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 | Mitchell County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $255,175 | $265,624 | $242,182 |
| Price Trend (Annual %) | 19.6% | 9.9% | 8.2% |
| Median Gross Rent | $743 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mitchell County is about 4% lower than in North Carolina. Rent is about 36% 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 Mitchell County, up about 19.6% and 4.7% a year respectively. Home prices are changing faster.
Median rent in Mitchell County rose about 33.1% between 2015 and 2023, from $558 to $743. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Mitchell County.
Buying the median-priced home in Mitchell County costs roughly 28.6 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 Mitchell County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Mitchell County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $255,175 | $265,624 | $242,182 |
| Median Household Income | $56,796 | $69,937 | $78,145 |
| Price-to-Income Ratio | 4.5 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Mitchell County rose about 36.2%, while median household income rose about 70.6% 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 | Mitchell County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.3% | 57.7% | 58.2% |
| Rental Rate | 16.6% | 29.2% | 31.3% |
| Vacancy Rate | 26.1% | 13.0% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Mitchell County has a homeownership rate of 57.3%, about the same as the North Carolina average of 57.7%. Its housing vacancy rate is 26.1%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Mitchell County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.27 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1977 | 1988 | 1978 |
| Median Number of Rooms | 5.4 | 5.6 | 5.5 |
The typical housing unit in Mitchell County was built around 1977. On average, 2.3 people live in a home with about 5.4 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mitchell County, North Carolina.
What is the median home price in Mitchell County, North Carolina?
The median home price in Mitchell County, North Carolina is $255,175, lower than the North Carolina average of $265,624.
What is the average home price in Mitchell 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 Mitchell County, North Carolina?
The median gross rent in Mitchell County, North Carolina is $743 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Mitchell County in 2020?
In 2020, the median gross rent in Mitchell County, North Carolina was $620 per month.
What is the price-to-rent ratio in Mitchell County, North Carolina?
The price-to-rent ratio in Mitchell County, North Carolina is about 28.6, meaning it would take roughly 28.6 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 Mitchell County.
Are home prices or rent rising faster in Mitchell County, North Carolina?
Both home prices and rent are rising in Mitchell County, up about 19.6% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mitchell County, North Carolina?
57.3% of households in Mitchell County, North Carolina own their home, lower than the North Carolina average of 57.7%.
What is the vacancy rate in Mitchell County, North Carolina?
The housing vacancy rate in Mitchell County, North Carolina is 26.1%, higher than the North Carolina average of 13.0%.