Understanding the real estate market trends in a specific market can help you significantly. As a home buyer, it can help you understand the best time to buy a home and what kind of competition to expect. As a seller, it can help you price your home properly and list at the right time.
If you’re getting started in real estate investing, it’s even more important to know the North Carolina real estate market trends in 2019. It can be the difference between making a great profit or buying in an area that no one wants to live.
Here’s what you need to know about the real estate market in North Carolina.
2019 Real Estate Market Forecast for North Carolina
North Carolina is growing quickly, ranking 14th in the nation for population growth with an increase of 1.13%. That means people are moving there for work, family reasons, and more.
The market is currently a seller’s market, as is most of the country, but it’s not as significantly tilted as some other areas. This means that while sellers are still likely to get great prices for their homes, buyers still have a chance to buy a home at a good value.
Home values have grown 8.5% over the last year and will continue to grow this year as well. Rents are high compared with median home values, making this a great market for investors. The median rent in North Carolina is $1,345, compared to a median value of $183,400.
The combination of Chapel Hill, Raleigh, and Durham form the “research triangle,” which is home to three major research universities. This area can be a great place to live if you enjoy the university town vibe. There are university gardens, museums, and a variety of great cultural experiences available.
You may also decide to buy high-quality investment properties in the Triangle and rent them out to students or university-related professionals. It can be a great way to have ongoing income in a strong market.
When is the Best Time to Sell a House in North Carolina in 2019?
Generally, spring is the best time to sell a house in the United States. North Carolina follows this trend, even though the weather is mild year-round.
For Charlotte, NC, the data shows that the best time to sell a home is in July, although May-August is generally strong. December, January, and February are still the worst times to sell in North Carolina, even with milder winters.
Keep in mind that your home will finish closing 60 – 90 days after you list it, so you should plan to list your home in April for a July sale.
One interesting trend is that November is a good time to sell a home in major North Carolina cities because there is a steady flow of corporations relocating people into the state. These folks generally need to be in place by January 1, so you get often get a good premium selling your home in November.
When is the Best Time to Buy a House in North Carolina in 2019?
As a home buyer, it’s important to think about your budget and your top priorities. You can buy a home at any time of year, but different months will give you different benefits.
If you want to house hunt when you have the most options available, you’ll be out in the spring and summer. There will be a wide variety of homes, but you’ll have a lot of competition from other buyers as well. You’ll want to be prepared to move quickly and work with a local buyer’s agent who can help you find the best properties.
If you’re interested in a good deal, consider looking at homes in the fall and winter. Homes sell for a significant discount in January and February, and sellers are generally very motivated. There won’t be nearly as many homes on the market though, so you may not be able to find exactly what you’re looking for.
When you work with an experienced agent, you’ll be able to find out the best times to buy in the specific North Carolina market you’re in. The agent can also help you find the right home, negotiate the price, and put in your offer quickly if needed.
Next Steps in the North Carolina Real Estate Market
Are you ready to make a move in the North Carolina real estate market this year? If so, the first step is to connect with a high-quality local real estate agent. Whether you are buying, selling, or investing, you need a professional you can trust.
When you work with a Clever Partner Agent, you’re able to get a full-service experience at an affordable price. Sellers pay a low flat-fee commission of $3,000 or 1% of the price if the home sells over $350,000.
Buyers are able to get $1,000 back at closing on homes that are at least $150,000. Use the money for closing costs or simply keep it to help you move!
A real estate agent will help you move in the market at the right time, whether you’re buying or selling. You’ll get excellent advice targeted to your specific area and help negotiating the right price for your needs. Realtors also have professional networks that can help you move smoothly through the process, from title agents to escrow agents and more.
Why not move forward with Clever today? Just fill out the online form and a representative will be in touch. We can answer all of your questions and set up a no-obligation consultation with a local Partner agent. Let’s get started!