North Carolina

North Carolina Housing Market 2023: Trends & House Prices

Published

1 year ago

August 1, 2023

North Carolina Housing Market 2023: Trends & House Prices

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As with most of the country, the real estate market in North Carolina has been on a wild ride during the past few years. While the COVID-19 pandemic initially caused a slowdown in home sales, buyer hesitation was short-lived.

“By mid-May or June of 2020, we took off like a rocket ship,” says Tom Mabrey, a veteran real estate broker with Keller Williams Preferred Realty in North Carolina’s Triangle region—which comprises the Raleigh, Durham, and Chapel Hill areas. “It was a crazy time.”

Back then, buyers were offering to pay well above listing price and some were even making non-refundable due diligence deposits of up to $100,000 in order to secure a home. The market has since cooled, but inventory remains low and prices are still rising, albeit much more slowly than in years past.

Current Housing Market in North Carolina

Boasting both beach and mountain regions, North Carolina has many attractive features, which help keep its housing market strong. In fact, data from moving companies shows that North Carolina is one of the top destinations in the nation for those relocating.

The state was second only to South Carolina as a top inbound state in the 2022 Moving Migration Report from North American Moving Services. Last year, 64% of North Carolina movers were moving in from another state, and Raleigh was the top city in the nation for attracting new residents, according to the report.

Meanwhile, Atlas Van Lines’ Annual Migration Patterns Study found North Carolina to be the top inbound destination for 2022, and a similar study from U-Haul pegged the state as fourth in the nation for growth last year. Each company used its internal transaction data to determine the number of moves into or out of states.

People don’t tend to leave North Carolina, according to Marbey, so he cautions buyers against thinking they can wait for demand to lessen. He doesn’t see that happening any time soon and notes the state is currently dealing with a low housing inventory.

Best Moving And Relocation Loans Of 2023

North Carolina Housing Trends and Stats

Across the state, real estate listings and sales are down compared to a year ago. However, that may be more a reflection of how strong sales were last year as opposed to an indication of a soft market this year.

Listings and Sales Are Down in North Carolina

Statewide, the number of real estate listings was down 4.8% from a year prior, according to the latest number from industry group NC Realtors. The association’s April 2023 NC Housing Report—the latest report at the time of writing—also noted that sales had dropped 22.5% year-over-year.

However, sales aren’t declining at all price points. Sales of homes priced between $500,000 and $2 million increased more than 5% during the 12-month period ending in April 2023.

Some regions of the state have seen a more pronounced drop in the number of houses for sale. For instance, listings in Durham County were down 36.7% year-over-year in June 2023, according to the Durham Regional Association of Realtors and the Triangle Multiple Listing Service. Closed sales in the county declined 24.5% during that same period.

North Carolina Housing Prices and Inventory Are Up

While listings and sales are down, prices have continued to climb. Statewide, the median sales price hit $302,549 in April 2023, an annual increase of 4.4%, according to NC Realtors. The median price in April 2020 was only $201,000.

Real estate brokerage firm Redfin says the following North Carolina communities have the fastest-growing sales prices in the state as of June 2023:

Denver: 53.5%
Elizabeth City: 35.7%
Holly Ridge: 35.6%
Franklin: 35.2%
Kill Devil Hills: 27.2%

Despite a still-low statewide inventory, the number of homes for sale in April 2023 increased by16% compared to a year ago. NC Realtors found that, overall, the state had an inventory of 3.17 months in April. Availability varied based on listing price. There were only two months of homes priced between $125,000 and $249,999. Meanwhile, the state has an inventory of 11.9 months for homes priced at or above $2 million.

North Carolina Housing Market Predictions

After more than 20 years working in the state, Mabrey has a word for the North Carolina real estate market: buoyant. With the exception of the pandemic years, the state’s housing market doesn’t seem prone to wide swings up or down.

In recent years, Raleigh and the Triangle region has become a destination for tech companies. As those businesses relocate offices to North Carolina, they’ll likely bring workers with them—and those new residents will need housing.

Between new businesses and the number of new residents flocking to the state, it doesn’t appear that housing demand will slacken in the foreseeable future. As a result, prices aren’t expected to decline, a trend in line with national housing market predictions.

