Morrisville, North Carolina Housing Market Prices
Morrisville 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 104% above the North Carolina median$566,521
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Median rent 54% above the North Carolina median$1,887
Housing Market Overview
| Metric | Morrisville | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $566,521 | $278,288 | $248,835 |
| Price Trend (Annual %) | 13.7% | 9.3% | 7.5% |
| Median Gross Rent | $1,887 | $1,227 | $1,407 |
| Rent Trend (Annual %) | 6.2% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morrisville is about 104% higher than in North Carolina. Rent is about 54% higher 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 Morrisville, up about 13.7% and 6.2% a year respectively. Home prices are changing faster.
Median rent in Morrisville rose about 69.0% between 2015 and 2024, from $1,116 to $1,887. Over the same span, rent in North Carolina rose about 54.2%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Morrisville.
Buying the median-priced home in Morrisville costs roughly 25.0 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 Morrisville. The price-to-rent ratio in North Carolina is about 18.9.
| Metric | Morrisville | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $566,521 | $278,288 | $248,835 |
| Median Household Income | $136,940 | $72,438 | $80,455 |
| Price-to-Income Ratio | 4.1 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Morrisville fell about 7.9%, while median household income rose about 42.2% between 2009 and 2025 — 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 | Morrisville | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.1% | 58.3% | 58.5% |
| Rental Rate | 43.6% | 29.2% | 31.2% |
| Vacancy Rate | 8.3% | 12.5% | 10.2% |
| Median Tenure (years) | 9.0 | 15.0 | 15.0 |
| Median Year Moved In | 2017 | 2011 | 2011 |
Morrisville has a homeownership rate of 48.1%, lower than the North Carolina average of 58.3%. Its housing vacancy rate is 8.3%, compared with 12.5% in North Carolina.
Housing Stock
| Metric | Morrisville | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.63 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 2006 | 1989 | 1978 |
| Median Number of Rooms | 5.5 | 5.6 | 5.5 |
The typical housing unit in Morrisville was built around 2006. On average, 2.6 people live in a home with about 5.5 rooms, staying for about 9.0 years on average.
Morrisville, NC Housing Compared With Nearby Cities
Morrisville, NC is the smallest of the 4 cities compared here, 22,339 residents against a local median of 159,804. The measure that sets Morrisville, NC apart most is median home price: $566,521, 27% above the local median of $445,474.
Homeownership tells the same story from another angle: 52.5% against a local median of 63.8%, 18% below it. The one measure here that carries a verdict is homeownership, and at 18% below the local median it puts Morrisville, NC at the weaker end of the local range. The cities themselves spread $583,513 on median home price, so Morrisville, NC sits at one end of an already wide local range rather than apart from it. Morrisville, NC has the 2nd highest median home price of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Morrisville, NC | 22,339 | $566,521 #2/4 | $1,887 #2/4 | 52.5% #3/4 |
| Cary, NC | 159,804 | $445,474 | $1,726 | 63.8% |
| Apex, NC | 47,941 | $859,712 | $1,928 | 77.3% |
| Durham, NC | 249,652 | $276,199 | $1,485 | 49.0% |
Frequently Asked Questions
Common questions about the housing market in Morrisville, North Carolina.
What is the median home price in Morrisville, North Carolina?
The median home price in Morrisville, North Carolina is $566,521, higher than the North Carolina average of $278,288.
What is the average home price in Morrisville, North Carolina?
The typical home price in Morrisville, North Carolina, reported as the median sale price, is $566,521. 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 Morrisville, North Carolina?
The median gross rent in Morrisville, North Carolina is $1,887 per month, higher than the North Carolina average of $1,227.
What was the median gross rent in Morrisville in 2020?
In 2020, the median gross rent in Morrisville, North Carolina was $1,529 per month.
What is the price-to-rent ratio in Morrisville, North Carolina?
The price-to-rent ratio in Morrisville, North Carolina is about 25.0, meaning it would take roughly 25.0 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 Morrisville.
Are home prices or rent rising faster in Morrisville, North Carolina?
Both home prices and rent are rising in Morrisville, up about 13.7% and 6.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Morrisville, North Carolina?
48.1% of households in Morrisville, North Carolina own their home, lower than the North Carolina average of 58.3%.
What is the vacancy rate in Morrisville, North Carolina?
The housing vacancy rate in Morrisville, North Carolina is 8.3%, lower than the North Carolina average of 12.5%.
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