Why the North Carolina Housing Market Is Still Hot
Why aren’t cities like Raleigh and Charlotte seeing the cooldown most of the country is?
Over the last six months, the housing market has seen drastic changes in the majority of U.S. cities. As many buyers react to rising interest rates, remaining buyers are seeing less competition while sellers tackle longer showing periods and fewer offers. In short, the housing market is finally becoming more balanced — in most places. In North Carolina, however, the market still strongly favors sellers as demand continues to outweigh supply. We sat down with Madeline Stephens, Head of Sales at Atmos, to discuss the factors contributing to this sustained demand.
Destination State
Overall, North Carolina is attracting new residents constantly. North Carolina offers many of the attractions and amenities of big cities such as Boston and LA: thriving cultural scenes, a strong food scene, touring Broadway productions, outdoor attractions, and more. Without paying the big-city prices they’d find in New York, people can enjoy all the perks of living in a diverse and growing city.
On top of enjoying big-city amenities without the big-city price tag, North Carolina residents also benefit geographically. North Carolina is situated perfectly for access to a little bit of everything: there are plenty of great beaches, but residents can also go on a mountain getaway easily. For longer trips, DC, Florida, and countless in-state attractions are all conveniently close by. Top it all off with a comfortable climate, and it’s no wonder why North Carolina continues to draw movers in droves.
Cost Efficiency
The cost of living in North Carolina is comparatively lower than other popular destinations in the country, making it easier for buyers to get more for their money with a move to Raleigh or Charlotte. This relative affordability makes it easier to build a dream home in a dream area, instead of settling for a “just okay” home in an expensive city. In addition to living in a great location, those moving to North Carolina also find they’re able to afford more space and better amenities.
Plus, although Raleigh and Charlotte are packed with attractions and a big-city feel, they’re not quite as large as cities like Atlanta. This makes it easier to live in a suburb without having to endure an hours-long commute each day. This added flexibility opens up even more options for building the home you truly want, without breaking your budget.
Growing Economic Landscape
Another large reason behind North Carolina’s continued popularity is the growing job market and the ever-strengthening economic landscape. From universities to major hospitals, there are job opportunities in every industry, making Charlotte and Raleigh attractive for young professionals.
In addition, a variety of new companies moving into North Carolina draw even more professionals to key cities. Google, Apple, and Amazon are all opening offices in the Triangle area, meaning that home prices are expected to increase in value tremendously over the next five to ten years.
With trends pertaining to supply chain, interest rates, new employers, and growing communities in mind, it’s clear that the competition in North Carolina is unlikely to dwindle anytime soon. New homeowners opting to build a new home see quick appreciation thanks to the strong market, and those looking for a forever home can create the house of their dreams by building custom. With Atmos, it’s never been easier to build your dream home in North Carolina. Get started today!
