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% higher 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 Review, 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 neighborhoods, and on average, properties stay on the market for 38 days. The median house sale price is $370,115.
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 $452,000.
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 $380,000. 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 cities 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 $637,500, 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 days 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 Redfin, 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 residents per year.
North Carolina Real Estate Trends
While sales are down by a staggering 20.5% year-on-year, 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 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.
Updated 05/24/24