Best Place to Buy a House in North Carolina
In this edition of The TurboTenant study, nosotros will be focusing on the best places to buy an investment property in North Carolina. Five towns made our list: Charlotte, Greensboro, Durham, Raleigh, and Fayetteville. We curated information from studies on the best places to buy an investment property , median sale prices , and proprietary TurboTenant information. The TurboTenant Data includes stats on the boilerplate number of leads a rental holding received, every bit well as the average number of days on the market. These two points volition help an investor determine the strength of the rental market, as well every bit estimating potential vacancy rates.
N Carolina is the 28th largest land by surface area, and the 9th most populous. It has a long and deep history and was i of the 13 original colonies. The state's motto is "First in Flight" named for the famous Wright brothers who flew the world's first airplane in 1903 in North Carolina'due south Outer Banks. Northward Carolina has a wide multifariousness of landscapes and elevations. Mount Mitchell is the highest peak east of the Mississippi River at 6,684 feet and on the eastward side of North Carolina, you have the Atlantic littoral plains.
It'southward no wonder North Carolina is the 6th most visited state . Information technology'south got breathtaking dazzler, a moderate climate, and world-class sports and recreational offerings. Let's take a look at the best places to buy rental investment property in the Tar Heel State.
#five: Fayetteville, NC
Fayetteville is best known for the home of Fort Bragg, a major U.S. Regular army installation northeast of the city. Fayetteville has received the " All-American City " award three times from the National Civic League. Fun fact: Baby Ruth hit his first domicile run in Fayetteville, earning his nickname "Babe." Home values have increased 1.6% year over year, employment growth isn't far behind with a 1.3% growth rate. The median sale price is just over 100k and rents are strong with an average of $783. With as fiddling as eleven days on the market and 36 leads per property, we recall Fayetteville hits a habitation run when it comes to rental investment backdrop.
- Population growth: 0%
- Employment growth: one.iii%
- Increase in home values: 1.half-dozen%
Median Home Price: $110k
Average Rent: $783
Average Number of Leads per Property:36
Number of days on the rental market place: 11
#4: Raleigh, NC
Raleigh is the state uppercase and the second-largest city afterward Charlotte, some other boondocks on our list. Raleigh is known as the "City of Oaks" after the quaint oak-lined streets in the center of the city. It is the home of North Carolina State Academy and office of Research Triangle Park, the United Country's largest inquiry park, along with Durham and Chapel Hill. Raleigh has endless activities and attractions: you can attend a concert, it boasts the most music in North.C, attend a sporting event or enjoy their highly-rated cuisine at a beautiful eatery on an oak-lined street. Dwelling values in Raleigh take increased five.2% year over yr, the median sale price sits but below $270k. Rents, leads and days on market are strong at $1180, 29, and 13 respectively.
- Population growth: two%
- Employment growth: one.7%
- Increase in home values: 5.2%
Median Abode Price: $269k
Average Rent: $1180
Boilerplate Number of Leads per Property: 29
Number of days on the rental marketplace: 13
#3: Durham, NC
Durham is the core of the four-county Durham-Chapel Colina Metropolitan Surface area. It is home to Duke Academy and North Carolina Central University . Equally mentioned higher up, it is also function of Research Triangle Park. Durham has a thriving showtime-up scene and award-winning eateries. In the Bull Urban center, home values have increased by 11.seven% year over year, population growth is impressive at 4.2% and employment growth has inched up by 1.4%. With an average of 20 leads per property and an boilerplate of 16 days on the market, y'all'd exist bullish not to buy a rental investment belongings is Durham.
- Population growth: 4.2%
- Employment growth: 1.4%
- Increase in home values: 11.7%
Median Home Toll: $271k
Average Hire: $1163
Average Number of Leads per Holding: 20
Number of days on the rental market: 16
#2: Greensboro, NC
Greensboro is the tertiary most populous city in N Carolina and is located in the heart of the state. Greensboro by the numbers: over 500 restaurants, 135 attractions, 88 accommodations, and 8 craft breweries. Its growth and home value numbers are impressive as well. Home values have increased by 7.viii%, population growth by ane.seven% and employment has increased past one% year over year. Backdrop in Greensboro get an boilerplate of 58 leads, our highest on the list. Information technology also has the least days on the market coming in at ix. The median sale price sits at $170k with an boilerplate rent coming in at $853.
- Population growth: ane.7%
- Employment growth: ane%
- Increase in habitation values: seven.8%
Median Home Price: $170k
Average Rent: $853
Average Number of Leads per Property: 58
Number of days on the rental market: 9
#1: Charlotte, NC
Charlotte is the most populous city in North Carolina with merely nether a million people. Information technology is habitation to two professional person sports teams, the Carolina Panthers (NFL) and the Charlotte Hornets (NBA). If you are a NASCAR fan, Charlotte is where y'all want to exist. The Queen Metropolis houses the NASCAR Hall of Fame . Charlotte also reigns over the all-time places to buy a rental investment property listing with an eleven.ix% habitation value increment, a population growth of three.7%, and employment growth of two.7%. Leads and days on marketplace are strong also at 24 and 10.
- Population growth: iii.vii%
- Employment growth: 2.7%
- Increase in home values: xi.9%
Median Home Price: $260k
Average Rent: $1294
Average Number of Leads per Property: 24
Number of days on the rental market: 10
One time you've landed the perfect investment property in a good location, TurboTenant can help take your landlording into the digital world past streamlining the rental process with easy and free online rental applications as well as thorough tenant screening and then you lot can find the best renter for your holding.
Virtually the TurboTenant Written report
The TurboTenant Report analyzes information from active listings beyond all 50 states, likewise as 3rd party existent estate, population and employment growth data. Our goal with the TurboReport is to empower seasoned and novice investors to make wise purchasing decisions when purchasing a rental investment property. For more than information or custom data requests, please contact[e-mail protected].
Methodology:
In lodge to determine the best cities to invest in each state, we curated data from a number of reputable sources as well as using TurboTenant proprietary data. Our primary city selections were taken from a study that evaluated four main factors for each urban center: employment growth, population growth, increase in dwelling values and rental yield. We combined that with TurboTenant data on the average hire price, the number of rental leads per belongings, also as the boilerplate number of days the rental stays on the market.
We also included an honorable mention where applicable. They are pulled from this study on the all-time places to invest in every country. These were determined using Zillow'southward Buyer-Seller Alphabetize and Zillow Habitation Value Forecast, and AreaVibes' Livability Score. Other methods for determining honorable mentions include using TurboTenant proprietary data to determine which cities return the best rental investment R.O.I. using data points including days on marketplace, the number of leads per holding, and boilerplate hire price.
DISCLAIMER:TurboTenant, Inc does not provide legal advice. This fabric has been prepared for advisory purposes but. All users are advised to cheque all applicative local, state and federal laws and consult legal counsel should questions ascend.
Sources:
- TurboTenant Rental Information
- Fastest Growing States Population
- The All-time and Worst Cities to Own Investment Holding
- Real Estate information provided past Redfin, a national real estate brokerage
Source: https://www.turbotenant.com/blog/turbotenant-report-north-carolina/
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