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 | Orange County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $293,375 | $265,624 | $242,182 |
| Price Trend (Annual %) | 4.0% | 9.9% | 8.2% |
| Median Gross Rent | $1,386 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 5.3% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Orange County is about 10% higher than in North Carolina. Rent is about 19% higher 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 Orange County, up about 4.0% and 5.3% a year respectively. Rent is changing faster.
Median rent in Orange County rose about 48.2% between 2015 and 2023, from $935 to $1,386. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Orange County.
Buying the median-priced home in Orange County costs roughly 17.6 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 Orange County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Orange County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $293,375 | $265,624 | $242,182 |
| Median Household Income | $87,889 | $69,937 | $78,145 |
| Price-to-Income Ratio | 3.3 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Orange County rose about 68.1%, while median household income rose about 76.4% 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 | Orange County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.4% | 57.7% | 58.2% |
| Rental Rate | 32.5% | 29.2% | 31.3% |
| Vacancy Rate | 9.1% | 13.0% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Orange County has a homeownership rate of 58.4%, higher than the North Carolina average of 57.7%. Its housing vacancy rate is 9.1%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Orange County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.40 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1989 | 1988 | 1978 |
| Median Number of Rooms | 5.6 | 5.6 | 5.5 |
The typical housing unit in Orange County was built around 1989. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Orange County, North Carolina.
What is the median home price in Orange County, North Carolina?
The median home price in Orange County, North Carolina is $293,375, higher than the North Carolina average of $265,624.
What is the average home price in Orange 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 Orange County, North Carolina?
The median gross rent in Orange County, North Carolina is $1,386 per month, higher than the North Carolina average of $1,162.
What was the median gross rent in Orange County in 2020?
In 2020, the median gross rent in Orange County, North Carolina was $1,136 per month.
What is the price-to-rent ratio in Orange County, North Carolina?
The price-to-rent ratio in Orange County, North Carolina is about 17.6, meaning it would take roughly 17.6 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 Orange County.
Are home prices or rent rising faster in Orange County, North Carolina?
Both home prices and rent are rising in Orange County, up about 4.0% and 5.3% a year respectively. Rent is changing faster.
What is the homeownership rate in Orange County, North Carolina?
58.4% of households in Orange County, North Carolina own their home, higher than the North Carolina average of 57.7%.
What is the vacancy rate in Orange County, North Carolina?
The housing vacancy rate in Orange County, North Carolina is 9.1%, lower than the North Carolina average of 13.0%.