Are you wondering if it’s a good time to buy a house in North Carolina right now? Or is it smart to wait given the potential recession, housing market slowdown, and high mortgage interest rates? One way to tell if it’s a good time to buy a house in North Carolina is to see if it is in a buyer’s market or a seller’s market right now.
Is North Carolina in a Buyer’s Market or Seller’s Market right now?
According to Redfin’s December 2022 data, there is 2.2 months supply of homes in North Carolina right now. This means North Carolina is in a seller’s market right now. Months of supply is a common metric used by real estate professionals to gauge whether a market is in a buyer’s market or seller’s market. It is calculated by taking the total number of homes for sale divided by the number of homes sold in one month. A balanced market would be a 5 to 6 months supply of homes while a buyer’s market will be greater than 6 months supply of homes.
The best time to buy a house in North Carolina is during a buyer’s market. A buyer’s market is when there is a lot of inventory of homes for sale but not enough buyers out there wanting to buy a home. As a buyer, you will have the upper hand when it comes to negotiating prices because there will be less competition.
Is the Entire State of North Carolina in a Seller’s Market?
No, there are some counties in North Carolina where it’s a buyer’s market right now. That means it’s a good time to buy a house in those markets.
Places in North Carolina in a Buyer’s Market
Below is a list of counties in North Carolina where it’s a good time to buy a house right now. These counties are either in a buyer’s market or a balanced market.
Yancey County, NC
Yancey County, NC is in a buyer’s market with 12.1 months supply of homes.
Swain County, NC
Swain County, NC is in a buyer’s market with 8.7 months supply of homes.
Hyde County, NC
Hyde County, NC is in a buyer’s market with 8.5 months supply of homes.
Columbus County, NC
Columbus County, NC is in a buyer’s market with 8.1 months supply of homes.
Clay County, NC
Clay County, NC is in a buyer’s market with 6.4 months supply of homes.
Bertie County, NC
Bertie County, NC is in a buyer’s market with 6.3 months supply of homes.
Cherokee County, NC
Cherokee County, NC is in a balanced market with 5.2 months supply of homes.
Montgomery County, NC
Montgomery County, NC is in a balanced market with 5 months supply of homes.
What about the Places in North Carolina that are in a Seller’s Market? Should You Wait to Buy a House?
It’s a good idea to wait to buy a house in North Carolina where it’s a seller’s market. In a seller’s market, the seller has the upper hand because there aren’t enough homes for sale yet there are too many buyers trying to buy a home. Bidding wars are common in a seller’s market. Homes typically sell for more than the asking price and many buyers forgo contingencies such as mortgage contingency and inspection contingency.
As a real estate professional for almost a decade now, I usually recommend waiting during the winter because it’s seasonally a time of low housing inventory. There should be a spike in new listings in March because that is when sellers usually begin putting their properties for sale.
Check out: 40 Places in The US Where Homes are Still Selling Fast
Places in North Carolina in a Seller’s Market
Below are counties in North Carolina where it’s a seller’s market. If you are thinking of buying a home in these North Carolina counties, it makes sense to hold off on buying a home until the Spring when there are more homes for sale. There should be an uptick in new home listings in March when sellers begin putting their homes for sale.
Mitchell County, NC
Mitchell County, NC is in a seller’s market with 4.9 months supply of homes.
Madison County, NC
Madison County, NC is in a seller’s market with 4.7 months supply of homes.
Robeson County, NC
Robeson County, NC is in a seller’s market with 4.3 months supply of homes.
Macon County, NC
Macon County, NC is in a seller’s market with 4.1 months supply of homes.
Rutherford County, NC
Rutherford County, NC is in a seller’s market with 4.1 months supply of homes.
McDowell County, NC
McDowell County, NC is in a seller’s market with 3.8 months supply of homes.
Currituck County, NC
Currituck County, NC is in a seller’s market with 3.7 months supply of homes.
Lincoln County, NC
Lincoln County, NC is in a seller’s market with 3.7 months supply of homes.
Anson County, NC
Anson County, NC is in a seller’s market with 3.6 months supply of homes.
Jackson County, NC
Jackson County, NC is in a seller’s market with 3.6 months supply of homes.
Johnston County, NC
Johnston County, NC is in a seller’s market with 3.6 months supply of homes.
Dare County, NC
Dare County, NC is in a seller’s market with 3.5 months supply of homes.
Sampson County, NC
Sampson County, NC is in a seller’s market with 3.5 months supply of homes.
Transylvania County, NC
Transylvania County, NC is in a seller’s market with 3.5 months supply of homes.
Alexander County, NC
Alexander County, NC is in a seller’s market with 3.4 months supply of homes.
Camden County, NC
Camden County, NC is in a seller’s market with 3.4 months supply of homes.
Bladen County, NC
Bladen County, NC is in a seller’s market with 3.3 months supply of homes.
Lenoir County, NC
Lenoir County, NC is in a seller’s market with 3.3 months supply of homes.
Warren County, NC
Warren County, NC is in a seller’s market with 3.3 months supply of homes.
Chatham County, NC
Chatham County, NC is in a seller’s market with 3.2 months supply of homes.
Haywood County, NC
Haywood County, NC is in a seller’s market with 3.2 months supply of homes.
Jones County, NC
Jones County, NC is in a seller’s market with 3.2 months supply of homes.
Chowan County, NC
Chowan County, NC is in a seller’s market with 3.1 months supply of homes.
Nash County, NC
Nash County, NC is in a seller’s market with 3.1 months supply of homes.
