Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.
Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.
Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some North Carolina cities are far more affordable than others.
According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in North Carolina is worth $234,900. But across the 42 cities, towns, and unincorporated communities in the state with populations of at least 25,000, median home values range from about $138,000 to over $500,000.
In any local market, home prices are often a reflection of what residents can afford. In North Carolina, many of the least expensive cities for homebuyers are not high-income areas. Of the 42 North Carolina cities with available data from the ACS, 20 have a median home value that is less than the statewide median. In all but one of these places, the typical household earns less than the statewide median household income of $66,186. Similarly, most of North Carolina’s more expensive housing markets have higher earning populations.
These are the cheapest and most expensive housing markets in North Carolina.
42. Rocky Mount
Source: Harris Walker / Wikimedia Commons
- Median home value: $137,800
- Homes worth over $1 million: 0.2%
- Homeownership rate: 49.9%
- Median household income: $50,092
- Total population: 54,260
41. Thomasville
Source: J. Michael Jones / iStock Editorial via Getty Images
- Median home value: $146,200
- Homes worth over $1 million: 0.3%
- Homeownership rate: 59.5%
- Median household income: $48,457
- Total population: 27,130
40. Asheboro
Source: J. Michael Jones / iStock Editorial via Getty Images
- Median home value: $149,500
- Homes worth over $1 million: 0.5%
- Homeownership rate: 48.2%
- Median household income: $44,405
- Total population: 27,117
39. Fayetteville
Source: multi-modal / Flickr
- Median home value: $158,500
- Homes worth over $1 million: 0.6%
- Homeownership rate: 45.4%
- Median household income: $53,424
- Total population: 208,697
38. Goldsboro
Source: By Sirduckee - Own workThis photo was uploaded with Wiki Loves Monuments mobile 1.2.5 (Android)., CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=25369095
- Median home value: $162,300
- Homes worth over $1 million: 0.7%
- Homeownership rate: 39.1%
- Median household income: $44,196
- Total population: 33,566
37. Burlington
Source: dougtone / Flickr
- Median home value: $167,000
- Homes worth over $1 million: 0.5%
- Homeownership rate: 55.5%
- Median household income: $52,963
- Total population: 56,951
36. Wilson
Source: Michael Vi / iStock via Getty Images
- Median home value: $167,400
- Homes worth over $1 million: 0.3%
- Homeownership rate: 49.9%
- Median household income: $46,891
- Total population: 47,767
35. Jacksonville
Source: Eifel Kreutz / iStock via Getty Images
- Median home value: $176,200
- Homes worth over $1 million: 0.9%
- Homeownership rate: 35.5%
- Median household income: $50,185
- Total population: 71,908
34. Sanford
Source: gerrydincher / Flickr
- Median home value: $184,100
- Homes worth over $1 million: 0.0%
- Homeownership rate: 51.1%
- Median household income: $52,951
- Total population: 30,373
33. Winston-Salem
Source: Kruck20 / iStock via Getty Images
- Median home value: $187,400
- Homes worth over $1 million: 1.5%
- Homeownership rate: 53.9%
- Median household income: $54,416
- Total population: 249,571
32. Salisbury
Source: J. Michael Jones / iStock Editorial via Getty Images
- Median home value: $190,300
- Homes worth over $1 million: 0.7%
- Homeownership rate: 51.3%
- Median household income: $48,888
- Total population: 35,437
31. Greenville
Source: CRobertson / iStock Editorial via Getty Images
- Median home value: $192,900
- Homes worth over $1 million: 0.6%
- Homeownership rate: 32.9%
- Median household income: $47,485
- Total population: 87,894
30. High Point
Source: 2012 Getty Images / Getty Images News via Getty Images
- Median home value: $196,500
- Homes worth over $1 million: 0.3%
- Homeownership rate: 58.1%
- Median household income: $58,582
- Total population: 114,120
29. Greensboro
Source: Kruck20 / iStock via Getty Images
- Median home value: $197,200
- Homes worth over $1 million: 1.3%
- Homeownership rate: 49.6%
- Median household income: $55,051
- Total population: 297,202
28. Statesville
Source: Jacqueline Nix / iStock Editorial via Getty Images
- Median home value: $202,200
- Homes worth over $1 million: 0.7%
- Homeownership rate: 55.2%
- Median household income: $51,784
- Total population: 28,576
27. New Bern
Source: gerrydincher / Flickr
- Median home value: $202,500
- Homes worth over $1 million: 0.3%
- Homeownership rate: 58.4%
- Median household income: $55,673
- Total population: 31,373
26. Kannapolis
Source: PHHI / Wikimedia Commons
- Median home value: $213,300
- Homes worth over $1 million: 1.8%
- Homeownership rate: 62.5%
- Median household income: $66,487
- Total population: 53,314
25. Gastonia
Source: digidreamgrafix / iStock via Getty Images
- Median home value: $219,700
- Homes worth over $1 million: 0.3%
- Homeownership rate: 55.8%
- Median household income: $58,047
- Total population: 80,615
24. Hickory
Source: J. Michael Jones / iStock Editorial via Getty Images
- Median home value: $233,800
- Homes worth over $1 million: 0.9%
- Homeownership rate: 53.6%
- Median household income: $58,251
- Total population: 43,352
23. Monroe
Source: Beckycafferylepage / Wikimedia Commons
- Median home value: $234,300
- Homes worth over $1 million: 0.8%
