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 | Chowan County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $445,982 | $265,624 | $242,182 |
| Price Trend (Annual %) | 39.6% | 9.9% | 8.2% |
| Median Gross Rent | $766 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 0.7% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Chowan County is about 68% higher than in North Carolina. Rent is about 34% 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 Chowan County, up about 39.6% and 0.7% a year respectively. Home prices are changing faster.
Median rent in Chowan County rose about 4.5% between 2015 and 2023, from $733 to $766. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 7.7 yearly household incomes in Chowan County.
Buying the median-priced home in Chowan County costs roughly 48.5 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 Chowan County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Chowan County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $445,982 | $265,624 | $242,182 |
| Median Household Income | $58,275 | $69,937 | $78,145 |
| Price-to-Income Ratio | 7.7 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Chowan County rose about 241.0%, while median household income rose about 56.4% 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 | Chowan County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.2% | 57.7% | 58.2% |
| Rental Rate | 25.3% | 29.2% | 31.3% |
| Vacancy Rate | 16.5% | 13.0% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Chowan County has a homeownership rate of 58.2%, about the same as the North Carolina average of 57.7%. Its housing vacancy rate is 16.5%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Chowan County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.26 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1976 | 1988 | 1978 |
| Median Number of Rooms | 5.9 | 5.6 | 5.5 |
The typical housing unit in Chowan County was built around 1976. On average, 2.3 people live in a home with about 5.9 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Chowan County, North Carolina.
What is the median home price in Chowan County, North Carolina?
The median home price in Chowan County, North Carolina is $445,982, higher than the North Carolina average of $265,624.
What is the average home price in Chowan 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 Chowan County, North Carolina?
The median gross rent in Chowan County, North Carolina is $766 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Chowan County in 2020?
In 2020, the median gross rent in Chowan County, North Carolina was $772 per month.
What is the price-to-rent ratio in Chowan County, North Carolina?
The price-to-rent ratio in Chowan County, North Carolina is about 48.5, meaning it would take roughly 48.5 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 Chowan County.
Are home prices or rent rising faster in Chowan County, North Carolina?
Both home prices and rent are rising in Chowan County, up about 39.6% and 0.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Chowan County, North Carolina?
58.2% of households in Chowan County, North Carolina own their home, higher than the North Carolina average of 57.7%.
What is the vacancy rate in Chowan County, North Carolina?
The housing vacancy rate in Chowan County, North Carolina is 16.5%, higher than the North Carolina average of 13.0%.