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 | Martin County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,193 | $265,624 | $242,182 |
| Price Trend (Annual %) | 9.7% | 9.9% | 8.2% |
| Median Gross Rent | $728 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 2.4% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Martin County is about 49% lower than in North Carolina. Rent is about 37% 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 Martin County, up about 9.7% and 2.4% a year respectively. Home prices are changing faster.
Median rent in Martin County rose about 22.4% between 2015 and 2023, from $595 to $728. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Martin County.
Buying the median-priced home in Martin County costs roughly 15.4 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 Martin County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Martin County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,193 | $265,624 | $242,182 |
| Median Household Income | $47,088 | $69,937 | $78,145 |
| Price-to-Income Ratio | 2.8 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Martin County rose about 106.4%, while median household income rose about 47.4% 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 | Martin County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.8% | 57.7% | 58.2% |
| Rental Rate | 26.6% | 29.2% | 31.3% |
| Vacancy Rate | 15.7% | 13.0% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Martin County has a homeownership rate of 57.8%, about the same as the North Carolina average of 57.7%. Its housing vacancy rate is 15.7%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Martin County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.29 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1977 | 1988 | 1978 |
| Median Number of Rooms | 5.7 | 5.6 | 5.5 |
The typical housing unit in Martin County was built around 1977. On average, 2.3 people live in a home with about 5.7 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Martin County, North Carolina.
What is the median home price in Martin County, North Carolina?
The median home price in Martin County, North Carolina is $134,193, lower than the North Carolina average of $265,624.
What is the average home price in Martin 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 Martin County, North Carolina?
The median gross rent in Martin County, North Carolina is $728 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Martin County in 2020?
In 2020, the median gross rent in Martin County, North Carolina was $720 per month.
What is the price-to-rent ratio in Martin County, North Carolina?
The price-to-rent ratio in Martin County, North Carolina is about 15.4, meaning it would take roughly 15.4 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 Martin County.
Are home prices or rent rising faster in Martin County, North Carolina?
Both home prices and rent are rising in Martin County, up about 9.7% and 2.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Martin County, North Carolina?
57.8% of households in Martin County, North Carolina own their home, about the same as the North Carolina average.
What is the vacancy rate in Martin County, North Carolina?
The housing vacancy rate in Martin County, North Carolina is 15.7%, higher than the North Carolina average of 13.0%.