North Carolina
Housing Market
Shifting home prices and demands constantly shape the landscape of the North Carolina real estate market. Houzeo’s housing market report tracks these changes in supply and demand across the state. We aim to offer real-time insights to help you make informed decisions.
Overview
Supply
Demand
Buy or Sell
Market Insights
MigrationNorth Carolina Housing Market Overview
North Carolina's median home price shows a 3.8% YoY growth as of January 2025. The consistent growth in home prices indicates the strength of the housing market. The median home price in North Carolina is currently at $367,800. Moreover, the number of homes sold has increased by 3.5% YoY.
You can also check the market competitiveness through median days on the market. Homes in North Carolina now spend 63 days on the market before going under contract. These metrics collectively indicate changes in the North Carolina housing market’s pace and affordability.
What Does It Mean for Home Buyers and Sellers?
You can also check the market competitiveness through median days on the market. Homes in North Carolina now spend 63 days on the market before going under contract. These metrics collectively indicate changes in the North Carolina housing market’s pace and affordability.
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: You get more negotiation power due to extended median days on the market. But, mortgage rates over 7% make things tough. So, whether you're looking for a condo in Concord or a single-family home in Raleigh, make negotiation your strong point when looking for homes in NC.
- If You're a Seller: You can still make profits if you sell before prices begin to decline. Because the number of NC homes for sale is increasing, you can offer concessions to stand out and make a quick sale.
North Carolina Housing Supply
The Tar Heel State’s housing supply will grow as new construction expands. The percentage of North Carolina houses for sale increased by 18.1% year over year in January 2025. Currently, there are 47,572 houses in North Carolina available for sale. The market in North Carolina is balanced (with a slight tilt towards sellers) at 4 months of supply. Fewer months than 6 indicate a seller’s market and more indicate a buyer’s market.
What Does It Mean for Home Buyers and Sellers?
If You're a Buyer: You have an advantage with the increased number of NC houses for sale. The rise in inventory will potentially meet demand and stabilize home prices. However, the 4 months of supply suit home sellers. This means that buyers and sellers can both actively negotiate on the price of a house for sale in North Carolina. If You're a Seller: You need to act fast and sell your home before more supply hits the housing market in NC. Rising inventory could lower demand and lead to fewer offers from buyers. To attract buyers, focus on staging and marketing your home.
What Does It Mean for Home Buyers and Sellers?
North Carolina Housing Demand
The percentage of homes selling above the list price is a key indicator of housing demand. When more homes sell for more than the list price, it shows strong buyer competition and high demand. Meanwhile, a decline suggests more supply. Tracking this trend helps you gauge market competitiveness.
16% of North Carolina houses sold above the list price in January 2025. Price drops increased slightly from last year, with 27% of homes selling below the list price. The 97.5% sale-to-list price suggests fewer bidding wars and more price flexibility for buyers.
What Does It Mean for Home Buyers and Sellers?
If You're a Buyer: The current house market in North Carolina could have favorable deals in store for you. 27% of homes with price drops suggests that you can negotiate to find cheap houses for sale in North Carolina. If You're a Seller: With 16% homes selling above the list, you’ll need to be patient. You can choose to wait till spring and summer when housing demand spikes. During summer, you may experience high demand and more bidding wars for your home. Right now, the housing demand in the NC real estate market favors buyers.
16% of North Carolina houses sold above the list price in January 2025. Price drops increased slightly from last year, with 27% of homes selling below the list price. The 97.5% sale-to-list price suggests fewer bidding wars and more price flexibility for buyers.
What Does It Mean for Home Buyers and Sellers?
Is It a Buyer’s or Seller’s Market in North Carolina?
Strong
Buyer
Buyer
Balanced
Seller
Strong
Seller
Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Is It a Buyer’s or Seller’s Market in North Carolina?
As of January 2025, the NC housing market exhibits characteristics of a balanced market, with trends favoring both buyers and sellers. Buyers have leverage in the NC real estate market as housing inventory has increased by 18.1% YoY. The median days on the market, currently at 63 days, also favor buyers.
On the other hand, the current mortgage rates of over 7% may reduce buying power. The increasing median home sale price — up by 3.8% YoY — and 4 months of supply favors home sellers. These trends could vary significantly within the state.
