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North Carolina real estate

North Carolina – A Housing Market That’s Trying to Get Out of the “Tar”

Because of the way North Carolina’s economy was setup before the housing bubble burst, the Tar Heel State got hit especially-hard – and it’s taking longer to recover than other states. Specifically, North Carolina was chock full of construction and manufacturing jobs in the mid-2000s. So, as the housing boom moved along, this state thrived. But once the housing bubble burst, the economy here plummeted.

What does that mean for things now?

As of the end of 2012, the unemployment rate in North Carolina was 9.2% -- which was third-worst in the country and nearly a full percentage and a half higher than the national average. So, people here don’t have as much money to spend on new homes as realtors in North Carolina would like.

However, despite that hurdle, the housing market in North Carolina isn’t all doom and gloom!

By the end of 2012, Raleigh and Charlotte were two of the top metros in the country when it came to sales volume. The number of home sales in Raleigh jumped a whopping 31% in 2012, when compared to 2011. Even though selling prices in Raleigh only went up about 1.5%, realtors in the area are thrilled with the increase in demand.

As for Charlotte, the increase in demand has been met with an increase in prices. According to realtors in Charlotte, home prices here jumped 4% in 2012. However, there’s also another increase that sellers are dealing with – an increase in the time it takes to sell homes. As of the beginning of 2013, the average home in Charlotte was taking about 120 days to sell. That was about double the national average.

There is one decrease in the Charlotte metro that has realtors smiling – the inventory. While a drop in inventory isn’t a sign of a healthy housing market, in this case, it’s helping to boost demand. That, in turn, is leading to an increase in sales prices, which will, hopefully, encourage more homeowners to list their houses for sale.

And there’s a good sign for North Carolina’s depleted construction industry. The number of building permits for single-family homes rose 25% at the end of 2012, while the number of permits for multifamily homes (like apartments, condos, and townhomes) jumped nearly 130%! So, be prepared for a glut of new homes for sale around North Carolina in 2013!

Economists say that it will take the Tar Heel State awhile to fully-recover from all of the damage it sustained in the Great Recession. However, if North Carolina can keep taking steps in the right direction – even if they’re just baby steps – realtors and homeowners will have reason to smile!

Living in North Carolina

If you’re looking to experience both the magnificence of mountain regions and the splendor of sandy beaches all within a short drive of one other, then North Carolina is the place for you!

Well-known for its tobacco and furniture-making industries, North Carolina has grown over the years to include successful finance, biotechnology, and engineering sectors. Today, North Carolina has plenty to offer people of all ages.

From the coastal plains, to the rolling hills of the Piedmont region, to the magnificence of the Appalachian Mountains, North Carolina offers year-round adventure.

But before you head off for a life in the hills or on the coast, here are some fast facts about North Carolina:

  • What is the population of North Carolina?
  • The population of North Carolina is 9,752,073
  • What is the capital of North Carolina?
  • The capital of North Carolina is Raleigh
  • What is the largest city in North Carolina?
  • The largest city in North Carolina is Charlotte

So, once you head to North Carolina, what is there to do?

If you want a taste of history, natural science, and art, Charlotte, Raleigh, Durham, and Chapel Hill all boast plenty of museums and educational activities. These cities are also home to top-ranked colleges, such as the University of North Carolina, Wake Forest and Duke University.

If you enjoy grand mountain views and a taste of splendor, a visit to Asheville is a must. Located between the Blue Ridge and Smoky Mountains, this Southern town is filled with charm as well as one of the world’s largest private homes built by George Vanderbilt known as the Biltmore Estate.

Snow-lovers will appreciate the opportunity to ski and snowboard in the Appalachian Mountains. While snowfall is consistent in the mountains, North Carolina on an average receives only about five inches of snow per year.

For the truly adventurous, the areas of Boone, Blowing Rock, Grandfather Mountain, and Beech Mountain offer endless outdoor activities – like skiing, rock climbing, rafting, and kayaking.

Beach-lovers will enjoy North Carolina’s 300 miles of barrier islands, complete with historic lighthouses, state parks, fishing, golf-courses, trendy shops, and restaurants.

Inside and out, it’s easy to fall in love with North Carolina!

This is the Census data for North Carolina

Population

Total population estimate for North Carolina (July 1) 2012
9,752,073
Total population change for North Carolina- April 1, 2010 to July 1, 2012
2.3%

Age

Percentage of the population that's under 5 years old in North Carolina, 2011
6.5%
Percentage of the population that's under 18 years years old in North Carolina, 2011
23.7%
Percentage of the population that's 65 years and over North Carolina, 2011
13.2%

Gender

Percentage of the population that are females in North Carolina, 2011
51.3%

Race breakdown for North Carolina in percentages

White alone, 2011
72.1%
Black alone, 2011
22.0%
American Indian and Alaska Native alone,2011
1.5%
Asian alone, percent, 2011
2.3%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
1.9%
Hispanic or Latino Origin, 2011
8.6%
Not Hispanic, White alone, 2011
65.0%

