Is Now the Right Time to Buy Property in North Carolina?
The North Carolina housing market has been a topic of interest for many potential homebuyers and investors. With recent changes in the real estate landscape, it’s natural to wonder if now is a good time to purchase property in the Tar Heel State. Here are some of the things you should do before you look for property for sale in Moore County, NC.
Current Market Conditions
As of June 2024, the North Carolina housing market is showing some interesting developments. The median home sales price has risen to $389,800, marking a 3.2% increase from the previous year. This growth, while notable, is still below the national median of $442,525, potentially making North Carolina an attractive option for buyers seeking more affordable options.
Supply and Demand Dynamics
One key factor to consider is the balance between supply and demand. The number of homes available for sale in North Carolina has increased significantly, with 35,345 listings in June 2024 compared to 25,755 in June 2023. This 37.2% increase in inventory suggests that buyers may have more options to choose from, potentially easing some of the competition that has characterized recent years.
Market Competitiveness
Despite the increase in inventory, the North Carolina market is still considered somewhat competitive. Homes are typically selling after 33 days on the market, which is slightly slower than the previous year but still relatively quick. This indicates that while buyers may have more choices, desirable properties are still moving at a steady pace.
Affordability Considerations
For those considering a purchase, it’s important to look at affordability factors. With a median home price of $389,800, a 10% down payment would be $38,980. Current mortgage rates are hovering around 6.8%, resulting in an average monthly payment of $2,528. Interestingly, this is slightly lower than the previous year, which could be a positive sign for buyers.
Long-Term Investment Potential
When considering a property purchase, it’s important to look at long-term trends. North Carolina’s home values have shown steady growth, with a 3.4% increase last year. This suggests that property in the state could be a solid investment, especially given its relative affordability compared to national averages.
Contact Kim Kaplan to Find Property for Sale in Moore County, NC
If you’re interested in exploring property for sale in Moore County, North Carolina, don’t hesitate to reach out to Kim Kaplan, a local real estate expert. With the current market conditions presenting a mix of opportunities and challenges, having a knowledgeable guide can be invaluable.