Madison County, North Carolina Housing Market Prices
Madison County 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 62% above the North Carolina median Among the 5 most expensive counties in North Carolina$450,956
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Median rent 37% below the North Carolina median Cheaper than 78% of counties in North Carolina$779
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Madison County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $450,956 | $278,288 | $248,835 |
| Price Trend (Annual %) | 7.3% | 9.3% | 7.5% |
| Median Gross Rent | $779 | $1,227 | $1,407 |
| Rent Trend (Annual %) | 2.7% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Madison County is about 62% higher than in North Carolina. Rent is about 37% lower than the North Carolina 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 Madison County, up about 7.3% and 2.7% a year respectively. Home prices are changing faster.
Median rent in Madison County rose about 24.0% between 2015 and 2024, from $628 to $779. Over the same span, rent in North Carolina rose about 54.2%.
Affordability
On average, housing unit costs 7.7 yearly household incomes in Madison County.
Buying the median-priced home in Madison County costs roughly 48.2 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 Madison County. The price-to-rent ratio in North Carolina is about 18.9.
| Metric | Madison County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $450,956 | $278,288 | $248,835 |
| Median Household Income | $58,302 | $72,438 | $80,455 |
| Price-to-Income Ratio | 7.7 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Madison County rose about 53.7%, while median household income rose about 45.6% 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 | Madison County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.9% | 58.3% | 58.5% |
| Rental Rate | 16.6% | 29.2% | 31.2% |
| Vacancy Rate | 26.5% | 12.5% | 10.2% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Madison County has a homeownership rate of 56.9%, lower than the North Carolina average of 58.3%. Its housing vacancy rate is 26.5%, compared with 12.5% in North Carolina.
Housing Stock
| Metric | Madison County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1989 | 1989 | 1978 |
| Median Number of Rooms | 5.5 | 5.6 | 5.5 |
The typical housing unit in Madison County was built around 1989. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 17.0 years on average.
Madison County, NC Housing Compared With Nearby Counties
Madison County, NC is the 4th largest of the 5 counties compared here, 21,867 residents against a local median of 65,497. The measure that sets Madison County, NC apart most is median home price: $450,956, 61% above the local median of $279,565.
Median rent tells the same story from another angle: $779 against a local median of $974, 20% below it. The counties themselves spread $269,064 on median home price, so Madison County, NC sits at one end of an already wide local range rather than apart from it. Madison County, NC has the highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Madison County, NC | 21,867 | $450,956 #1/5 | $779 #4/5 | 77.5% #2/5 |
| Buncombe County, NC | 274,254 | $426,146 | $1,362 | 66.2% |
| Greene County, TN | 71,628 | $157,083 | $736 | 77.1% |
| Yancey County, NC | 18,788 | $291,070 | $882 | 79.4% |
| Haywood County, NC | 59,366 | $268,060 | $1,066 | 75.5% |
Frequently Asked Questions
Common questions about the housing market in Madison County, North Carolina.
What is the median home price in Madison County, North Carolina?
The median home price in Madison County, North Carolina is $450,956, higher than the North Carolina average of $278,288.
What is the average home price in Madison County, North Carolina?
The typical home price in Madison County, North Carolina, reported as the median sale price, is $450,956. 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 Madison County, North Carolina?
The median gross rent in Madison County, North Carolina is $779 per month, lower than the North Carolina average of $1,227.
What was the median gross rent in Madison County in 2020?
In 2020, the median gross rent in Madison County, North Carolina was $685 per month.
What is the price-to-rent ratio in Madison County, North Carolina?
The price-to-rent ratio in Madison County, North Carolina is about 48.2, meaning it would take roughly 48.2 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 Madison County.
Are home prices or rent rising faster in Madison County, North Carolina?
Both home prices and rent are rising in Madison County, up about 7.3% and 2.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Madison County, North Carolina?
56.9% of households in Madison County, North Carolina own their home, lower than the North Carolina average of 58.3%.
What is the vacancy rate in Madison County, North Carolina?
The housing vacancy rate in Madison County, North Carolina is 26.5%, higher than the North Carolina average of 12.5%.
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