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 | Perquimans County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $674,106 | $265,624 | $242,182 |
| Price Trend (Annual %) | 32.7% | 9.9% | 8.2% |
| Median Gross Rent | $1,060 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 4.8% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Perquimans County is about 154% higher than in North Carolina. Rent is about 9% 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 Perquimans County, up about 32.7% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Perquimans County rose about 45.7% between 2015 and 2023, from $728 to $1,060. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 10.8 yearly household incomes in Perquimans County.
Buying the median-priced home in Perquimans County costs roughly 53.0 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 Perquimans County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Perquimans County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $674,106 | $265,624 | $242,182 |
| Median Household Income | $62,397 | $69,937 | $78,145 |
| Price-to-Income Ratio | 10.8 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Perquimans County rose about 465.2%, while median household income rose about 91.8% 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 | Perquimans County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.7% | 57.7% | 58.2% |
| Rental Rate | 22.0% | 29.2% | 31.3% |
| Vacancy Rate | 19.3% | 13.0% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Perquimans County has a homeownership rate of 58.7%, higher than the North Carolina average of 57.7%. Its housing vacancy rate is 19.3%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Perquimans County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1987 | 1988 | 1978 |
| Median Number of Rooms | 5.9 | 5.6 | 5.5 |
The typical housing unit in Perquimans County was built around 1987. On average, 2.3 people live in a home with about 5.9 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Perquimans County, North Carolina.
What is the median home price in Perquimans County, North Carolina?
The median home price in Perquimans County, North Carolina is $674,106, higher than the North Carolina average of $265,624.
What is the average home price in Perquimans 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 Perquimans County, North Carolina?
The median gross rent in Perquimans County, North Carolina is $1,060 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Perquimans County in 2020?
In 2020, the median gross rent in Perquimans County, North Carolina was $821 per month.
What is the price-to-rent ratio in Perquimans County, North Carolina?
The price-to-rent ratio in Perquimans County, North Carolina is about 53.0, meaning it would take roughly 53.0 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 Perquimans County.
Are home prices or rent rising faster in Perquimans County, North Carolina?
Both home prices and rent are rising in Perquimans County, up about 32.7% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Perquimans County, North Carolina?
58.7% of households in Perquimans County, North Carolina own their home, higher than the North Carolina average of 57.7%.
What is the vacancy rate in Perquimans County, North Carolina?
The housing vacancy rate in Perquimans County, North Carolina is 19.3%, higher than the North Carolina average of 13.0%.