A little more about the residents of North Carolina

Percentage of residents who lived in the same house 1 year ago, 2007-2011
83.9%
Percent of residents who are foreign born 2007-2011
7.4%
Percent speaking a language other than English at home, 2007-2011
10.6%

Education

Percent high school graduates or higher for residents 25 years old and over in North Carolina, 2007-2011
84.1%
Percent with a bachelor's degree or higher for residents 25 years old and over in North Carolina, 2007-2011
26.5%

Veterans

Total number of Veterans living in North Carolina 2007-2011
743,377

Communting

The average travel time to work for workers in North Carolina (16 years and over not working at home), 2007-2011
23.4 mins

Real estate stats in North Carolina

Housing unit estimates, 2011
4,362,740
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
67.8%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
17.0%
Median value of specified owner-occupied housing units, 2007-2011
$152,700.00
Households, 2007-2011
3,664,119
Average household size, 2007-2011
2.50

Income

Per capita income for North Carolina in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$25,256.00
Median household income in North Carolina, 2007-2011
$46,291.00
Percentage of people living in poverty in North Carolina 2007-2011
16.1%

Business and commerce info for North Carolina

Private nonfarm establishments, 2010
218,104
Private nonfarm employment for pay period including March 12, 2010
3,234,595
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
-4.5%
Total number of businesses in North Carolina, 2007
798,791
Percentage of Black-owned businesses in North Carolina, 2007
10.5%
Percentage of American Indian- and Alaska Native-owned businesses in North Carolina , 2007
1.0%
Percentage of Asian-owned businesses in North Carolina, 2007
2.5%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in North Carolina, 2007
0.1%
Percentage of Hispanic-owned businesses in North Carolina, 2007
2.7%
Percentage of Women-owned businesses in North Carolina, 2007
28.2%

Land size and population

Size of North Carolina in Square Miles, 2010
48,617.91 mi²
Population per square mile in North Carolina, 2010
196.1

North Carolina real estate

Advance

Alexander

Andrews/Marble

Atlantic Beach

Autryville

Bakersville

Banner Elk

Barnardsville

Beech Mountain

Belhaven

Belmont

Beulaville

Black Mountain

Blounts Creek

Blowing Rock

Boiling Spring Lakes

BRASSTOWN

Broadway

Browns Summit

Bryson City

Bunnlevel

Burlington

Cape Carteret

Carolina Beach

Carolina Shores

Carrboro

Carthage

Castle Hayne

Cerro Gordo

China Grove

Chocowinity

Clayton

Clemmons

Creston

Crumpler

Deep Gap

Elizabeth City

Elizabethtown

Elk Park

Fairview

Farmville

FAYETTEVILLE NC

Fletcher

Fort Mill

Foxfire

Franklinton

Franklinville

Fuquay-Varina

Gastonia

Gibsonville

Glendale Springs

Granite Falls

Grassy Creek

Green Mountain

Greenville NC

Grimesland

Hallsboro

Hampstead

Harbinger

Harmony

Harrells

Harrisburg

Haw River

Haysville

Hickory - Catawba County

High Point

Hillsborough

Hot Springs

Huntersville

Indian Trail

Jacks Creek

Jarvisburg

Kernersville

Kill Devil Hills

Kitty Hawk,

Knightdale

La Grange

Lake Lure

Lake Wylie

Lansing

Laurel Park

Laurel Springs

Lee County

Leland NC

Lexington

Liberty

Linville

Longwood

Madison

Mars Hill

Mars Hill NC

Marshallberg

Matthews - Union County

McLeansville

Mills River

Mineral Springs

Mocksville

Moncure

Morehead City

Mount Airy

Mount Holly

Nashville

New Bern

Old Fort

Other City - Not In The State Of Florida

Other City Value - Out Of Area

Outside Area (Outside Ca)

parkton

Parkton

Peak Creek

Pikeville

Pine Knoll Shores

Pinebluff

Pisgah Forest

Princeton

Richlands

Rockingham

Rockwell

Rocky Mount

Rocky Point

Roxboro

Rural Brunswick County

Rural Hall

Rutherfordton

Salisbury

Sampson

Scaly Mountain

Sea Breeze

Seagrove

Seven Devils

Seven Lakes

Sherrills Ford

Sherrills Ford

Sneads Ferry

Snow Camp

Southern Shores

Spring Lake

Spruce Pine

St. Pauls

Stallings

Statesville

Stedman

stella

Sugar Grove

Summerfield

Swannanoa

Tarboro

Taylorsville

Thomasville

Troutman

Union Grove

WADE

Wake Forest

Wallace

Washington

Weaverville

Weddington

Wendell

Wesley Chapel

Whispering Pines

Whitakers

Whittier

Williamston

Wingate

Winnabow

Winston Salem

Winston-Salem N C

Youngsville

Zebulon