Housing
Home Prices Have Doubled in These North Carolina Cities Since the Pandemic
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24/7 Wall St. Insights
- Since the start of the COVID-19 pandemic, supply and demand dynamics have sent home prices surging by nearly 38% nationwide and about 31% in North Carolina.
- But location matters in the U.S. housing market, and in some parts of North Carolina, list price increases have been far more modest than in others.
- Also: 2 Dividend Legends To Hold Forever
The COVID-19 pandemic was a public health crisis of a scale and magnitude unlike any other in modern American history. Even though more than a year has passed since the end of the COVID-19 national emergency, the U.S. is still grappling with many of the pandemic’s economic knock-on effects — most notably, a surge in housing costs. According to data from Realtor.com, the median list price among all homes on the market in the U.S. was $439,950 in July 2024, up nearly $121,000 from the beginning of the pandemic in March 2020.
Due to pandemic-related work restrictions, in addition to supply chain issues, new-home construction has not kept pace with demand in recent years, exacerbating an already decades-old housing shortage. According to estimates from The Pew Charitable Trusts, closing the gap would require between 4 to 7 million new homes. Now, with mortgage rates at historic highs, many homeowners who are locked in at lower rates are reluctant to sell, further limiting housing inventory.
The surge in home prices has been driven not only by supply constraints, but also rising demand. The shift to remote work, in addition to social distancing rules, confined millions of Americans to their homes during the pandemic — and resulted in a spike in home sales. In October 2020, the sales volume of new, single-family homes topped 1.03 million, a high not seen in nearly a decade and a half.
Few parts of the country have been spared from surging home prices. In North Carolina, the median list price among all homes on the market was $424,319 in July 2024, up 31.3% — or $101,193 — from the start of the pandemic. (Here is a look at the most affordable housing market in each state.)
Notably, when it comes to the housing costs, location matters — and in some parts of North Carolina, housing prices have climbed much faster than average. In others, meanwhile, increases have been far more modest. Of the 31 metropolitan and combined statistical areas in the state with available data, median list prices have increased anywhere from 23.0% to 131.4% since the start of the pandemic. In these same communities, a typical home now costs anywhere from $59,025 to $256,200 more than it did in March 2020. (Here is a look at the 23 cities where most homes are selling for less than $125,000.)
It is important to note that the cities reporting the most significant increases in home prices are not necessarily the most expensive cities in which to buy a home. For example, of the 12 North Carolina metro areas where most homes were listed for more than $400,000 in July 2024, and only two of them rank among the 10 cities on this list with the largest price increases.
This is how home prices have changed since the pandemic in every city in North Carolina. Cities are ranked by the percent change in the media list prices from March 2020 to July 2024.
Why It Matters
Since the start of the pandemic, limited supply and rising demand have fueled a surge in home prices. Now, with mortgage rates at their highest levels in over a decade, many would-be sellers are staying out of the market, further exacerbating a long-standing inventory shortage. Historically, homeownership has been a reliable means of building wealth — but rising prices and elevated borrowing costs have priced millions of Americans out of the market. Still, location matters in the real estate business, and some parts of North Carolina have borne the brunt of rising prices, while others have been largely shielded.
31. Winston-Salem, NC
- Change in median list price since start of pandemic: +23.0% (+$66,515)
- Median home list price: $355,193 in July 2024; $288,678 in March 2020
- Median list price per square foot: $181 in July 2024; $116 in March 2020
- Size of a typical listed home: 1,944 sq. ft. in July 2024; 2,107 sq. ft. in March 2020
30. Raleigh-Cary, NC
- Change in median list price since start of pandemic: +24.5% (+$91,327)
- Median home list price: $464,012 in July 2024; $372,685 in March 2020
- Median list price per square foot: $223 in July 2024; $149 in March 2020
- Size of a typical listed home: 2,212 sq. ft. in July 2024; 2,548 sq. ft. in March 2020
29. Greenville, NC
- Change in median list price since start of pandemic: +25.0% (+$59,025)
