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 | Clay County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $231,973 | $265,624 | $242,182 |
| Price Trend (Annual %) | 44.6% | 9.9% | 8.2% |
| Median Gross Rent | $790 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 2.5% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Clay County is about 13% 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 Clay County, up about 44.6% and 2.5% a year respectively. Home prices are changing faster.
Median rent in Clay County rose about 20.9% between 2015 and 2023, from $653 to $790. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 4.3 yearly household incomes in Clay County.
Buying the median-priced home in Clay County costs roughly 24.5 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 Clay County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Clay County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $231,973 | $265,624 | $242,182 |
| Median Household Income | $54,492 | $69,937 | $78,145 |
| Price-to-Income Ratio | 4.3 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Clay County rose about 586.5%, while median household income rose about 55.2% 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 | Clay County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.3% | 57.7% | 58.2% |
| Rental Rate | 13.7% | 29.2% | 31.3% |
| Vacancy Rate | 32.0% | 13.0% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Clay County has a homeownership rate of 54.3%, lower than the North Carolina average of 57.7%. Its housing vacancy rate is 32.0%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Clay County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.24 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1993 | 1988 | 1978 |
| Median Number of Rooms | 5.6 | 5.6 | 5.5 |
The typical housing unit in Clay County was built around 1993. On average, 2.2 people live in a home with about 5.6 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Clay County, North Carolina.
What is the median home price in Clay County, North Carolina?
The median home price in Clay County, North Carolina is $231,973, lower than the North Carolina average of $265,624.
What is the average home price in Clay 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 Clay County, North Carolina?
The median gross rent in Clay County, North Carolina is $790 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Clay County in 2020?
In 2020, the median gross rent in Clay County, North Carolina was $682 per month.
What is the price-to-rent ratio in Clay County, North Carolina?
The price-to-rent ratio in Clay County, North Carolina is about 24.5, meaning it would take roughly 24.5 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 Clay County.
Are home prices or rent rising faster in Clay County, North Carolina?
Both home prices and rent are rising in Clay County, up about 44.6% and 2.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Clay County, North Carolina?
54.3% of households in Clay County, North Carolina own their home, lower than the North Carolina average of 57.7%.
What is the vacancy rate in Clay County, North Carolina?
The housing vacancy rate in Clay County, North Carolina is 32.0%, higher than the North Carolina average of 13.0%.