North Carolina Housing Market Insights
The housing market in North Carolina is less competitive than the nationwide market. Though homes in NC are getting expensive (now at a median of $367,800), the growth rate is slow (only 3.8% YoY). The increasing number of homes for sale in North Carolina, up by 18% YoY, indicates a variety of buyers.
Housing markets like Fuquay-Varina and Rocky Mount have cooled due to low competition. Homes in such cities spend an average of 58-61 days on the market. However, the North Carolina housing market predictions for 2025 suggest continued growth in most regions, as the market adjusts to economic factors. As of January 2025, 16% of homes are selling above the list price, while 27% are seeing price drops. If you plan to buy a house in North Carolina, you should consider property taxes, insurance costs, and HOA fees.
Housing markets like Fuquay-Varina and Rocky Mount have cooled due to low competition. Homes in such cities spend an average of 58-61 days on the market. However, the North Carolina housing market predictions for 2025 suggest continued growth in most regions, as the market adjusts to economic factors. As of January 2025, 16% of homes are selling above the list price, while 27% are seeing price drops. If you plan to buy a house in North Carolina, you should consider property taxes, insurance costs, and HOA fees.
Nationwide Migration Trends
North Carolina was the fifth most popular moving destination, with 60% inbound migration in 2024. Many new homebuyers arrive from states like New York, California, and Illinois. The flat tax rates and affordable cost of living draw families to North Carolina markets. Cities like Charlotte, Raleigh, and Durham welcome the most number of new residents.
This migration pattern reflects the broader cost of living index trends. North Carolina’s index is 96.1, much lower than that of major coastal states in the US.
This migration pattern reflects the broader cost of living index trends. North Carolina’s index is 96.1, much lower than that of major coastal states in the US.
Frequently Asked Questions
How have home prices changed in North Carolina over the past years?
Over the past few years, every peak season has witnessed the North Carolina median home price rise. It's currently growing at an annual rate of 3.8%. Regions like Rocky Mount or Chapel Hill have witnessed a growth of 44.3% and 25.9% respectively. To check the fair market value of your home in North Carolina, use Houzeo's free home value estimator.
Are home prices dropping in North Carolina?
No, home prices in North Carolina aren't dropping broadly. Nevertheless, they show varied local trends. Statewide prices rose 3.8% YoY in January 2025 and experts forecast continued growth in 2025. However, the increasing number of homes for sale in North Carolina might slightly bring down home prices in overvalued areas.
What’s the average price for a house in North Carolina?
The average cost of a home in North Carolina varies depending on location, size, and market conditions. It typically ranges from $304,600 for condos to $379,400 for single-family homes.
What are the North Carolina housing market predictions for 2025 and beyond?
As one of the most moved-to states in 2024, the housing market in North Carolina is expected to witness a rise in demand. With an increase in inventory, the price growth could potentially stabilize through the year.
Is now a good time to buy or sell a home in North Carolina?
Check for the latest trends in housing prices and inventory in your city. The current high demand and rising prices can benefit sellers. However, if mortgage rates stabilize and there are more than 6 months of supply, it's the best time to buy a house in North Carolina.
How is the housing market in North Carolina compared to the national market?
North Carolina’s housing market is outperforming the national market, with stronger price growth and demand. This is due to factors like relocation from other states and favorable tax conditions.
What are the best cities to buy a home in North Carolina right now?
Raleigh, Charlotte, and Durham are among the best cities to buy a home in North Carolina. These cities are best for young professionals, first-time buyers, students, as well as young families. Read on to learn more about the best places to live in North Carolina.
How can I list my house for sale in North Carolina?
You can list your home for sale with a Flat Fee MLS North Carolina listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What is the current mortgage rate for buyers in North Carolina?
The average mortgage rate for buyers in the NC real estate market fluctuates between 6.12% to 7.02%. Make sure to check your credit score and current mortgage rates with lenders before you apply for a mortgage.
When will the housing market crash in North Carolina?
The North Carolina housing market forecast report doesn't predict a housing market crash in 2025. In fact, experts predict that home prices in North Carolina may soften over the year.
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