How to Buy a House in North Carolina in 2025: 9 Easy Steps

23.4% of homes are selling below the asking price in the Tar Heel State. You can save up to $7,502 on a median home price of $375K if you buy a house in North Carolina NOW! Plus, inventory has also increased 17.6%.

With more homes available, the average time spent on the market has increased to 49 days. This gives you more room to negotiate and secure a competitive deal. With the market in your favor, it’s the perfect time to buy your dream North Carolina property.

9 Steps to Buying a House in North Carolina

Here’s a simple 9-step guide that’ll help you discover your place in the Tar Heel State:

Step 1: Decide Your Homebuying Purpose

Before you start your home search, decide why you’re buying a home. Are you looking for a long-term residence, an investment property, or a vacation home? It will help you decide on an ideal location and property type.

For instance, Charlotte and Raleigh attract permanent residents with their strong job markets, top-rated schools, and family-friendly neighborhoods. Meanwhile, cities like Wilmington, known for its mild climate, coastal views, and active retirement communities, are ideal for retirees.

»💲Can you afford the Tar Heel State?
Calculate the cost of living in North Carolina to estimate expenses like housing, utilities, and transportation. Get a detailed cost breakdown across cities for FREE today 🏡.

Step 2: Assess Your Financial Readiness

With the median home price in North Carolina at $375,100, it’s important to evaluate your financial situation before buying a home:

• Review Your Credit Score: Your credit score determines how much you can borrow and the interest rates you qualify for. A minimum credit score to buy a house in North Carolina is 500 for an FHA loan and 620 for a conventional loan.
• Calculate Your DTI Ratio: Lenders use the debt-to-income ratio to determine your mortgage eligibility. Ideally, your monthly debt payments should not exceed 36% of your gross monthly income.
• Determine Your Monthly Mortgage Budget: Decide how much you can afford for your monthly mortgage, including the loan, taxes, and insurance. A good rule of thumb is to keep housing costs under 28% of your gross monthly income.

» North Carolina Mortgage Calculator: Find how much house you can afford in the Tar Heel State now. 🏡

Step 3: Explore Home-Financing Options

In North Carolina, the average down payment on a home ranges from 10% to 20%. However, there are several financing options to help you cover the costs:

1. Home Loans

Loan Type	Down Payment	Key Benefit	Ideal For
FHA Loans	3.5%	Low down payment, flexible credit score	First-time buyers
VA Loans	0%	No down payment, lower interest rate	Veterans
USDA Loans	0%	No down payment, lower interest rate	Rural homebuyers

2. Assistance Programs

• First-Time Homebuyer Programs: If you’re a first-time home buyer in North Carolina, you should consider the Community Partners Loan Pool. This program offers up to 25% of your home’s sales price or $50,000, whichever is less.
• Down Payment Assistance (DPA) Programs: Explore programs like the NC 1st Home Advantage Down Payment or the NC Home Advantage Mortgage. They provide eligible first-time homebuyers and military veterans $15,000 in down payment assistance.

Step 4: Research the North Carolina Real Estate Market

In Nov 2024, 23.4% of homes in NC were sold below list price, indicating that it’s currently a buyer’s market:

• Track Mortgage Rates: The mortgage rate for a 30-year fixed home loan as of Jan 15 is at 6.92%. Experts predict rates to stay in the mid-6% range throughout 2025 and 2026, now is a great time to lock in a competitive rate.
• Housing Inventory: NC’s housing inventory rose by 17.6% Y-O-Y in November 2024, providing buyers with more choices. Sellers are likely to negotiate especially in cities like Asheville and Hendersonville where homes stay 80 days on an average on the market.
• Affordable Housing: Cities like Winston-Salem and Fayetteville offer affordable houses in North Carolina. Home prices in these cities are 30%–35% below the state median, which makes them ideal for first-time buyers or those on a budget.

North Carolina’s coastal regions face hurricane risks. For example, Hurricane Helene, which hit in Sept 2024, caused $26 million in property damages. So be cautious and assess insurance requirements before you buy a waterfront property.

Step 5: Get Pre-Approved for a Mortgage

86% of sellers favor buyers with a pre-approval. So, get pre-approved before house hunting in North Carolina to show you’re serious about the purchase and financially capable.

Pre-approval also speeds up the buying process, helps you negotiate better, and reduces delays in the transaction.

Step 6: Start Your North Carolina Home Search

Traditionally, buyers relied on North Carolina real estate agents to find a house, but this comes with hefty commissions. Instead, you can also:

• Search for Listings Online: Use high-tech home search sites like Houzeo to explore homes for sale in North Carolina. Look for neighborhoods that cater to your needs.
• Consider FSBO Homes: You can also search for North Carolina Homes For Sale By Owner. It allows you to bypass Realtor commissions and directly negotiate with sellers.

Browse Homes For Sale in North Carolina By Price and Type

Price	Homes For Sale in North Carolina under $200K	Homes For Sale in North Carolina under $300K	Homes For Sale in North Carolina under $400K
Type	Cabins for sale in North Carolina	Farms for sale in North Carolina	Waterfront Homes for sale in North Carolina

» 💡 What is the nicest and cheapest place to live in North Carolina?
Lumberton is one of the cheapest places to live in North Carolina. The cost of living in the city is 28% lower than the national average.

Step 7: Make a Competitive Offer

Once you’ve found a home you like, it’s time to make an offer. Here’s what your home offer should include:

• Seller’s Name and Address: Include the seller’s legal name and property address.
• Offer Price: Offer an amount based on the Fair Market Value (FMV) and comparable sales.
• Down Payment: The portion of the purchase price that you pay upfront.
• Earnest Money: A deposit to show you’re serious, often 1%-2% of the offer price, credited toward the purchase.
• Contingencies: Conditions such as home inspection, appraisal, or financing that must be met for the deal to close.
• Concessions: Requests for the seller to cover some costs, like closing fees or repairs.
• Closing and Move-in Dates: Specify when you aim to close the deal and move in, based on your and the seller’s needs.
• Offer Deadline: Specify the date by which the seller must respond to the offer.

Step 8: Conduct Inspections and Appraisals

In North Carolina, pest and termite inspections are crucial due to the humid climate, especially in wooded areas like Raleigh are prone to termite damage. Mold inspections are also key, as mold can grow in moisture-prevailing areas like basements and bathrooms.

Apart from this, a standard home inspection in North Carolina should cover:

Once the inspection is complete, your lender will arrange for a home appraisal to ensure the property’s value matches the loan amount.

Step 9: Close on Your North Carolina Home

Before closing, do a final walkthrough. Check if the home’s condition and repairs are in the agreed-upon condition. It can take 30 to 45 days to close on your North Carolina home after signing the purchase agreement.

You’ll also need to pay closing costs for buyers in North Carolina, which are usually 2% to 5% of the home’s purchase price. Once everything is finalized, escrow will record the deed and hand you the keys to your new North Carolina home!

Should You Buy a House in North Carolina?

Absolutely! With more homes being sold below the list price, now is the best time to buy a house in North Carolina. But you need to plan it properly.

Assess your financial situation to ensure your credit score is ready for quick pre-approval. Also, calculate your down payment and closing costs to be fully prepared.

Frequently Asked Questions