Author: Caron Jones Burlington

The American real estate market may be cooling, but North Carolina is still hot.

At the beginning of 2023, the median price of homes in the state was up 4.4% compared to the previous year, and by the summer it was still up nearly 3% to just over $371,000, according to Redfin. On the other hand, the number of homes for sale has dropped 7.6%, which equates to just a two-month supply of available real estate.

Caron Jones of Burlington North Carolina says that due to high interest rates, 34% of the state’s homes sold above their list prices, which is nearly a 26% decrease compared to 2022, while the sale-to-list prices kept mostly steady.

North Carolina is remaining a popular real estate market, even during uncertain economic times and higher mortgage rates. Here are some other characteristics to expect when considering a move to the Tar Heel State.  

Homes are Staying on the Market Longer

But not by much. The median number of days that a home in North Carolina stays on the market was at 32 in May 2022. A year ago, it was just 24 days. The 32-day median is still well below the national average, which is around 43 days according to the Federal Reserve Bank of St. Louis.

Charlotte is Shining

The state’s largest city is predicted by Zillow to be the country’s hottest real estate market through 2023, thanks to its relative affordability, space for families, and potential for job growth as it is America’s second-largest financial industry after New York. North Carolina has consistently been top ranked as a destination for job relocation over the past few years. 

Popular Metropolitan Areas

Projections for home values in some of the state’s largest metro areas have been encouraging. It is estimated that home values in Charlotte will experience an increase of 1.5% by fall 2023 and 7.6% by May 2024. The Raleigh metro area is forecasted to have its home values increase by .3% in the middle of the summer, and then by 6.3% by spring 2024. The figures are similar for the state’s other large metros, including Greensboro and Durham. 

But Smaller Cities Have Grown in Popularity

Hope Mills may be a suburb of Fayetteville, North Carolina, but it remains relatively small, with a population of around 20,000. However, this has been changing rapidly, with its 39.1% increase in sales prices making it the fastest-growing market in the state. Other smaller towns like Kinston, Greenville, and North Topsail Beach are also seeing booming home sale prices.

North Carolina Rentals 

Like many areas of the country with a hot single-family housing market, North Carolina is seeing high demand and price records for rentals as well. The state’s median price of rent is $1,310 according to Apartment List.

During the past year, rental rates have jumped over 11% overall. A one-bedroom averages $1,150 and a two-bedroom goes for somewhere around $1,230. While comparatively high, those figures are still below the national average rent of $1,388. 

Home Improvements to Expect

Part of North Carolina’s real estate market success is due to its dedication to popular home improvement features. In North Carolina, these lucrative updates include fenced yards, gas fireplaces, a laundry closet, and aesthetic features like tiled kitchen backsplashes and ceramic flooring.

Located just outside of Raleigh and Research Triangle Park, Brier Creek has always been wildly popular for homeowners settling in North Carolina. 

It’s remarkably walkable and bike-friendly, boasts numerous restaurants and shopping centers, and is home to multiple highly rated public schools.

It also happens to be the state’s largest green community, with more than 900 acres of wetlands and green spaces, along with 20 different parks. Half of the entire community is preserved for open space.

Caron Jones of Burlington, North Carolina explains that this community uses reclaimed water, landscaping that controls sediment, and modern erosion techniques to protect the land. All homes in Brier Creek are certified green by the National Association of Home Builders.

As North Carolina’s real estate market stays hot, many newcomers to the state are increasingly looking for eco-friendly and sustainable homes and communities. The state is listening. 

Easy Being Green 

North Carolina’s sustainable green communities have spread across the state, from Brunswick Forest in Leland to Carolina Gardens in central Fuquay-Varina to Connestee Falls in the Blue Ridge Mountains. 

One hallmark of all of the state’s communities is a commitment to minimizing the impact of humanity on nature. Many of these communities are contained within protected green spaces, such as lakes, state parks, and mountains; most can be found on land that is guided by restrictive development measures.

To be considered eco-friendly, many North Carolina homes must be green-certified and include several amenities that are considered energy efficient. 

The Push to Net Zero 

Many experts in climate change say the best way to reverse worldwide environmental damage is aiming to achieve net-zero energy by 2050. In the sustainable and eco-friendly housing industry, renewable energy is key. 

Exhibit A: The Love Shack, a modern home that’s fully sustainable in Lake Fontana. Its kitchen cabinets were crafted from trees that were salvaged after pine borer beetles killed them.

Recycled lanes from bowling alleys were used to make the countertops, it has a water collection system, and it integrates thermal windows. Its clean energy is as clean as it can get. 

Rise of North Carolina Green Builders 

Two big benefits of a green home — apart from being eco-friendly — are that they are usually built quickly and have longevity. The average green home in North Carolina can take just six months to build, and then it reportedly lasts for at least 20 years.

Sustainable homes are also remarkably durable and valuable in a state like North Carolina. This area experiences four very different seasons each year, facing plenty of high winds and extreme weather.

Real estate developers and construction managers across the state are becoming well-versed in the fundamentals of green building — some are even becoming specialized in green building alone.

Sustainable options regularly include energy-efficient lighting and energy systems such as microhydropower, solar photovoltaic, hybrid, and wind.

Sustainability isn’t just for new builds, though. Retrofitting existing properties with eco-friendly upgrades, commonly called greenhabbing, is also increasing in popularity in North Carolina. 

Whether they are new or renovated homes, sustainable buildings come with a slew of benefits. Operational costs are typically low, especially with renewable energy sources and alternative cooling and heating procedures.

Another big plus: Meeting sustainability standards usually means a rise in the resale value of a home (energy-efficient homes sell for about 3% more than those that are unrated). A little bit of green can lead to a lot of green when it comes time to sell.