- Homeownership rate: 59.5%
- Median household income: $63,982
- Total population: 34,897
22. Kernersville
Source: 2016 Getty Images / Getty Images News via Getty Images
- Median home value: $241,800
- Homes worth over $1 million: 0.4%
- Homeownership rate: 54.2%
- Median household income: $66,151
- Total population: 27,177
21. Clayton
Source: fstop123 / iStock via Getty Images
- Median home value: $260,400
- Homes worth over $1 million: 0.5%
- Homeownership rate: 66.5%
- Median household income: $71,698
- Total population: 26,837
20. Concord
Source: Rick Lanier / iStock via Getty Images
- Median home value: $288,100
- Homes worth over $1 million: 0.4%
- Homeownership rate: 69.4%
- Median household income: $83,480
- Total population: 105,335
19. Garner
Source: SondraP / iStock via Getty Images
- Median home value: $288,900
- Homes worth over $1 million: 0.2%
- Homeownership rate: 63.9%
- Median household income: $77,171
- Total population: 31,684
18. Indian Trail
Source: Abbeynball / Wikimedia Commons
- Median home value: $303,100
- Homes worth over $1 million: 0.4%
- Homeownership rate: 83.1%
- Median household income: $95,101
- Total population: 40,325
17. Mooresville
Source: Crystal Bolin Photography / iStock via Getty Images
- Median home value: $311,600
- Homes worth over $1 million: 0.7%
- Homeownership rate: 59.3%
- Median household income: $82,622
- Total population: 50,025
16. Charlotte
Source: Kruck20 / iStock via Getty Images
- Median home value: $312,800
- Homes worth over $1 million: 5.9%
- Homeownership rate: 52.1%
- Median household income: $74,070
- Total population: 875,045
15. Durham
Source: Sean Pavone / iStock via Getty Images
- Median home value: $316,600
- Homes worth over $1 million: 1.5%
- Homeownership rate: 52.0%
- Median household income: $74,710
- Total population: 284,094
14. Wilmington
Source: davidwilson1949 / Flickr
- Median home value: $318,600
- Homes worth over $1 million: 5.1%
- Homeownership rate: 45.9%
- Median household income: $58,908
- Total population: 116,933
13. Raleigh
Source: Kruck20 / iStock via Getty Images
- Median home value: $347,000
- Homes worth over $1 million: 4.7%
- Homeownership rate: 51.1%
- Median household income: $78,631
- Total population: 465,517
12. Mint Hill
Source: 2022 Getty Images / Getty Images News via Getty Images
- Median home value: $357,100
- Homes worth over $1 million: 1.2%
- Homeownership rate: 79.8%
- Median household income: $92,102
- Total population: 26,537
11. Matthews
Source: Thomas Northcut / The Image Bank via Getty Images
- Median home value: $360,000
- Homes worth over $1 million: 1.5%
- Homeownership rate: 67.0%
- Median household income: $103,405
- Total population: 29,613
10. Fuquay-Varina
Source: gerrydincher / Flickr
- Median home value: $364,200
- Homes worth over $1 million: 1.3%
- Homeownership rate: 71.9%
- Median household income: $94,142
- Total population: 35,428
9. Asheville
Source: pom-angers / Flickr
- Median home value: $376,800
- Homes worth over $1 million: 4.4%
- Homeownership rate: 50.0%
- Median household income: $63,810
- Total population: 93,695
8. Huntersville
Source: Feverpitched / iStock via Getty Images
- Median home value: $393,200
- Homes worth over $1 million: 2.1%
- Homeownership rate: 73.1%
- Median household income: $112,893
- Total population: 61,202
7. Wake Forest
Source: PamSchodt / iStock via Getty Images
- Median home value: $397,300
- Homes worth over $1 million: 0.4%
- Homeownership rate: 73.5%
- Median household income: $115,159
- Total population: 48,047
6. Morrisville
Source: Licec / iStock via Getty Images
- Median home value: $429,600
- Homes worth over $1 million: 2.0%
- Homeownership rate: 50.4%
- Median household income: $114,075
- Total population: 29,756
5. Holly Springs
Source: oldrebel / Flickr
- Median home value: $449,600
- Homes worth over $1 million: 1.4%
- Homeownership rate: 82.2%
- Median household income: $127,755
- Total population: 42,023
4. Cornelius
Source: 2011 Getty Images / Getty Images Sport via Getty Images
- Median home value: $452,300
- Homes worth over $1 million: 19.9%
- Homeownership rate: 69.7%
- Median household income: $107,969
- Total population: 31,396
3. Apex
Source: oldrebel / Flickr
- Median home value: $458,200
- Homes worth over $1 million: 1.7%
- Homeownership rate: 75.3%
- Median household income: $129,688
- Total population: 65,541
2. Cary
- Median home value: $477,400
- Homes worth over $1 million: 4.1%
- Homeownership rate: 66.8%
- Median household income: $125,317
- Total population: 174,880
1. Chapel Hill
Source: Ryan Herron / iStock Unreleased via Getty Images
- Median home value: $537,100
- Homes worth over $1 million: 9.9%
- Homeownership rate: 50.0%
- Median household income: $85,940
- Total population: 58,919
Smart Investors Are Quietly Loading Up on These “Dividend Legends” (Sponsored)
If you want your portfolio to pay you cash like clockwork, it’s time to stop blindly following conventional wisdom like relying on Dividend Aristocrats. There’s a better option, and we want to show you. We’re offering a brand-new report on 2 stocks we believe offer the rare combination of a high dividend yield and significant stock appreciation upside. If you’re tired of feeling one step behind in this market, this free report is a must-read for you.
Click here to download your FREE copy of “2 Dividend Legends to Hold Forever” and start improving your portfolio today.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
