Imagup General Magazine 2024
From housing some renowned educational institutions to thriving and lucrative job opportunities, the real estate market of North Carolina has been experiencing some high records over the years. The combination of robust economics with low inventory and increasing demand from a growing population has helped in shaping the real estate market of North Carolina pretty well. It has become the ideal place to invest in 2024.
If you are thinking of investing in North Carolina and looking for profitable investment locations, then you have stumbled upon just the right article for you. From the growing Sneads Ferry Real Estate market to the populous Charlotte Real Estate market, the article shares the top markets to invest in while meditating upon important factors like affordability, amenities, investment potential, and rental rates.
Why Should You Invest In North Carolina?
Real estate has always been considered a lucrative area for investment. North Carolina has observed the fourth-highest population surge of any state in the United Nations.
If you are wondering why should you should consider investing in real estate investment locations in North Carolina, then here are a few reasons for you to consider
- North Carolina observes a high occupancy rate of around 97%, proving to be a consistent source of income for investors.
- There is a high demand for rentals in NC, as purchasing a property can be expensive compared to renting.
- Despite the federal activity, North Carolina maintains a low mortgage rate making it exceptionally profitable for a long-term investment source.
- While surviving the global pandemic, the economy of North Carolina has emerged stronger than ever, attracting students and job seekers worldwide.
- If you invest in real estate in NC, you can purchase income properties at a much more affordable entry price but obtain attractive profit due to high demand.
Best Real Estate Investment Locations
With optimum factors like affordable entry prices, low mortgage rates, high economic growth, and high demand, the entire real estate market in North Carolina is inviting and highly lucrative. However, mentioned down below are some of the best locations for investment decided upon meditating on important factors..
Sneads Ferry Real Estate
- Median Home Value- $155,500
- Property Appreciation Rate- 1.2%
- Median Household Income- $36, 605
- Median Gross Rent- $1,078
- Median Mortgage Cost- $1917
With a population of 2,236, Sneads Ferry Real Estate has established itself as one of the best locations for investment. Sneads Ferry encapsulates a laid-back ambiance and fun activities providing the ideal atmosphere for a family to reside.
According to reports, the real estate market in Sneads Ferry is likely to see a hike of 29.2% in 2024, and most houses get sold within ten days of listing. The estate market in Sneads Ferry is highly competitive, but it also provides an attractive return on investment. The properties are ideal for retired personnel looking for a serene and calm environment to enjoy their retired lives.
Jacksonville Real Estate
- Median Home Value- $241,637
- Property Appreciation Rate- 20.8%
- Median Household Income- $51, 561
- Median Gross Rent- $1030
- Median Mortgage Cost- $1,273
Jacksonville houses around 74,000 residents and occupies the place of the highest rent-to-mortgage ratio at 80.9%. Residents of Jacksonville constitute a healthy mix of young adults, families, and college students.
The city is one of North Caroline’s popular tourist spots. It is a popular seaside getaway where one can enjoy amazing views, scenic beaches, and delicious restaurants. Jacksonville oozes vintage charm and acts as the ideal real estate location to invest in.
Charlotte Real Estate
- Median Home Value- $382, 001
- Property Appreciation Rate- 41%
- Median Household Income- $65,360
- Median Gross Rent- $1,883
- Median Mortgage Cost- $2024
Charlotte houses 15 and 20 Fortune 1000 and Fortune 500 companies, respectively, and is one of the largest metropolitan cities in North Carolina. The city offers lucrative job opportunities, exponential economic growth, and low living cost, making it the ideal candidate for real estate investment in 2024. The real estate market of Charlotte boasts of being the fourth best market in the US, observing a steady boost in population count over the years.
Durham Real Estate
- Median Home Value- $435,333
- Property Appreciation Rate- 30.12%
- Median Household Income- $64,759
- Median Gross Rent- $1,088
- Median Mortgage Cost- $1,516
Courtesy of the 2050 Metropolitan Transportation plan, Durham is expected to observe population growth in the coming years. Due to the renowned Duke University, Durham observes several students looking for affordable housing options while studying. The city has undergone an economic and cultural renaissance making it one of the best real estate locations to invest in in 2024. The economy of Durham is thriving, attracting entrepreneurs and job seekers worldwide, making the real estate appreciation rate exceptionally high in this city.
Raleigh Real Estate
- Median Home Value- $457,074
- Property Appreciation Rate- 27.18%
- Median Household Income- $78,709
- Median Gross Rent- $1,164
- Median Mortgage Cost- $1,604
The capital of North Caroline, Raleigh, is the second largest city in the US. Raleigh witnesses millions of footfall of tourists each year and is one of the tourist hotspots of the state.
With the median home value coming at $457, 074, buying a home in Raleigh can be expensive, but certain factors make Raleigh real estate one of the best locations for real estate investors. The property appreciation rent is over 27%, and the place experiences a steady stream of tourists year-round looking for homestays to stay. Looking at the housing trends, the city is experiencing massive economic growth with a diverse economic base.
Conclusion
To reap the advantages of a well-planned investment, do thorough research prior to investing in real estate. Factors like the location of the property, property value, related laws and government policies, and associated return on investment should be essentially calculated before making the final decision. It also recommended to seek professional assistance before investing, especially if you are a novice. Consider all the associated risk factors and choose the property that caters to the best of your needs.