- Median home list price: $295,000 in July 2024; $235,975 in March 2020
- Median list price per square foot: $164 in July 2024; $108 in March 2020
- Size of a typical listed home: 1,904 sq. ft. in July 2024; 2,204 sq. ft. in March 2020
28. Charlotte-Concord-Gastonia, NC-SC
- Change in median list price since start of pandemic: +25.6% (+$89,450)
- Median home list price: $439,400 in July 2024; $349,950 in March 2020
- Median list price per square foot: $223 in July 2024; $147 in March 2020
- Size of a typical listed home: 2,018 sq. ft. in July 2024; 2,388 sq. ft. in March 2020
27. Durham-Chapel Hill, NC
- Change in median list price since start of pandemic: +26.1% (+$108,775)
- Median home list price: $525,000 in July 2024; $416,225 in March 2020
- Median list price per square foot: $261 in July 2024; $169 in March 2020
- Size of a typical listed home: 2,106 sq. ft. in July 2024; 2,331 sq. ft. in March 2020
26. Greensboro-High Point, NC
- Change in median list price since start of pandemic: +29.3% (+$78,500)
- Median home list price: $346,000 in July 2024; $267,500 in March 2020
- Median list price per square foot: $174 in July 2024; $116 in March 2020
- Size of a typical listed home: 2,045 sq. ft. in July 2024; 2,114 sq. ft. in March 2020
25. Albemarle, NC
- Change in median list price since start of pandemic: +37.5% (+$96,050)
- Median home list price: $352,250 in July 2024; $256,200 in March 2020
- Median list price per square foot: $192 in July 2024; $141 in March 2020
- Size of a typical listed home: 1,785 sq. ft. in July 2024; 1,824 sq. ft. in March 2020
24. Marion, NC
- Change in median list price since start of pandemic: +37.8% (+$124,600)
- Median home list price: $454,500 in July 2024; $329,900 in March 2020
- Median list price per square foot: $247 in July 2024; $150 in March 2020
- Size of a typical listed home: 1,815 sq. ft. in July 2024; 2,052 sq. ft. in March 2020
23. Forest City, NC
- Change in median list price since start of pandemic: +40.0% (+$119,700)
- Median home list price: $418,700 in July 2024; $299,000 in March 2020
- Median list price per square foot: $233 in July 2024; $144 in March 2020
- Size of a typical listed home: 1,725 sq. ft. in July 2024; 1,974 sq. ft. in March 2020
22. Pinehurst-Southern Pines, NC
- Change in median list price since start of pandemic: +41.3% (+$140,200)
- Median home list price: $479,875 in July 2024; $339,675 in March 2020
- Median list price per square foot: $219 in July 2024; $138 in March 2020
- Size of a typical listed home: 2,380 sq. ft. in July 2024; 2,516 sq. ft. in March 2020
21. Asheville, NC
- Change in median list price since start of pandemic: +42.8% (+$172,950)
- Median home list price: $577,450 in July 2024; $404,500 in March 2020
- Median list price per square foot: $306 in July 2024; $197 in March 2020
- Size of a typical listed home: 1,982 sq. ft. in July 2024; 2,112 sq. ft. in March 2020
20. Hickory-Lenoir-Morganton, NC
- Change in median list price since start of pandemic: +44.8% (+$116,443)
- Median home list price: $376,393 in July 2024; $259,950 in March 2020
- Median list price per square foot: $202 in July 2024; $125 in March 2020
- Size of a typical listed home: 1,935 sq. ft. in July 2024; 2,044 sq. ft. in March 2020
19. Roanoke Rapids, NC
- Change in median list price since start of pandemic: +45.0% (+$83,700)
- Median home list price: $269,700 in July 2024; $186,000 in March 2020
- Median list price per square foot: $135 in July 2024; $93 in March 2020
- Size of a typical listed home: 1,745 sq. ft. in July 2024; 1,823 sq. ft. in March 2020
18. Burlington, NC
- Change in median list price since start of pandemic: +45.3% (+$113,414)
- Median home list price: $363,990 in July 2024; $250,576 in March 2020
- Median list price per square foot: $191 in July 2024; $117 in March 2020
- Size of a typical listed home: 1,946 sq. ft. in July 2024; 2,020 sq. ft. in March 2020
17. North Wilkesboro, NC
- Change in median list price since start of pandemic: +46.0% (+$132,075)
- Median home list price: $419,475 in July 2024; $287,400 in March 2020
- Median list price per square foot: $278 in July 2024; $171 in March 2020
- Size of a typical listed home: 1,858 sq. ft. in July 2024; 2,485 sq. ft. in March 2020
16. Shelby, NC
- Change in median list price since start of pandemic: +48.0% (+$103,122)
- Median home list price: $318,072 in July 2024; $214,950 in March 2020
- Median list price per square foot: $178 in July 2024; $115 in March 2020
- Size of a typical listed home: 1,814 sq. ft. in July 2024; 1,816 sq. ft. in March 2020
15. Kill Devil Hills, NC
- Change in median list price since start of pandemic: +52.1% (+$248,635)
- Median home list price: $725,885 in July 2024; $477,250 in March 2020
- Median list price per square foot: $384 in July 2024; $225 in March 2020
