Real Estate Market In NC
Let's talk about some NC Market data that has been pulled from the Office Of State Budget and Management in NC.
NC has 5 key markets, broken down by what they are "best in". I will link the article at the bottom containing all the numbers; the metrics used by OSBM including Median Home Value, Property Appreciation Rate, Median Household Income, Median Gross Rent, Median Mortgage Cost.
1. Jacksonville - Best Overall Market In NC
Jacksonville has been recognized as the best market in NC overall due to characteristics that make Jacksonville unique, this expressly includes Camp Lejune, the Marine Base. Military always brings an influx of people, and the best part is they are new and need a place to stay. The median age in Jacksonville is 26.5 which means a young demographic of renters and first time buyers. Great opportunity in long-term rentals, vacation rentals, flips, and BRRRR.
"Overall, the city has a small-town charm with all of the attractions of a larger metro, so it's a great spot for investors to get started."
2. Raleigh - Best Vacation Rentals In NC
Raleigh had 15.8 Million Tourists in 2021. That should be a number that peaks the attention of any investor in NC. Short-Term Rentals, Air BnBs, Vacation Rentals are a gold mine for the savvy investor in Raleigh. A large student base, big college teams nearby and being the Capital of NC has it perks. Raleigh was ranked 4th best place to live (out of 50) in 2022-2023 by Money.com. It has grown, continues to grow, and has many futures plans for development.
3. Durham - Best House Hacking
Durham has recently begun to explode in terms of real estate investments. House hacking is a great way to get into the game with low starting costs and ample room for benefit, recommended to abide by the 30% rule if house hacking. Durham in general is a great location, being near Chapel Hill and Raleigh it also possesses a great Vacation/Air BnB opportunity. With Duke university nearby it will always have a high demand for student housing.
4. Burlington - Best For Flipping
The main call to flipping in Burlington is price point. Median Home Value sits at $271,384, and the population growth rate is double that of places like Winston Salem and Forsyth County as a whole. I grew up local in Stokes County (just north of Forsyth County) and I can firsthand attest to many people moving out and around the Winston areas, similar things are happening in Greensboro as crime is a regular issue. This leads to outlying areas around these large cities in NC to be particularly attractive to a lot of people. A large portion of local young graduates who decide to stay in NC, move to the outlier areas looking for move-in ready homes. Burlington and smaller towns/cities in NC that are 30-45 min drives from large cities are exploding in NC.
5. Winston-Salem - Best For Long- Term Rentals
As stated above, growing up near Winston and having rented several homes when I was younger in Winston, I can attest to a large market of young adults who are looking to have "their own place." A vast majority of my graduating class, and classes at schools around me, rather quickly after graduating high school moved out to an apartment or renting a house, with plans to stay there for quite some time. Hunting down locations to rent for Long term rentals was always a chore due to the fact that they went rather quickly. Zillow or craigslist, didn't matter the source those rentals move quickly. There is also a large demand for Mobile Home Rentals, especially North, NW, NE of Winston, and those tend to lead to long term tenants of 5+ years. If that peaks your interest look to places like Stokes Cty and Surry Cty. Winston may not be the most glorious city, but it does boast an excellent night-life that attracts a plethora of young people. Winston also has a uniquely large Brewery/Bar Scene, for those that enjoy those.
Hope this was helpful, please give feedback and alternate opinions if you have them!
I'm looking to connect with more people here as well, so let's connect and see if we can be resources for each other!
Links:
https://money.com/best-places-...