Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Alexander County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $266,935 | $265,624 | $242,182 |
| Price Trend (Annual %) | 10.0% | 9.9% | 8.2% |
| Median Gross Rent | $744 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Alexander County is about the same as in North Carolina. Rent is about 36% lower than the North Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Alexander County, up about 10.0% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Alexander County rose about 27.6% between 2015 and 2023, from $584 to $744. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Alexander County.
Buying the median-priced home in Alexander County costs roughly 29.9 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Alexander County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Alexander County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $266,935 | $265,624 | $242,182 |
| Median Household Income | $64,706 | $69,937 | $78,145 |
| Price-to-Income Ratio | 4.1 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Alexander County rose about 127.7%, while median household income rose about 56.5% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Alexander County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.4% | 57.7% | 58.2% |
| Rental Rate | 15.8% | 29.2% | 31.3% |
| Vacancy Rate | 13.8% | 13.0% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Alexander County has a homeownership rate of 70.4%, higher than the North Carolina average of 57.7%. Its housing vacancy rate is 13.8%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Alexander County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1984 | 1988 | 1978 |
| Median Number of Rooms | 5.4 | 5.6 | 5.5 |
The typical housing unit in Alexander County was built around 1984. On average, 2.5 people live in a home with about 5.4 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Alexander County, North Carolina.
What is the median home price in Alexander County, North Carolina?
The median home price in Alexander County, North Carolina is $266,935, about the same as the North Carolina average.
What is the average home price in Alexander County, North Carolina?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Alexander County, North Carolina?
The median gross rent in Alexander County, North Carolina is $744 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Alexander County in 2020?
In 2020, the median gross rent in Alexander County, North Carolina was $690 per month.
What is the price-to-rent ratio in Alexander County, North Carolina?
The price-to-rent ratio in Alexander County, North Carolina is about 29.9, meaning it would take roughly 29.9 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Alexander County.
Are home prices or rent rising faster in Alexander County, North Carolina?
Both home prices and rent are rising in Alexander County, up about 10.0% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Alexander County, North Carolina?
70.4% of households in Alexander County, North Carolina own their home, higher than the North Carolina average of 57.7%.
What is the vacancy rate in Alexander County, North Carolina?
The housing vacancy rate in Alexander County, North Carolina is 13.8%, higher than the North Carolina average of 13.0%.