A recent report by the NC Chamber Foundation, in collaboration with the North Carolina Home Builders Association and NC REALTORS®, reveals a significant housing shortage in North Carolina that spans all income levels and regions. The study projects that between 2024 and 2029, the state will experience a 5% increase in households, equating to 218,160 new households. To meet this demand, an additional 764,478 housing units are needed—comprising 322,360 rental units and 442,118 for-sale units.
The current housing market shows an overall for-sale availability rate of 0.8%, which is below the healthy market range of 2%-3%. Additionally, only nine counties have a median list price under $200,000, limiting affordable options for many, including first-time homebuyers. While the statewide vacancy rate for multifamily rental units stands at 5%—within the healthy range of 4%-6%—affordable rental programs are nearly fully occupied, with over 41,000 households on waitlists.
See the report here: https://ncchamber.com/foundation/nc-housing-analysis/
Eddie Coleman, CCIM, is the Principal Investment Officer at NC Capital Group. With over 40 years of experience in Commercial Real Estate in North Carolina and South Carolina, his experience spans multifamily, retail, office, historic adaptation, etc. In addition to advising clients and brokering transactions, he has extensive knowledge of North Carolina through experience in corporate site acquisition, development, capitalization, HUD financing, etc. He holds the prestigious Certified Commercial Investment Member (CCIM) designation.