NORTH CAROLINA - The low cost of living and warm weather of North Carolina is drawing in new residents. Additionally, interest rates have dropped to historically low levels, giving buyers an extra incentive to buy a home. However, the inventory of homes for sale is low. As of February 2023, the number of available homes for sale had dropped by 31% year-over-year. Moreover, new construction levels have decreased since the Great Recession, reducing the number of homes for sale.
Greensboro
If you're looking to buy a home in Greensboro, North Carolina, you may wonder how the market is holding up in the area. Home values have dipped in recent years, but that doesn't mean you should give up on your dream home. It could be the perfect time to purchase a larger home if you're a first-time buyer. As long as you're planning to stay in the home for at least ten years, you'll likely see appreciation in your home's value.
You might want to consider buying additional rental homes in Greensboro before you buy your primary residence. If you're looking for an affordable home, consider renting a unit until you find the one that suits you. Then, once you're ready, you can move in and start making payments.
Greensboro's population has increased by 11% in the past decade, with 29,370 new residents moving to the city. The city has a large millennial population that makes up 30% of its population. The city has been working to attract more workers, including millennials, who now make up nearly half of its population. About 776,000 people live in the Greensboro-High Point metro area.
Charlotte
Charlotte's real estate market has been on fire over the past few years and is projected to continue to rise. The city's affordability, as well as its high quality of life, have all contributed to the growth of the housing market. The city is ranked 20th in the "Best Places to Live" list by U.S. News & World Report, a well-known publication, so there is a growing demand for real estate in Charlotte.
While many markets in the U.S. are facing negative net migration, Charlotte is not unusual. Many residents are trading their primary city homes for cheaper living spaces in nearby suburbs and secondary cities. Despite the lack of inventory, Charlotte's underlying fundamentals remain strong. Consequently, local investors will continue their careers with enthusiasm and confidence.
Despite the looming threat of interest rate increases, Charlotte's median home value continued to rise last year, with an increase of 25.0%. The lack of inventory and pent-up demand will continue to increase the prices of homes. Rising prices will only go so high before they become prohibitively high. While home values are projected to remain relatively stable in the next few years, they will likely rise even higher by 2022 and 2023.
Greensboro-Durham
The Greensboro-Durham real estate market is experiencing a steady rise in housing prices and rents and is poised for further growth with increased rental yields. This region is part of the Piedmont Triad region of central North Carolina, which is small enough to know your neighbors and large enough to support a strong, diverse economy. Moreover, it has a stable job market, perfect for investors looking to rent or buy a home.
In recent years, the Greensboro-Durham real estate market has seen a strong increase in sales. Since the beginning of the decade, the city has seen a population increase of 11% and is home to almost 300,000 residents. The Greensboro-Durham metro area has over 776,000 residents, with more than 300,000 residents living in the Greensboro-High Point metropolitan area.
The housing market is experiencing record low inventory and mortgage rates. This combination has caused a boom in sales, with prices exceeding asking prices in many areas. In 2023, Fannie Mae forecasts home values will grow slower than in previous years. If this trend continues, it could signal a healthy market for investors looking to flip homes.
