After years of a "triple-whammy" hitting North Carolina homebuyers, the state’s housing market may finally be turning a corner.
N.C. State Professor Emeritus Mike Walden said while COVID-19 triggered a surge in prices and a plunge in affordability, 2025 is bringing a much-needed shift. A North Carolina affordability index shows a 14-percent improvement over the last two years as the market recalibrates.
The "game-changer" according to Walden? More existing homeowners are finally listing their properties, motivated by mortgage rates that have dropped toward the six-percent range. While those rates remain higher than the pandemic lows, they are now back within the typical historical average for the first time in years.
Perhaps the best news for North Carolina families is in their paychecks. For the first time since the pandemic, average household earnings are rising faster than inflation.
With more homes for sale, lower prices, and stronger buying power, Walden suggests that for those who have been sidelined, the dream of homeownership is moving back within reach.