- Size of a typical listed home: 1,949 sq. ft. in July 2024; 2,187 sq. ft. in March 2020
14. Wilmington, NC
- Change in median list price since start of pandemic: +52.3% (+$198,065)
- Median home list price: $576,565 in July 2024; $378,500 in March 2020
- Median list price per square foot: $282 in July 2024; $173 in March 2020
- Size of a typical listed home: 2,030 sq. ft. in July 2024; 2,183 sq. ft. in March 2020
13. New Bern, NC
- Change in median list price since start of pandemic: +53.4% (+$125,383)
- Median home list price: $360,383 in July 2024; $235,000 in March 2020
- Median list price per square foot: $186 in July 2024; $119 in March 2020
- Size of a typical listed home: 1,928 sq. ft. in July 2024; 1,940 sq. ft. in March 2020
12. Washington, NC
- Change in median list price since start of pandemic: +53.9% (+$139,800)
- Median home list price: $399,250 in July 2024; $259,450 in March 2020
- Median list price per square foot: $190 in July 2024; $121 in March 2020
- Size of a typical listed home: 1,856 sq. ft. in July 2024; 2,044 sq. ft. in March 2020
11. Fayetteville, NC
- Change in median list price since start of pandemic: +53.9% (+$114,250)
- Median home list price: $326,250 in July 2024; $212,000 in March 2020
- Median list price per square foot: $163 in July 2024; $102 in March 2020
- Size of a typical listed home: 1,989 sq. ft. in July 2024; 2,002 sq. ft. in March 2020
10. Goldsboro, NC
- Change in median list price since start of pandemic: +57.9% (+$109,790)
- Median home list price: $299,340 in July 2024; $189,550 in March 2020
- Median list price per square foot: $163 in July 2024; $93 in March 2020
- Size of a typical listed home: 1,788 sq. ft. in July 2024; 1,925 sq. ft. in March 2020
9. Brevard, NC
- Change in median list price since start of pandemic: +57.9% (+$256,200)
- Median home list price: $698,450 in July 2024; $442,250 in March 2020
- Median list price per square foot: $325 in July 2024; $197 in March 2020
- Size of a typical listed home: 2,136 sq. ft. in July 2024; 2,295 sq. ft. in March 2020
8. Morehead City, NC
- Change in median list price since start of pandemic: +59.8% (+$224,375)
- Median home list price: $599,375 in July 2024; $375,000 in March 2020
- Median list price per square foot: $339 in July 2024; $223 in March 2020
- Size of a typical listed home: 1,938 sq. ft. in July 2024; 1,789 sq. ft. in March 2020
7. Elizabeth City, NC
- Change in median list price since start of pandemic: +59.9% (+$144,257)
- Median home list price: $385,000 in July 2024; $240,743 in March 2020
- Median list price per square foot: $185 in July 2024; $119 in March 2020
- Size of a typical listed home: 2,269 sq. ft. in July 2024; 2,153 sq. ft. in March 2020
6. Jacksonville, NC
- Change in median list price since start of pandemic: +63.9% (+$136,550)
- Median home list price: $350,250 in July 2024; $213,700 in March 2020
- Median list price per square foot: $180 in July 2024; $115 in March 2020
- Size of a typical listed home: 1,852 sq. ft. in July 2024; 1,710 sq. ft. in March 2020
5. Wilson, NC
- Change in median list price since start of pandemic: +74.8% (+$122,750)
- Median home list price: $286,750 in July 2024; $164,000 in March 2020
- Median list price per square foot: $170 in July 2024; $92 in March 2020
- Size of a typical listed home: 1,629 sq. ft. in July 2024; 1,724 sq. ft. in March 2020
4. Rocky Mount, NC
- Change in median list price since start of pandemic: +79.3% (+$124,350)
- Median home list price: $281,250 in July 2024; $156,900 in March 2020
- Median list price per square foot: $158 in July 2024; $88 in March 2020
- Size of a typical listed home: 1,689 sq. ft. in July 2024; 1,863 sq. ft. in March 2020
3. Laurinburg, NC
- Change in median list price since start of pandemic: +102.7% (+$113,973)
- Median home list price: $224,973 in July 2024; $111,000 in March 2020
- Median list price per square foot: $127 in July 2024; $68 in March 2020
- Size of a typical listed home: 1,685 sq. ft. in July 2024; 1,813 sq. ft. in March 2020
2. Kinston, NC
- Change in median list price since start of pandemic: +116.6% (+$132,650)
- Median home list price: $246,375 in July 2024; $113,725 in March 2020
- Median list price per square foot: $129 in July 2024; $67 in March 2020
- Size of a typical listed home: 1,778 sq. ft. in July 2024; 1,756 sq. ft. in March 2020
1. Lumberton, NC
- Change in median list price since start of pandemic: +131.4% (+$151,725)
- Median home list price: $267,175 in July 2024; $115,450 in March 2020
- Median list price per square foot: $133 in July 2024; $72 in March 2020
- Size of a typical listed home: 1,787 sq. ft. in July 2024; 1,550 sq. ft. in March 2020
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