North Carolina has emerged as one of the hottest real estate markets in recent years, attracting investors from across the country. Several key factors are driving the boom in North Carolina real estate investment. Firstly, many major employers like Apple, Google, Cisco, Biogen and Lenovo have opened offices in North Carolina, bringing high-paying jobs to the state. The Research Triangle region anchored by Raleigh, Durham and Chapel Hill has become a hub for technology, life sciences and advanced manufacturing. Secondly, North Carolina offers an affordable cost of living compared to larger metros on the West Coast and Northeast. Housing remains relatively affordable despite price growth. Thirdly, North Carolina is experiencing strong population growth as people relocate from other states for jobs, lower costs and high quality of life. Millennials in particular are flocking to vibrant cities like Charlotte and Raleigh. This article will analyze the best places to invest in real estate in North Carolina in 2020 based on market data and growth trends.
Raleigh and the Research Triangle region offer high upside amid the technology boom
The Raleigh-Durham metro area has one of the fastest growing economies in the U.S., fueled by the tech sector. Major companies like Apple, Cisco, Lenovo, IBM and Biogen have major offices in Research Triangle Park, bringing high-paying jobs to the region. Raleigh ranks as one of the best places for millennials thanks to plentiful jobs, reasonable costs and a thriving social scene. Home values in Raleigh have risen rapidly by over 50% since 2012 according to Zillow. Rental demand is also sky-high, pushing rents up sharply in recent years. Raleigh offers investors strong rent growth and home price appreciation in a market with outstanding long-term growth fundamentals.
Charlotte’s diversified economy and influx of newcomers make it a top growth market
Charlotte has emerged as a major financial hub and home to the headquarters of 9 Fortune 500 companies. Major corporations like Honeywell, Lowe’s and Bank of America are driving economic growth in Charlotte. The city also has a large millennial population drawn by affordable home prices and an excellent quality of life. Redfin named Charlotte one of the top 10 hottest real estate markets for 2022 based on price growth and sales. Zillow forecasts Charlotte home values will rise 15.1% over the next year, over triple the national average. For real estate investors, Charlotte offers strong rent growth, home price appreciation and high demand driven by continuous job creation.
The Wilmington area benefits from in-migration, tourism and coastal appeal
Wilmington has quietly become one of the hottest real estate markets in North Carolina. Home prices rose nearly 30% in 2021 according to data from Zillow. Jobs are plentiful, especially in sectors like manufacturing, construction and hospitality. Wilmington also benefits from a robust tourism industry with over 10 million visitors per year. The area’s beaches, historic riverfront and mild climate are major draws. Wilmington has also become a popular destination for retirees looking to enjoy coastal living. For investors, Wilmington offers relatively affordable home prices, strong population growth and consistent demand from tourists.
North Carolina has emerged as a premier real estate investment destination thanks to its strong job growth, diversified economy and popularity with Millennials and newcomers. The Research Triangle, Charlotte, Wilmington and other metros offer investors an appealing mix of cash flow and appreciation potential. With more companies relocating offices and operations to North Carolina, the state is poised for many more years of prosperity and in-migration.