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 | Avery County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $154,160 | $265,624 | $242,182 |
| Price Trend (Annual %) | 6.0% | 9.9% | 8.2% |
| Median Gross Rent | $790 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 1.9% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Avery County is about 42% lower than in North Carolina. Rent is about 32% 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 Avery County, up about 6.0% and 1.9% a year respectively. Home prices are changing faster.
Median rent in Avery County rose about 17.8% between 2015 and 2023, from $671 to $790. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Avery County.
Buying the median-priced home in Avery County costs roughly 16.3 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Avery County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Avery County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $154,160 | $265,624 | $242,182 |
| Median Household Income | $56,305 | $69,937 | $78,145 |
| Price-to-Income Ratio | 2.7 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Avery County rose about 5.2%, while median household income rose about 62.4% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Avery County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 37.3% | 57.7% | 58.2% |
| Rental Rate | 9.4% | 29.2% | 31.3% |
| Vacancy Rate | 53.3% | 13.0% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Avery County has a homeownership rate of 37.3%, lower than the North Carolina average of 57.7%. Its housing vacancy rate is 53.3%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Avery County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.27 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1984 | 1988 | 1978 |
| Median Number of Rooms | 5.1 | 5.6 | 5.5 |
The typical housing unit in Avery County was built around 1984. On average, 2.3 people live in a home with about 5.1 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Avery County, North Carolina.
What is the median home price in Avery County, North Carolina?
The median home price in Avery County, North Carolina is $154,160, lower than the North Carolina average of $265,624.
What is the average home price in Avery 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 Avery County, North Carolina?
The median gross rent in Avery County, North Carolina is $790 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Avery County in 2020?
In 2020, the median gross rent in Avery County, North Carolina was $759 per month.
What is the price-to-rent ratio in Avery County, North Carolina?
The price-to-rent ratio in Avery County, North Carolina is about 16.3, meaning it would take roughly 16.3 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Avery County.
Are home prices or rent rising faster in Avery County, North Carolina?
Both home prices and rent are rising in Avery County, up about 6.0% and 1.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Avery County, North Carolina?
37.3% of households in Avery County, North Carolina own their home, lower than the North Carolina average of 57.7%.
What is the vacancy rate in Avery County, North Carolina?
The housing vacancy rate in Avery County, North Carolina is 53.3%, higher than the North Carolina average of 13.0%.