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North Carolina housing market

The North Carolina housing market is somewhat competitive. The median home sales price in May 2024 has increased in the past 3 months to $384,500. That’s up 3.6% and $13,400 higher than May 2023 of last year. That is higher than the national median home sales price of $424,350. Homes typically sell after 33 days on market, which is faster than the national average and higher thanMay 2023 a year prior.

Housing market overview for

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Trended Median Home Values

How much do homes in North Carolina cost?

The median home price in North Carolina was $384,500 in May 2024, up 3.6% from last year.

May's median sale price
$385K
Caret UpUp $13K and 3.6% since May 2023
Trended Homes Inventory

How many homes are available in North Carolina?

The real estate market in North Carolina had 33,021 homes for sale in May and is up from 30595 homes for sale the month prior and up from 24,669 homes in May 2023.

Homes for sale in May
33,021
Caret UpUp 8352 and 33.9% since May 2023
Trended Homes Sold

How many homes are sold in North Carolina?

There were 14278 homes sold in May 2024, trending up from 14012 homes sold a year ago.

Homes sold in May
14,278
Caret UpUp 266 and 1.9% since May 2023
Trended Median Days on Market

How long does it take to sell a home in North Carolina?

Homes in North Carolina are staying on the market for 33 days. That’s 1 day slower than the median in May 2023, which means that the market is less competitive today.

Median days on market in May
33
Caret UpUp 1 and 3.1% since May 2023

Is it a buyer’s or seller’s market in North Carolina?

It is considered a seller’s market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 7.2%, making the average house payment $2,609, which is $329 higher than a year before.

Total months of housing supply available for sale is 2.3 months, up 21.1% from 1.9 month(s) in May 2023.

Months of Supply

The Months of Supply housing metric is an estimate of how long it would take to sell all the homes for sale relative to the number of homes sold each month. Historically, 5 to 6 months is the average. You may also hear this metric referred to as the "absorption rate."

Lower months of housing supply typically signal a seller’s market whereas when months of supply is greater than 6 months typically signal a buyer’s market.

Sales to Listing Ratio

Sales to Listing Ratios are an indicator of supply and demand. It is all the completed sales in the past month divided by the total number of active listings.

In a balanced real estate market, the total number of home sales to active listings ratio is between 0.12 and 0.2 while markets with a ratio higher than 0.2 favors seller’s, as homes are selling fast and there is limited inventory, while markets below 0.12 favor home buyers because there is a larger supply of homes to purchase.

Selling a house in North Carolina

Home values have increased by 3.3% since last year, and the number of days it takes to sell a home has remain unchanged from 33 days in May 2023 to the same in May 2024.

The best time to sell your home in North Carolina is in June, when homes sell fastest and for the most money.

Sellers typically pay the commission of both the listing and buyer’s agents, which typically total 5-6% of the home sale price. That’s $23,070 paid in commission to the real estate agents. You’d also need to factor in closing costs, plus other fees and your mortgage payoff amount, to calculate the net proceeds from your home sale.

Buying a house in North Carolina

Homes in North Carolina have a median price of $384,500, which means you’ll need $38,450 for a 10% down payment. Housing costs have increased 3.3% in the past year. When you’re several months out and have your down payment saved, make sure to get pre-approved for a mortgage and find a real estate agent.

Home values are only one part of the home affordability equation. When buying a house in North Carolina, don’t forget to also account for closing costs, which are typically 3-4% of the home cost. In addition to the down payment of $38,450 you should have $15,380 as well as budget for cash reserves, moving expenses and ongoing homeownership costs for home maintenance and repairs or HOA fees.

North Carolina home values are 0% the same as North Carolina and 10.4% cheaper than the state median home value.

How does the North Carolina real estate market compare to other markets?

The North Carolina real estate market has a median sale price of $384,500, which is 10.4% lower than the national median sale price of $424,350. Compare other markets or nearby cities, as they can vary significantly.

South Carolina
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North Carolina
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National
Median home saleMedian home saleMedian home sale
$388,100$384,500$424,350
Days on marketDays on marketDays on market
623338.5127800750826
Monthly house payment
Monthly house payment
Monthly house payment
$2,670$2,688$2,592
Cost to buy a house
Cost to buy a house
Cost to buy a house
$54,334$53,830$59,409
Cost to sell a house
Cost to sell a house
Cost to sell a house
$27,167$26,915$29,704

Take the next step in North Carolina: Find an agent

Navigating the North Carolina housing market can be tricky, but you don’t have to go it alone. When you're ready to learn more, reach out to a local North Carolina real estate agent to get the process started. We recommend interviewing multiple candidates and coming prepared with a list of all your questions.

North Carolina housing market FAQs

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