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!