Home Values Rising in North Carolina Amid Coronavirus Crisis
See how the housing market is doing in the Tar Heel State during COVID-19.
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Current home values in North Carolina
Home values have been rising throughout North Carolina and are up 10.5% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $430,911, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in North Carolina: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $430,911 home at 3.33% would give a typical North Carolina homebuyer a monthly payment of $1,515, assuming a 20% down payment.
How the North Carolina housing market stacks up
Older couple enjoying one of many North Carolina's beaches during the summer
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in North Carolina, they're predicted to rise 5.7%.
Homes right now are going on the market in North Carolina at a median price of $136 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
North Carolina home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $207,047 |
| 2019 | $187,388 |
| 2018 | $175,975 |
| 2017 | $164,100 |
| 2016 | $153,175 |
| 2015 | $145,867 |
| 2014 | $141,558 |
| 2013 | $137,750 |
| 2012 | $136,000 |
| 2011 | $137,400 |
| 2010 | $143,542 |
| 2009 | $147,408 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in North Carolina is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $340,254 |
| 2019 | $290,000 |
| 2018 | $270,000 |
| 2017 | $252,500 |
| 2016 | $237,500 |
| 2015 | $225,000 |
| 2014 | $217,500 |
| 2013 | $212,500 |
| 2012 | $210,000 |
| 2011 | $212,500 |
| 2010 | $222,500 |
| 2009 | $227,500 |
*2020 price average through March 31, 2020.
