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 | Hoke County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $190,424 | $265,624 | $242,182 |
| Price Trend (Annual %) | 2.7% | 9.9% | 8.2% |
| Median Gross Rent | $1,046 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hoke County is about 28% lower than in North Carolina. Rent is about 10% 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 Hoke County, up about 2.7% and 4.1% a year respectively. Rent is changing faster.
Median rent in Hoke County rose about 25.9% between 2015 and 2023, from $831 to $1,046. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Hoke County.
Buying the median-priced home in Hoke County costs roughly 15.2 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 Hoke County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Hoke County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $190,424 | $265,624 | $242,182 |
| Median Household Income | $60,109 | $69,937 | $78,145 |
| Price-to-Income Ratio | 3.2 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hoke County rose about 7.0%, while median household income rose about 46.1% 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 | Hoke County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.3% | 57.7% | 58.2% |
| Rental Rate | 25.8% | 29.2% | 31.3% |
| Vacancy Rate | 8.8% | 13.0% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Hoke County has a homeownership rate of 65.3%, higher than the North Carolina average of 57.7%. Its housing vacancy rate is 8.8%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Hoke County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.78 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1994 | 1988 | 1978 |
| Median Number of Rooms | 5.7 | 5.6 | 5.5 |
The typical housing unit in Hoke County was built around 1994. On average, 2.8 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hoke County, North Carolina.
What is the median home price in Hoke County, North Carolina?
The median home price in Hoke County, North Carolina is $190,424, lower than the North Carolina average of $265,624.
What is the average home price in Hoke 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 Hoke County, North Carolina?
The median gross rent in Hoke County, North Carolina is $1,046 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Hoke County in 2020?
In 2020, the median gross rent in Hoke County, North Carolina was $862 per month.
What is the price-to-rent ratio in Hoke County, North Carolina?
The price-to-rent ratio in Hoke County, North Carolina is about 15.2, meaning it would take roughly 15.2 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 Hoke County.
Are home prices or rent rising faster in Hoke County, North Carolina?
Both home prices and rent are rising in Hoke County, up about 2.7% and 4.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Hoke County, North Carolina?
65.3% of households in Hoke County, North Carolina own their home, higher than the North Carolina average of 57.7%.
What is the vacancy rate in Hoke County, North Carolina?
The housing vacancy rate in Hoke County, North Carolina is 8.8%, lower than the North Carolina average of 13.0%.