North Carolina Moving Trends

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    North Carolina Moving Trends

    With North Carolina becoming more and more of a moving destination over the past couple of years, there’s no question that the housing and real estate market in the state is hotter than ever – and continuing to heat up!
    Even during the uncertain financial and economic times of 2022 and continuing in 2023, the North Carolina housing market has remained stable, with homes retaining their values, and people still looking to sell and buy. If you’re looking for a home 2023 in North Carolina, keep reading for the most up-to-date moving trends in the state in 2023.

    North Carolina Real Estate Market

    With home values rising over the last few years instead of falling as they have in many states, North Carolina retains a healthy housing market that is reflected in its current real estate trends. With a nearly 16% increase in home values over the course of 2022 and into 2023. Though the rise in home values might continue to rise over the next year, they will do so at a moderate rate.

    The North Carolina housing market has remained very active over the last year, with the number of homes for sale going down just 5%, even in the face of rising mortgage interest rates. The median number of days on the home market was just over a month, which has remained consistent from the prior months. With the median price of a single-family home coming in at $344,500 in 2022, the price of housing also remains comparably affordable when put up against many home prices in the rest of the country. Despite rumors of a national housing market crash looming over the heads of many Americans, local North Carolina data indicates that the housing market in the state will continue to remain stable despite national trends. There have been no major home price declines over the last year, and the present number of homes for sale in the state has remained favorable to sellers. Homes are still selling fairly quickly, and remain sold for around the asking price.

    Some of these housing market factors are due to the continued rise of Charlotte as a financial hub in the country, which continues to draw people to the state. The state as a whole continues to remain a top-ranked relocation destination for those across the country, which has kept the housing market competitive and healthy.

    Ranked as the fifth-best place to live in the entire country, there’s no question that the demand for housing and the continued influx of new residents will make the housing market even more competitive and continue to favor sellers and keep home values consistent.

    Real Estate Market Projections for 2023

    Though the North Carolina housing market is expected to remain stable across the course of 2023, it is expected that the market will begin to turn in the favor of buyers. Rising interest rates will not leave the market unaffected, since they are undoubtedly the highest, they’ve been in nearly 20 years. However, because North Carolina remains a very affordable place to live, this helps to offset unfortunate financial times.

    Despite this, the North Carolina housing market is very unlikely to crash for a number of reasons. First, because of the high competition for housing, the low inventory of homes forces prospective home buyers to bid at or above the asking price.

    There are also fewer new homes being constructed in North Carolina when compared to rates 10 years ago, which does not let the housing inventory be flooded with new construction that would drive up supply and drive housing prices down. There are also fewer home foreclosures, which does not indicate a threat of a foreclosure crisis.

    The strong demand for housing in the state across many demographics and budgets also continues to fuel the housing market’s health.

    Should I Move to North Carolina in 2023?

    In short, if you want affordability and stability, it’s a great idea to buy a home in North Carolina – whether this year or in the next few years. The housing market is healthy and stable, and data indicates that things will stay that way for the foreseeable future.

    Are you looking for the best North Carolina moving company for your and your family’s relocation? Whether moving locally or long-distance into or across the state, Carey Moving & Storage has exactly what you need for an affordable and straightforward move. Contact us today to discover what we can do for you and your family today.