North Carolina has long enjoyed the image of a refined center of society. This reputation has helped the state as the influx of people eager to live in the state has bolstered both its economy and housing market. The housing market in the state is a relatively large one.
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The 2002 census showed there to be 3,707,129 total housing units in the state, and it has been on the increase ever since. The home ownership rate in North Carolina is higher than average. This is demonstrated in the US census data from 2000, where the home ownership rate was listed as 69.4%, while the national average that year was only 66.2%. What may help explain the higher home ownership rate in the state is the lower than average cost of housing. While not drastically less, the median value of a owner occupied housing unit in North Carolina in the 2000 census was $108,300. The average median value of a home nationwide that year was slightly higher, at $119,600. With the median household income hovering around the national average, the economic realities of home ownership are easy to attain. The state had a median household income in 1999 of $39,184, while the national average that year was $41,994. A difference that obviously didn’t affect the home ownership rates in any significant manner.
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The housing market in North Carolina is going strong, especially around coastal areas like Wilmington. In response to poor stock market returns, many East Coast home buyers are looking at second homes in and around Wilmington, which is located between Cape Fear River and the Atlantic Ocean.
The inventory of beach front investment homes is very low after a vigorous summer sales season. However, owners who have been thinking about parting with their beach units should start placing their units on the market after banking the return from those high weekly rental rates of summer.
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There is a considerable number of buyers coming to the coast searching for waterfront rental property that they can purchase with profits from the sale of investment property back home. They are deferring capital gains tax and hoping to benefit by the faster appreciation of water front property.
There is still a strong primary housing market powered by low interest rates, although they have moved up during the last several months. This housing market looks likely to continue to appreciate, although at a slower rate than it has been recently.
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