Increasing?
Throughout the state, the average rent price has increased by 29.55 percent year over year. The average rent for all types of property in North Carolina is currently between $1,195 -$1,310 The price of rent has been trending upwards. Rent has increased by $165 from last year. However, NC’s average rent is still 13 percent lower than the national median. Ultimately, the increasing rent prices are correlated to the increasing value of NC homes.
Looking to live in the Charlotte area?
Since 2000, Charlotte and the surrounding areas have seen substantial growth in population. The surplus in the housing market persisted throughout these years, despite the reasonable delays in expansion resulting from the financial crisis in 2008. In 2023, North Carolina is predicted to remain a top-ranked state and relocation destination. With the predicted increase of new residents, it is likely to assume North Carolina’s real estate market will become even more competitive and housing availability will be limited.
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