The Ripest Of Cities In North Carolina For Real Estate

By Ciprian Morariu Published: April 18, 2024

 Ripest Of Cities In North Carolina For Real Estate

Talking extensively about North Carolina is a state that is situated in the southeastern region of the United States. It shows off and boasts a diverse real estate market. The market is a mix of urban centers, suburban neighborhoods, and rural communities. For your information, it offers a range of residential, commercial, and industrial properties, which makes it an attractive destination for you as real estate professionals as well as stakeholders like homebuyers, investors, and businesses.

Hence, if you want to make a mark as a real estate agent in the state and launch a lucrative career, get a real estate license in North Carolina. Go through a North Carolina online real estate course and pass the licensing exam. After completing a few other formalities, you will be awarded a real estate license in North Carolina to practice in the booming real estate markets in the state.  

Overview of the Real Estate Market in North Carolina 

The market here has single-family homes, condominiums, townhouses, and apartments. The largest cities in NC that play in the ring are Charlotte and Raleigh towns like Wilmington and historic mountain communities like Asheville. 

The common factors that influence the residential market of NC include population growth, employment opportunities, and lifestyle preferences. You should know that the prices and demand fluctuate across regions, and this plays with the client’s affordability. 

So, what can be said about the commercial landscape of North Carolina?

The real estate’s commercial sector comprises Office spaces, retail outlets, industrial facilities, and hospitality establishments. The fastest-growing cities in North Carolina serve as the economic hubs, which attract businesses, seeking office, space, and retail locations. To be specific, the Research Triangle Park in Raleigh-Durham and Charlotte's financial district or notable commercial centers. Because of the state’s strategic location and transportation infrastructure, the industrial estate which includes warehouses and distribution centers thrives. 

Let us learn what are the key markets that drive the market:

  1. Economic Growth: for this, the major contributors are job opportunities, wage growth, and business expansion as per the demand for real estate.
  2. Population Trends: In-migration, particularly from other states, impacts housing demand and rental markets. This is the single most driving factor for real estate and its demand fluctuations.
  3. Interest Rates: interestingly, the inevitable fluctuations in mortgage rates influence your client’s affordability and purchasing power. If it’s high, the affordability is less and vice-versa.
  4. Regulatory Environment: as per the zoning laws in place in NC, the development regulations, and tax policies shape the real estate landscape for you as a stakeholder.
  5. Natural Disasters: there are natural and inevitable events such as hurricanes that can affect property values and insurance costs, particularly in coastal areas. So, you must take them into account as well.

Naming and Reasoning The Fastest Growing Cities in North Carolina

The fastest-growing cities in North Carolina share common attributes such as a strong economy, diverse job market, quality education, and desirable lifestyle amenities. These are the factors that contribute to their appeal which attracts continued population growth. This in turn makes them attractive destinations for residents, businesses, and investors.

  1. Charlotte: this city holds the status of the biggest city in North Carolina. It experiences population growth significantly because of its thriving economy and attractive quality of life. This place serves as a major financial center. Also, the headquarters of several Fortune 500 companies are established here. It offers cultural amenities, outdoor recreational opportunities, and a relatively lower cost of living compared to other major metropolitan areas.
  2. Raleigh: it is fondly called the ‘City Of Oaks’. It is part of the Research Triangle region, which includes Durham and Chapel Hill. It is the home of many innovations and attracts a highly skilled workforce.
  3. Durham: it has emerged as a hub of technology, education, and the healthcare industry and has a favorable business climate. The Research Triangle Park, one of the largest research parks in the world, attracts leading companies and fosters collaborations. It has a vibrant downtown, a cultural scene, and affordable housing to offer.
  4. Wilmington: it is known for its scenic beauty, historic charm, and a thriving tourism industry. It is a rapidly growing city. The city's film industry and growing healthcare sector contribute to its economic vitality. If we talk about climate, it has a mild climate, coastal amenities, and affordable housing options that majorly attract retirees and young professionals who are seeking a coastal lifestyle.
  5. Cary: the city has consistently ranked among the fastest-growing cities in North Carolina. The economy is strong. There are high-quality schools and development happens in a planned manner. This attracts many residents who are seeking a suburban lifestyle with proximity to urban amenities. It has large green spaces and recreational facilities which adds to its appeal as a city. It mostly attracts families who want green, peace, and quiet.
  6. Asheville: it has experienced significant growth fueled by its vibrant arts scene. The major industry here is its craft beer industry, culinary scene, and eclectic downtown area that draws us visitors and new residents. It offers a distinctive living experience. 

What are the Fastest Growing Cities?

The term refers to the urban areas that experience significant population expansion over a relatively short period.

How to Identify Them?

