From NC Chamber: Research commissioned by the NC Chamber Foundation in partnership with the North Carolina Home Builders Association and NC REALTORS® shows that North Carolina faces a significant housing inventory gap across all income levels and geographic areas in the state. The gap is expected to increase with projected job and population growth, and if addressed, could generate $489 billion in economic activity and nearly 2.2 million jobs.
Link to all report documents:
– NORTH CAROLINA HOUSING SUPPLY GAP ANALYSIS
– THE ECONOMIC IMPACT OF CLOSING THE HOUSING GAP IN NORTH CAROLINA
– INFOGRAPHIC
– NEWS RELEASE
– PRESENTATION OF REPORT HIGHLIGHTS
My Take: Our industry feeds daily on statistics, and the grim nature of these numbers is no surprise. Over time we have informed elected officials of the reality of the situation. In fact, six years ago, we began partnering with UNC Charlotte’s Childress Klein Center for Real Estate on an annual report that has regularly shown an increasing lack of supply and significant cost escalation – State of Housing in Charlotte 2024 Report. This most recent report provides a statewide view of what we have been seeing in the Charlotte region for some time now. Let’s use this latest data to convince the decisionmakers that something must finally shift, and quickly. Elected officials should be partnering with industry on a solution. The time is now!
(This article is reproduced from an email composed by Ray Gronberg of Business NC, received by our Area Advocate Zachary Almond.)
“It’s not news that North Carolina has a housing shortage, but the NC Chamber, the N.C. Home Builders Association and the NC Realtors have a new study out that tries to put some numbers on just how deep the problem goes.
Long story short, their report estimates that from 2024 to 2029, the state will fall short of having or building what it needs by 764,478 homes.
That includes 442,118 for-sale units and 322,360 rental units.
There are supply/demand gaps at all income levels, but they’re especially pronounced at the lowest end of the rental market and in the middle of the for-sale market, according to the analysis Bowen National Research did for the groups.
Its findings “underscore not only the pressing need but also the urgency of implementing tangible solutions to bridge the housing inventory gap at all income levels across the state,” Realtors President John McPherson said.
“Among other findings in the report:
The median list price of for-sale homes across North Carolina was $419,000 last year. More than 52% of the 22,146 homes were advertised at prices topping $400,000.
The highest median list prices were in Chatham County ($802,450), Jackson County ($789,000) and Dare County ($707,500).
The lowest medians were in Martin County ($151,500), Washington County ($168,250) and Scotland County ($169,000).
Percentage of supply-wise, it was easiest to find a home for sale in Avery County (4.7% availability rate), Dare County (3.2%) and Watauga County (2.9%).
It’s not particularly useful to list the counties with the lowest supply rates because they’re low pretty much everywhere else save in the far west. Statewide, only 0.8% of homes were on the market, “well below the typical range of a health and well-balanced market of 2.0% to 3.0%.”
The Triangle’s and Triad’s core counties all had availability rates of 0.5%, and Mecklenburg’s availability was 0.8%.
Multifamily vacancy rates were highest in Chatham (13.9%), Johnston (12.1%) and Davie counties (11.4%). In at least 20 counties, there were no vacancies, including Granville and Franklin counties in the Triangle’s northern suburbs.
Bowen’s analysts reckon that Mecklenburg (55,586 new jobs) and Wake County (46,251 new jobs) will lead the state in job growth through 2029. Durham is third with an expectation of 16,861 new jobs.
The biggest supply gaps are likely in the Triangle and its southern suburbs, particularly Chatham County (33.5% relative to the number of households) and Lee County (26.0.%). The regions around Wilmington, Boone and Charlotte also face big gaps.
The report urges officials to put the data to use in marketing the state to would-be developers and to make policy changes that would encourage more construction.”
Ray Gronberg
[email protected]
If you’re interested in going deeper on researching narratives that catalog the total impact of policy overreach, we share this article from Hartman Law’s blog written to identify all key areas of our rights that are marginalized. It’s a good read:
Understanding Government Overreach and Its Impact on Individual Rights and Liberties | July 2024 | Hartman Attorney’s at Law, Annapolis
BACK TO LATEST NEWS