ATTOM’s Real Estate Sales Trends for North Carolina
North Carolina’s Property Market Pressured by Low Inventory
North Carolina’s real estate market has seen home prices rise and inventory fall. However, foreclosures are showing an uptick. ATTOM’s North Carolina real estate data is updated quarterly so that industry professionals and investors can spot trends before they become mainstream.
The North Carolina real estate market is mirroring the national housing market. House prices are rising rapidly due to historically low interest rates and low inventory due to supply and demand dynamics. Also, lower unemployment levels and improved savings have boosted demand from buyers, creating a seller’s market.
At the same time that the Fed dropped interest rates to entice buyers in the face of the COVID-19 pandemic, homeowners pulled listings off the market to avoid catching the virus, which reduced inventory levels overnight. Government efforts to stimulate the stalling economy, combined with less consumer spending meant that buyers had more funds to spend on housing. These factors have caused house prices to rise to such an extent that investors are weighing exit strategies for the long term. In the short term, prices are expected to continue to rise as long as inventory remains low.
Higher home values are creating a strong rental market too. Many people are priced out of the market and are facing difficulty finding rentals because of low supply. Landlords are raising their rates. For investors, now could be a time to consider buy and hold exit strategies because rental amounts could cover the extra acquisition cost in a relatively short time frame.
While the cost of acquiring rental properties is higher, investors can recoup the cost of rental properties sooner. Regarding foreclosures, ATTOM’s data show the beginnings of an upward trend as the end of foreclosure moratoriums brought about by the Coronavirus take effect.
ATTOM’s Real Estate Sales Trends Reflect Tomorrow’s Market
Find out where potential shifts in home buyers might indicate a change in North Carolina’s housing market.
Uncover annual home price appreciation trends.
Find where home seller gains are strongest.
Learn where homeownership tenure is dropping.
Discover the strongest downturns in cash sales.
Find areas with the most institutional investor activity.
Discover the following trends for North Carolina:
- FHA, REO Sales
- Third-party foreclosure auction sales
- Short sales
- Total distressed sales