Now is a great time to start a real estate career in North Carolina! Despite predictions for a cooling real estate market in 2023, the Triangle area remains strong. In fact, in the October 2022 “American Growth Project” report, Raleigh-Durham was ranked the fourth fastest-growing region in the United States. Other North Carolina cities are seeing solid growth as well. Take a look at this round-up of the hottest cities in NC and some of the most important trends you need to be aware of.
The Fastest-Growing Cities in North Carolina
To create our round-up of the fastest-growing cities in North Carolina, we’ve analyzed data from World Population Review, which provides information regarding each city’s population growth since the 2020 Census. A large percentage increase in a very small town would have minimal impact on the real estate market. For this reason, we’ve focused on cities with a 2020 population of at least 20,000.
1. Waxhaw
Located about 23 miles southeast of downtown Charlotte, Waxhaw saw a 4.71% annual population increase since 2020. The city currently has a population of approximately 23,738 and is known for its friendly residents, excellent schools, and vibrant downtown which was recently revitalized.
2. Fuquay-Varina
Fuquay-Varina is known as a safe, family-friendly city. It’s only about a 30-minute drive from the Raleigh city center, making it popular among young professionals and couples who want to live near the excitement of downtown or enjoy a short commute to work. The current population here is around 39,018, reflecting a 4.34% annual growth rate.
3. Leland
Leland is popular among retirees and families looking for a laid-back lifestyle in a coastal setting. It’s also a family-friendly area with affordable homes. While it was once a small town with a rural vibe, it’s seen significant growth in recent years. Since 2020, the city saw an annual growth rate of 3.79% and currently has a population of approximately 25,722.
4. Holly Springs
A charming suburb of Raleigh, Holly Springs has a beautiful downtown village area, plenty of amenities, and excellent schools. Since 2020, the city has experienced a 3.72% annual growth rate and currently has a population of approximately 46,213.
5. Clayton
Buyers looking for homes in a sparse suburban setting are flocking to Clayton. This city is close enough to Raleigh to offer easy access to the excitement of city life while also providing a quiet lifestyle. It’s popular among people of all ages and has had an annual growth rate of 3.6% since the 2020 census. The current population here is 29,364.
The Largest Cities in North Carolina
Cities with large populations can also influence the real estate market. Here’s a look at the North Carolina cities with the highest population in 2023.
Charlotte, population 917,572 — Annual growth rate of 1.58%
Raleigh, population 486,796 — Annual growth rate of 1.33%
Greensboro, population 307,846 — Annual growth rate of 0.96%
Durham, population 300,060 — Annual growth rate of 1.87%
Winston-Salem, population 255,524 — Annual growth rate of 0.79%
Raleigh also ranked #2 among the best places to buy a home in 2023, according to a recent report by the National Association of Realtors (NAR) Research Group.
North Carolina Real Estate Trends
Recent interest rate hikes have caused the North Carolina housing market to moderate a bit, but prices are still rising. In December 2022, the average home value in the state was $329,634, a 15.7% year-over-year increase. These prices are expected to continue rising at a moderate pace through 2023.
Of the 37 metro areas in North Carolina, 21 are expected to see increases in home prices between November 2022 and November 2023. In addition, the state is predicted to remain a top-ranked relocation destination.
Start Your North Carolina Real Estate Career Today
Families and young professionals from all over the country are considering moving to North Carolina right now, giving real estate agents plenty of opportunities to grow and thrive. If you’ve been thinking about getting your North Carolina real estate license, it's a great time to get started.
Updated 2/17/23