Should You Buy or Sell in the North Carolina Housing Market?

While the post-pandemic housing market in North Carolina has cooled significantly, it’s still a seller’s market with only 3.17 months of inventory. NC Realtors says six months inventory is needed for a balanced market and more than six months would make it a buyer’s market.

What’s more, most homes are still selling at or near their asking price. Redfin reports sellers statewide received 99.6% of their list price in June 2023. In Durham County, the percentage was 101.5%, according to the Durham Regional Association of Realtors.

Although Redfin data indicates homes are staying on the market for a median of 32 days, real estate website Zillow finds it only takes a median of seven days for a property to move to pending status in North Carolina.

Between these statistics and higher interest rates, buyers may be tempted to wait until prices begin to fall. But that could be a mistake.

“I think (buyers) just have to realize that’s not happening,” Mabrey says. He believes it’s unlikely that home prices will fall and notes some buyers have taken out adjustable-rate mortgages in anticipation of lower interest rates in the future. “We don’t think we’ll be in a high-rate environment forever,” according to Mabrey.

While buyers may not see any deep discounts on housing in the near future, they can take comfort in knowing that the days of frantic bidding wars seem to be over.

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North Carolina

Tropical weather update for Wilmington: What we can expect and when

Published

5 hours ago

August 3, 2024

Press Room

Tropical weather update for Wilmington: What we can expect and when

The National Hurricane Center continues to monitor a tropical depression over Cuba. It’s expected to become a tropical storm later Saturday, bringing impacts to the Carolinas around the middle of next week.

Heavy rainfall and flooding are the primary impacts expected, according to the National Weather Service in Wilmington.

“Gusty winds are also possible, but it is too early to predict specific impacts in great detail at this time,” the weather service said.

At the same time, there is the potential for heavy rainfall and some flooding associated with front expected to stall inland this weekend.

As of 11 a.m. Saturday, the center of the tropical depression, which would be name Debby if it becomes a tropical storm, was over Cuba and moving west-northwest near 15 mph. The hurricane center said a turn toward the northwest is forecast for Saturday, followed by a northward motion on Sunday and then a slower northeastwardmotion Sunday night and Monday.

Maximum sustained winds were near 35 mph. Slow strengthening is expected throughout the day Saturday. Faster strengthening is possible Sunday, with the storm nearing hurricane strength when it reaches the Florida Gulf Coast, the hurricane center said.

STORM TRACKER: Monitor the latest tropical developments here.

Here’s a look at what we can expect in the Wilmington area, according to the latest briefing from the National Weather Service in Wilmington.

Wind

The probability of tropical storm force winds has increased, especially for the South Carolina coast. The most likely time of arrival of for northeast South Carolina is Tuesday night into Wednesday morning, and for Southeastern North Carolina is during Wednesday morning.

Rain

The potential for significant rainfall exists with 8 to 12 inches possible from near Cape Fear to portions of thenortheast South Carolina coast. Flash flooding and urban flooding are possible. Some rivers, including the North Cape Fear River and the Waccamaw River, could exceed flood stage next week.

INTERACTIVE MAP: Enter your address to see hurricanes, tropical storms that have passed nearby

Marine impacts

Rough surf, including dangerous rip currents, and hazardous marine conditions are expected this weekend and will persist into the upcoming week.

Are you prepared for a hurricane?

Hurricane season runs from June 1 to Nov. 30. Even if this system won’t pose a threat to the NC coast, it’s never too early to be prepared.

GET READY: Are you prepared for a hurricane? Here’s what to know if you live in the Wilmington area.

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North Carolina

Tropical Depression Four forms on its way to the Gulf of Mexico

Published

12 hours ago

August 3, 2024

Press Room

Tropical Depression Four forms on its way to the Gulf of Mexico

As of the 5 AM update Friday, Tropical Depression Four has formed. Areas along the East Coast including North Carolina need to continue monitoring this system. Winds are at 30 MPH and gusts are up to 40 MPH. The pressure dropped to 1009 mb and is moving to the west at 16 mph. TD 4 is expected to become Tropical Storm Debby over the weekend. Tuesday night and Wednesday are First Alert Weather Days due to the threat to ENC from this system but we may need to adjust the timing as we get closer.

