North  Carolina Investment Property Market

North Carolina Property Market Overview

Roofstock's North Carolina (NC) market includes the Winston-Salem, Greensboro, and Charlotte metropolitan areas. The NC market covers a vast geographic area with a combined population of approximately 2.44 million1. Average home prices in these three areas of NC range between $120,00 - $170,0002, which provides diverse and robust investment opportunities.

Strong Yields and Favorable Market Fundamentals

Average gross yields across North Carolina range from 9.1% to 9.9%3, which is above the national average of 9.0%.4 When it comes to underlying fundamentals that drive Single-Family Rental investment returns (job growth, household growth, income growth), NC is steady. All three metro areas have seen steady population increases as more jobs and affordable homes draw people to the region. Companies that have recently moved into or expanded in the NC market include Owens Corning, BMW, and Pepsi.

Home values in the market are now above or near prior peak value. Employment is a key factor that supports growth throughout North Carolina, and all three metros have unemployment rates below or near the national average.

Metropolitan-area specific highlights:
Winston-Salem: Home prices in Winston-Salem have continued to rise for some years, but are still 6% below the prior peak5, on average. We expect home prices to rise in the high-single digits over the next three years.

Greensboro: Home prices in Greensboro have also continued to rise in a similar fashion to Winston-Salem and are currently 4% below the prior peak6, on average. We expect home prices to rise in the high-single digits over the next three years.

Charlotte: Home prices in Charlotte have continued to rise for some years and are trending 5% above the prior peak7. Despite the strong growth, Charlotte's home values are expected to rise 13% over the next three years8, making it one of the strongest markets in the U.S.
  • Winston-Salem: Homes with negative equity have decreased by 20.41% compared to the previous year9.
  • Greensboro: The drop in home values during the downturn was only 5.19%10
  • Charlotte: Home price appreciation (13%) and rent growth (10%) projected to increase by December 2019, compared to December 2015 values.
  • Home prices and employment in the area are closely tied to the banking and manufacturing industries.
  • The 23,500-seat Greensboro indoor arena built in 1959 is the 2nd largest in the nation and the 6th largest in the world.
  • Winston-Salem was created when the two neighboring towns of Winston and Salem merged in 1913.
  • Charlotte is home to two large banks, Bank of America and Wells Fargo, making it the second largest financial center in the country.
  • 1 U.S. Census Bureau
  • 2 Zillow August 2016
  • 3 Zillow August 2016
  • 4 John Burns Report August 2016
  • 5 Zillow August 2016
  • 6 Zillow August 2016
  • 7 Zillow August 2016
  • 8 John Burns Report August 2016
  • 9
  • 10

Real Estate Investment Insights

Investment Style: Balanced Inventory:
Home Value *
National Avg
Home Value Growth (YoY)
National Avg
Rent **
National Avg
Source: Financial data from Zillow includes single family, condo & cooperative homes, updated on 02/28/2018