North Carolina Housing Market Prices
North Carolina Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 12% above the US median$278,288
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Median rent 13% below the US median$1,227
Median Home Price Map: Counties in North Carolina
Housing Market Overview
| Metric | North Carolina | US Average |
|---|---|---|
| Median Home Price | $278,288 | $248,835 |
| Price Trend (Annual %) | 9.3% | 7.5% |
| Median Gross Rent | $1,227 | $1,407 |
| Rent Trend (Annual %) | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in North Carolina is about 12% higher than in US. Rent is about 13% lower than the US average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in North Carolina, up about 9.3% and 5.3% a year respectively. Home prices are changing faster.
Median rent in North Carolina rose about 54.2% between 2015 and 2024, from $796 to $1,227. Over the same span, rent in US rose about 52.1%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in North Carolina.
Buying the median-priced home in North Carolina costs roughly 18.9 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 North Carolina. The price-to-rent ratio in US is about 14.7.
| Metric | North Carolina | US Average |
|---|---|---|
| Median Home Price | $278,288 | $248,835 |
| Median Household Income | $72,438 | $80,455 |
| Price-to-Income Ratio | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in North Carolina rose about 103.0%, while median household income rose about 55.2% between 2009 and 2025 — 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 | North Carolina | US Average |
|---|---|---|
| Homeownership Rate | 58.3% | 58.5% |
| Rental Rate | 29.2% | 31.2% |
| Vacancy Rate | 12.5% | 10.2% |
| Median Tenure (years) | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 |
North Carolina has a homeownership rate of 58.3%, about the same as the US average of 58.5%. Its housing vacancy rate is 12.5%, compared with 10.2% in US.
Housing Stock
| Metric | North Carolina | US Average |
|---|---|---|
| Average Household Size | 2.44 people | 2.53 people |
| Median Structure Built Year | 1989 | 1978 |
| Median Number of Rooms | 5.6 | 5.5 |
The typical housing unit in North Carolina was built around 1989. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 15.0 years on average.
North Carolina Housing Compared With Nearby States
North Carolina is the largest of the 6 states compared here, 10,724,323 residents against a local median of 5,295,781. The measure that sets North Carolina apart most is median rent: $1,227, 22% below the local median of $1,579.
The states themselves spread $1,082 on median rent, so North Carolina sits at one end of an already wide local range rather than apart from it. North Carolina has the 4th highest median rent of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| North Carolina | 10,724,323 | $278,288 #2/6 | $1,227 #4/6 | 66.6% #5/6 |
| Virginia | 8,702,460 | $256,082 | $1,579 | 67.3% |
| South Carolina | 5,295,781 | $239,609 | $1,179 | 71.9% |
| West Virginia | 1,778,099 | $94,699 | $871 | 74.9% |
| District of Columbia | 678,314 | $597,276 | $1,953 | 41.5% |
| Maryland | 6,204,886 | $267,101 | $1,704 | 67.6% |
Frequently Asked Questions
Common questions about the housing market in North Carolina.
What is the median home price in North Carolina?
The median home price in North Carolina is $278,288, higher than the US average of $248,835.
What is the average home price in North Carolina?
The typical home price in North Carolina, reported as the median sale price, is $278,288. 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 North Carolina?
The median gross rent in North Carolina is $1,227 per month, lower than the US average of $1,407.
What was the median gross rent in North Carolina in 2020?
In 2020, the median gross rent in North Carolina was $932 per month.
What is the price-to-rent ratio in North Carolina?
The price-to-rent ratio in North Carolina is about 18.9, meaning it would take roughly 18.9 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 North Carolina.
Are home prices or rent rising faster in North Carolina?
Both home prices and rent are rising in North Carolina, up about 9.3% and 5.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in North Carolina?
58.3% of households in North Carolina own their home, about the same as the US average.
What is the vacancy rate in North Carolina?
The housing vacancy rate in North Carolina is 12.5%, higher than the US average of 10.2%.
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