2024 North Carolina Population Growth and Real Estate Trends

The North Carolina housing market saw an 11.5% drop in houses sold in March 2024 compared to March 2023. But, houses had a faster turnover time and sold for 4.6% higherNorth Carolina Housing Market State than the year before. For realtors, this could indicate a shortage of house stock, meaning now is the ideal time to find sellers to bump up your housing inventory. These are the top cities experiencing an increase in migration in 2024. 

The Fastest Growing Cities in North Carolina

According to World Population ReviewStates Cities North Carolina Worldpopulationreview.com, North Carolina experienced the biggest growth in the following cities (with a population of at least 20,000 people). 

Leland 

Leland offers a tranquil, country-style lifestyle suitable for young and old. A rising job market coupled with a laid-back lifestyle explains why its 33,321 population increased by 7.64%. Leland consists of four neighborhoodsLeland_NC Overview Realestateandhomes Search, and on average, properties stay on the market for 38 days. The median house sale price is $370,1159564 NC Leland Housing Market City.

Fuquay-Varina 

Fuquay-Varina received a population boost of 6.99% thanks to its proximity to other cities and nearby amenities and its high safety rating. Short commutes make it ideal for urban professionals and the abundance of parks and outdoor spaces provide something fun for families to do. Supply and demand are on equal footing, ensuring properties stay on the market for around 30 days. The median sales price is $452,0006517 NC Fuquay Varina Housing Market City. 

Clayton

The 32,199 population of Clayton increased by 4.47% since last year. The property market is pretty thin, with an average of one property listed per month, reaching an average listing price of $380,000Clayton_NC Overview Realestateandhomes Search. Clayton is an outdoor community, and many spend their time outdoors at Lake Hudson. There are also several cultural experiences such as a museum and the opera house. 

Holly Springs 

Regarded as one of the safest citiesSafest Cities North Carolina Blog in North Carolina, Holly Springs is the ideal location to raise a family. The population of 50,141 grew by 4.37%, and thanks to initiatives such as the Research Triangle Park (RTP), it offers a healthy job market. The median property listing price is $637,500Holly Springs_NC Overview Realestateandhomes Search, but a competitive property market means the average selling price is higher at $655,000. 

Chapel Hill 

Chapel Hill's population increased by 4.22% to 67,572. This bustling college town offers something for all ages, from plenty of outdoor spaces to a vibey nightlife. The property inventory moves at a decent pace with properties going off the market on average 28 daysChapel Hill_NC Overview Realestateandhomes Search after listing. The median house price is $792,500, but the median sale price is around $603,000. 

The Largest Cities in North Carolina

Large populations are great for economic activity but can also impact average home prices. According to RedfinBiggest Cities In North Carolina Blog, these are the largest cities in North Carolina and their median house prices. 

• Charlotte: population of 879,709, median house price of $389,000

• Raleigh: population of 467,665, median house price of $400,000

• Greensboro: population of 299,035, median house price of $271,500

• Durham: population of 283,506, median house price of $410,000

• Winston-Salem: population of 249,545, median house price of $250,000

• Fayetteville: population of 208,501, median house price of $217,500

• Cary: population of 174,721, median house price of $595,000

• Wilmington: population of 115,451, median house price $412,000

• High Point: population of 114,059, median house price $255,000

• Concord: population of 105,240, median house price $395,000

Charlotte is not only the biggest city in North Carolina, but it also has a high population growth. Reports show that the city receives 100,000 new residentsCharlotte Real Estate Market Blog per year. 

North Carolina Real Estate Trends 

While sales are down by a staggering 20.5% year-on-yearNorth Carolina Real Estate Market # Blog, the inventory still doesn’t meet the needs of the influx of new residents to the state. Reports show that the realty inventory is on three months which is alarmingly low. 

Predictions for the year ahead include stability in the mortgage interest rates and a boost to the inventory thanks to a large percentage of the aging population looking to downsize their properties. 

Start Your North Carolina Real Estate Career Today 

A North Carolina real estate licenseNorth Carolina Real Estate License opens up a world of opportunity for job seekers looking to capitalize on the growing realty market in the state. Sign up today to take advantage of high migration rates and high demand for houses in the region.