There are several criteria to know which cities can be grouped under the category of fastest-growing ones. These are:

  1. Population growth rate: look at the pace at which the population is increasing in the city. The growth rate is expressed as a percentage and calculated over a specific time frame. It may be annually or over several years.
  2. Absolute Population increase: another important metric is the number of new residents added to the city's population. Therefore if it is a city with a large population that continues to attract a substantial number of new residents, it is considered fast-growing.
  3. Economic expansion: some key drivers are economic growth and job creation. So, fast-growing cities typically have robust economies, low unemployment rates, and diverse job opportunities across various industries.
  4. Housing development: it is one of the few indicators of population growth because the construction of new housing units which may include single-family homes, apartments, and condominiums signifies that. 
  5. Infrastructure investment:  Fast-growing cities typically prioritize infrastructure development to support their expanding populations like transportation networks, schools, healthcare facilities, and public amenities. This indicates a good growth rate of the population there. 
  6. Quality of Life factors: the cities that offer a high quality of life tend to attract residents which makes them experience growth. Factors like cost of living, crime rates, education quality, healthcare access, and cultural amenities contribute a lot.
  7. Migration Patterns: if we analyze migration patterns, it includes domestic and international migration. This provides insights into the factors that drive population growth in cities. So, if the city with net in-migration, where more people are moving in than out, experiences growth.
  8. Demographic trends: there are factors such as birth rates, age distribution, and household composition also play a role in population growth. These are called the demographic factors. So, cities with younger populations or higher birth rates experience more growth.

Lastly, if you consider these factors and spend time analyzing relevant data, you can identify and monitor the fastest-growing cities in North Carolina and then reason for their expansion.

List of Fastest Growing Cities in North Carolina

As of January 2024, below is the list of some fastest-growing cities in North Carolina.

  • Charlotte
  • Raleigh
  • Durham
  • Cary
  • Wilmington
  • Asheville
  • Apex
  • Morrisville
  • Huntersville
  • Chapel Hill

Brief Summary of Each Fastest Growing Cities’ Real Estate Market

  1. Charlotte: its real estate market is known for its strong demand driven by population, growth, economy, and attractive job opportunities. It is also among NC's most populated cities. It offers a range of housing options from urban condos to suburban single-family homes. It remains a relatively affordable city compared to other major metropolitan areas. The major reason why investors are attracted to Charlotte's real estate market. This is because it is stable and has the potential for long-term appreciation.
  2. Raleigh: its real estate benefits from its status as a technology and research hub. The companies that fuel it or IBM, Cisco, and biotic funds. It offers a mix of affordable options and upscale neighborhoods. The majority of the population is young. Therefore, the demand for housing remains strong. Therefore, if you are somebody who is seeking spacious homes and good schools, Raleigh is your choice.
  3. Durham: its real estate market has seen amazing growth due to its proximity to Research Triangle Park and renowned universities. It offers a mix of historic homes and new developments in urban roads. It remains affordable compared to its neighboring cities. Investors are drawn to it for appreciation and rental income.
  4. Cary: its real estate market is driven by a family-friendly community with top-rated schools and amenities. It offers single-family homes, townhouses, and luxury estates altogether. It has a strong sense of community appeal which attracts buyers to a suburban lifestyle. The prices are like that of the state average, which reflects its desirability and offerings in terms of quality of life.
  5. Wilmington: it has its coastal location to benefit from. It is a vibrant downtown with a thriving tourism industry that offers waterfront properties and new developments around the area. Home prices have increased in recent years, but it remains affordable compared to other coastal destinations. The major population consists of tourists, students, and retirees seeking seasonal and long-term rentals.
  6. Asheville: it has mountainous surroundings, and an eclectic neighborhood and adds the vibe that attracts remote workers who have fuelled demand for housing. It also has a strong tourism industry which attracts tourists. The home prices have risen but because of its unique charm, it still attracts buyers who are seeking a bohemian kind of lifestyle in the mountains.

What is your scope as a real estate agent here?

The scope is as vast as you can imagine. If you are planning to get licensed here as a real estate agent, let me help break it down for you:

  1. You can help sellers list their properties on the market. 
  2. You can guide sellers through the process, including pricing the property, preparing it for sale, marketing it to potential buyers, and negotiating offers on their behalf.
  3. You can assist buyers in finding properties that match their preferences and budget. 
  4. You can guide and drive the homebuying process, including scheduling property viewings, evaluating properties, making offers, and negotiating terms with sellers.
  5. You can analyze local market trends, property values, and comparable sales data to help your clients make informed decisions about pricing, buying, or selling properties.
  6. You can use various marketing strategies to promote your and their properties, including online listings, social media marketing, open houses, and networking with other agent colleagues of yours and potential buyers.
  7. As an agent, you can negotiate on behalf of your clients to secure the best possible terms for buying or selling a property.
  8. You can manage the transaction process from start to finish, ensuring that all paperwork, contracts, and legal requirements are completed accurately and on time. 
  9. You can coordinate with lenders, inspectors, appraisers, and other parties involved in the transaction to make it a smooth process for your clients.
  10. You can as an agent maintain regular communication with your clients. You can keep them informed about market updates, property showings, offers, and any other relevant information throughout the buying or selling process.
  11. If you are a practicing real estate agent in North Carolina or are planning to become one, you must complete continuing education courses to maintain your license.

So, overall, your scope as a real estate agent is to provide professional guidance, support, and expertise to your clients.