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 | Randolph County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $234,475 | $265,624 | $242,182 |
| Price Trend (Annual %) | 8.5% | 9.9% | 8.2% |
| Median Gross Rent | $856 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Randolph County is about 12% lower than in North Carolina. Rent is about 26% 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 Randolph County, up about 8.5% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Randolph County rose about 34.4% between 2015 and 2023, from $637 to $856. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Randolph County.
Buying the median-priced home in Randolph County costs roughly 22.8 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 Randolph County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Randolph County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $234,475 | $265,624 | $242,182 |
| Median Household Income | $59,110 | $69,937 | $78,145 |
| Price-to-Income Ratio | 4.0 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Randolph County rose about 73.6%, while median household income rose about 49.2% 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 | Randolph County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.2% | 57.7% | 58.2% |
| Rental Rate | 24.9% | 29.2% | 31.3% |
| Vacancy Rate | 8.9% | 13.0% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Randolph County has a homeownership rate of 66.2%, higher than the North Carolina average of 57.7%. Its housing vacancy rate is 8.9%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Randolph County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.52 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1982 | 1988 | 1978 |
| Median Number of Rooms | 5.6 | 5.6 | 5.5 |
The typical housing unit in Randolph County was built around 1982. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Randolph County, North Carolina.
What is the median home price in Randolph County, North Carolina?
The median home price in Randolph County, North Carolina is $234,475, lower than the North Carolina average of $265,624.
What is the average home price in Randolph 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 Randolph County, North Carolina?
The median gross rent in Randolph County, North Carolina is $856 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Randolph County in 2020?
In 2020, the median gross rent in Randolph County, North Carolina was $707 per month.
What is the price-to-rent ratio in Randolph County, North Carolina?
The price-to-rent ratio in Randolph County, North Carolina is about 22.8, meaning it would take roughly 22.8 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 Randolph County.
Are home prices or rent rising faster in Randolph County, North Carolina?
Both home prices and rent are rising in Randolph County, up about 8.5% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Randolph County, North Carolina?
66.2% of households in Randolph County, North Carolina own their home, higher than the North Carolina average of 57.7%.
What is the vacancy rate in Randolph County, North Carolina?
The housing vacancy rate in Randolph County, North Carolina is 8.9%, lower than the North Carolina average of 13.0%.