The latest advisory from the National Hurricane Center continues to show ENC in the cone of uncertainty.(WITN)

It’ll move slowly before escaping to the north next week. As it moves up the East Coast, there’s a lot more uncertainty about the track and threats. We expect the track of this system to change through the weekend and even into next week. If ENC sees impacts from this system, they’d likely come mid-week. The longer this system stays over land, the weaker it’ll be. It’ll have the chance to strengthen if it moves back over open water, especially if it moves over the warm waters of the Gulf Stream.

Storms are possible Saturday through Monday as a developing tropical system gets closer.(WITN)

The speed of this system is just as important as the strength. The quicker it moves through, the less rain piles up. If it slows down or stalls, higher rainfall amounts would be expected. Our river levels have dropped a bit since July’s wet weather, but levels are still higher than what you’d find in a typical August.

What We Know, What We Don't — What We Know, What We Don’t(WITN)

This is a reminder that we are heading into the heart of the hurricane season and to make sure your emergency supplies are ready.

Stay with WITN and WITN.com as we continue to track this system over the coming days and monitor the 2024 Atlantic hurricane season.

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North Carolina

Alabama man on work trip stops to buy $3 quick pick Powerball ticket, wins 6-figure jackpot

Published

19 hours ago

August 3, 2024

Press Room

Alabama man on work trip stops to buy quick pick Powerball ticket, wins 6-figure jackpot

Christopher Baker of Leesburg, Alabama was on a work trip in Hickory, North Carolina, when he thought he’d try his luck on a lotto game. It turned out to be a lucrative Powerball win.

An Alabama man on a work trip in North Carolina bought a $3 Quick Pick Powerball ticket on a whim and walked away with a six-figure windfall.

Christopher Baker of Leesburg in northeastern Alabama bought his lucky ticket in July in Hickory, North Carolina, where had been traveling for work, according to Powerball.

When the numbers were drawn, Baker says he had to do a double-take when he realized he had a $100,000 winning ticket. He had matched four white balls and the red Powerball, which would have been $50,000, but a 2X multiplier doubled the win and the disbelief.

“I just kept looking at it to make sure I was reading it right,” he laughed, according to Powerball. “I told my family but they didn’t believe me. either.”

Baker, who called his win “a shocker.” said he plans to save his winnings to buy a house.

Baker will take home $71,501 after federal and state taxes are withheld.

How to play the Powerball

In order to purchase a $2 Powerball ticket, you’ll have to visit your local convenience store, gas station or grocery store − and in a handful of states, you can purchase tickets online.

To play, you will need to pick six numbers in total to mark on your ticket. Five numbers will be white balls ranging from numbers 1 to 69. The Powerball is red and one number which is between 1 and 26.

If you want to increase your chances of winning, you can add a “Power Play” for $1 which increases the winnings for all non-jackpot prizes. This addition can multiply winnings by 2X, 3X, 4X, 5X, or 10X.

Players can also ask a cashier for a “Quick Pick” where a cashier will give you a computer generated numbers on a printed Powerball ticket.

Drawings are held on Monday, Wednesday and Saturday nights. If there’s no jackpot winner, the cash prize will increase by millions.

Where to purchase tickets

Tickets can be purchased in person at gas stations, convenience stores and grocery stores. Some airport terminals may also sell lottery tickets.

You can also order tickets online through Jackpocket, the official digital lottery courier of the USA TODAY Network, in these U.S. states and territories: Arizona, Arkansas, Colorado, Idaho, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oregon, Puerto Rico, Texas, Washington D.C. and West Virginia. The Jackpocket app allows you to pick your lottery game and numbers, place your order, see your ticket and collect your winnings all using your phone or home computer.

Jackpocket is the official digital lottery courier of the USA TODAY Network. Gannett may earn revenue for audience referrals to Jackpocket services. Must be 18+, 21+ in AZ and 19+ in NE. Not affiliated with any State Lottery. Gambling Problem? Call 1-877-8-HOPE-NY or text HOPENY (467369) (NY); 1-800-327-5050(MA); 1-877-MYLIMIT (OR); 1-800-981-0023 (PR); 1-800-GAMBLER (all others). Visit jackpocket.com/tos for full terms.

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