The outlook for residential real estate along the North Carolina coast is positive, with home prices expected to continue to rise in the coming years. This is due to a number of factors, including the region’s strong economy, its natural beauty, and its proximity to major cities like Charlotte and Raleigh.
In December, we published our report “Why a Coastal Home Remains a Good Investment” after studying the effects of the new interest rate environment on home prices along the North Carolina coast.
According to a recent report by Zillow, the median home value in North Carolina is expected to increase by 5.5% in 2023. This growth is expected to be even higher along the coast, with the median home value in coastal counties expected to increase by 7.5%.
The growth in home prices along the North Carolina coast is being driven by a number of factors. First, the region’s economy is strong. North Carolina is home to a number of Fortune 500 companies, and the state’s unemployment rate is below the national average. This strong economy is attracting new residents to the state, which is driving up demand for housing.
Second, the North Carolina coast is a beautiful place to live. The region has miles of coastline, beautiful beaches, and a mild climate. These natural amenities are making the coast a popular destination for retirees, snowbirds, and second-home buyers.
Third, the North Carolina coast is close to major cities like Charlotte and Raleigh. These cities offer a variety of job opportunities, cultural attractions, and amenities. This proximity to major cities is making the coast a more attractive option for homebuyers who want to live in a smaller town or rural area.
Fourth, the construction of Interstate 42 will shorten drive times between the Triangle and Crystal Coast destinations, and shows North Caolina’s “long-term commitment to having a high mobility corridor connecting our military bases, the Morehead City port, and the communities along the corridor with the national Interstate System,” says state Transportation Secretary Eric Boyette.
Overall, the outlook for residential real estate along the North Carolina coast is positive. Home prices are expected to continue to rise in the coming years, driven by the region’s strong economy, its natural beauty, and its proximity to major cities. If you are considering buying a home along the North Carolina coast, now is a good time to do so.