North Carolina Real Estate Market Trends & Analysis
Historically low mortgage rates, increases in wages and more available inventory have helped counteract rising home prices across the country, and the North Carolina real estate market is no exception. Thanks, in part, to major cities like Charlotte and Raleigh, real estate in North Carolina has seen its average prices rise at a faster rate than the majority of the country.
However, price increases are expected to temper for the foreseeable future, as available inventory should increase year-over-year. That, combined with a strengthening economy and improving affordability, should stimulate an already active housing market. Buyers, sellers and investors should all find themselves with a growing number of opportunities for the foreseeable future.
However, price increases are expected to temper for the foreseeable future, as available inventory should increase year-over-year. That, combined with a strengthening economy and improving affordability, should stimulate an already active housing market. Buyers, sellers and investors should all find themselves with a growing number of opportunities for the foreseeable future.
North Carolina Real Estate Fees & Regulations
Real Estate
| Closing Conducted by: | Attorneys, Lenders |
| Conveyance: | Warranty Deed |
Foreclosure Procedure
| Primary Foreclosure Method: | Non-Judicial |
| Process Period: | 2 - 4 months |
| Notice of Sale: | Sheriff |
| Redemption Period: | 10 Days |
Taxes
| Income Tax: | 5.75% |
| Corporate Tax: | 6.90% |
| Sales Tax: | 4.75% |
| Estate Tax: | No |
| Inheritance Tax: | No |
| Median Property Tax: | 0.78% |
| Property Taxes by County: | http://www.tax-rates.org/north_carolina/property-tax#Counties |
Average Transactional Costs
| Closing Cost: | $2,602.00 |
| Transfer Fee: | 0.2% & 0.4% (local option to increase) |
| Origination Fee: | $1,887.00 |
Overview
- Median Home Value: $188,200
- 1-Year Appreciation Rate: +7.1%
- Median Home Value (1-Year Forecast): +3.9%
- Median Rent Price: $1,400
- Price-To-Rent Ratio: 11.20
- Average Days On Market: 63
- Unemployment Rate: 4.2% (latest estimate by the Bureau Of Labor Statistics)
- Population: 10,383,620 (latest estimate by the U.S. Census Bureau)
- Median Household Income: $50,320 (latest estimate by the U.S. Census Bureau)
- Percentage Of Vacant Homes: 14.27%
- Foreclosure Rate: 1 in every 2,248
North Carolina Foreclosure Trends & Statistics
Tax Lien Investing
- Tax Lien or Deed: Tax Deed State (Auctions called: Property Tax Foreclosure Sales)
- Redemption Period: 10 day upset period after sale. Anyone can bid 5% of $750.00 more and with this trigger a re-sale