Alleghany County, NC
Alleghany County, NC is in a seller’s market with 3 months supply of homes.
Franklin County, NC
Franklin County, NC is in a seller’s market with 3 months supply of homes.
Graham County, NC
Graham County, NC is in a seller’s market with 3 months supply of homes.
Henderson County, NC
Henderson County, NC is in a seller’s market with 3 months supply of homes.
Pamlico County, NC
Pamlico County, NC is in a seller’s market with 3 months supply of homes.
Washington County, NC
Washington County, NC is in a seller’s market with 3 months supply of homes.
Cleveland County, NC
Cleveland County, NC is in a seller’s market with 2.9 months supply of homes.
Hertford County, NC
Hertford County, NC is in a seller’s market with 2.9 months supply of homes.
Person County, NC
Person County, NC is in a seller’s market with 2.9 months supply of homes.
Rowan County, NC
Rowan County, NC is in a seller’s market with 2.9 months supply of homes.
Avery County, NC
Avery County, NC is in a seller’s market with 2.8 months supply of homes.
Gaston County, NC
Gaston County, NC is in a seller’s market with 2.8 months supply of homes.
Harnett County, NC
Harnett County, NC is in a seller’s market with 2.8 months supply of homes.
Martin County, NC
Martin County, NC is in a seller’s market with 2.8 months supply of homes.
Northampton County, NC
Northampton County, NC is in a seller’s market with 2.8 months supply of homes.
Cabarrus County, NC
Cabarrus County, NC is in a seller’s market with 2.7 months supply of homes.
Edgecombe County, NC
Edgecombe County, NC is in a seller’s market with 2.7 months supply of homes.
Gates County, NC
Gates County, NC is in a seller’s market with 2.7 months supply of homes.
Stanly County, NC
Stanly County, NC is in a seller’s market with 2.7 months supply of homes.
Vance County, NC
Vance County, NC is in a seller’s market with 2.7 months supply of homes.
Brunswick County, NC
Brunswick County, NC is in a seller’s market with 2.6 months supply of homes.
Buncombe County, NC
Buncombe County, NC is in a seller’s market with 2.6 months supply of homes.
Catawba County, NC
Catawba County, NC is in a seller’s market with 2.6 months supply of homes.
Perquimans County, NC
Perquimans County, NC is in a seller’s market with 2.6 months supply of homes.
Surry County, NC
Surry County, NC is in a seller’s market with 2.6 months supply of homes.
Polk County, NC
Polk County, NC is in a seller’s market with 2.5 months supply of homes.
Burke County, NC
Burke County, NC is in a seller’s market with 2.4 months supply of homes.
Carteret County, NC
Carteret County, NC is in a seller’s market with 2.4 months supply of homes.
Granville County, NC
Granville County, NC is in a seller’s market with 2.4 months supply of homes.
Halifax County, NC
Halifax County, NC is in a seller’s market with 2.4 months supply of homes.
Iredell County, NC
Iredell County, NC is in a seller’s market with 2.4 months supply of homes.
Watauga County, NC
Watauga County, NC is in a seller’s market with 2.4 months supply of homes.
Yadkin County, NC
Yadkin County, NC is in a seller’s market with 2.4 months supply of homes.
Duplin County, NC
Duplin County, NC is in a seller’s market with 2.3 months supply of homes.
Greene County, NC
Greene County, NC is in a seller’s market with 2.3 months supply of homes.
Lee County, NC
Lee County, NC is in a seller’s market with 2.3 months supply of homes.
Pender County, NC
Pender County, NC is in a seller’s market with 2.3 months supply of homes.
Richmond County, NC
Richmond County, NC is in a seller’s market with 2.3 months supply of homes.
Stokes County, NC
Stokes County, NC is in a seller’s market with 2.2 months supply of homes.
Davie County, NC
Davie County, NC is in a seller’s market with 2.1 months supply of homes.
Durham County, NC
Durham County, NC is in a seller’s market with 2.1 months supply of homes.
Mecklenburg County, NC
Mecklenburg County, NC is in a seller’s market with 2.1 months supply of homes.
Union County, NC
Union County, NC is in a seller’s market with 2.1 months supply of homes.
Caldwell County, NC
Caldwell County, NC is in a seller’s market with 2 months supply of homes.
Rockingham County, NC
Rockingham County, NC is in a seller’s market with 2 months supply of homes.
Scotland County, NC
Scotland County, NC is in a seller’s market with 2 months supply of homes.
Beaufort County, NC
Beaufort County, NC is in a seller’s market with 1.9 months supply of homes.
Hoke County, NC
Hoke County, NC is in a seller’s market with 1.9 months supply of homes.
Moore County, NC
Moore County, NC is in a seller’s market with 1.9 months supply of homes.
Pasquotank County, NC
Pasquotank County, NC is in a seller’s market with 1.9 months supply of homes.
Wake County, NC
Wake County, NC is in a seller’s market with 1.9 months supply of homes.
Wayne County, NC
Wayne County, NC is in a seller’s market with 1.9 months supply of homes.
Orange County, NC
Orange County, NC is in a seller’s market with 1.8 months supply of homes.
Alamance County, NC
Alamance County, NC is in a seller’s market with 1.7 months supply of homes.
Caswell County, NC
Caswell County, NC is in a seller’s market with 1.7 months supply of homes.
Davidson County, NC
Davidson County, NC is in a seller’s market with 1.7 months supply of homes.
Pitt County, NC
Pitt County, NC is in a seller’s market with 1.7 months supply of homes.
New Hanover County, NC
New Hanover County, NC is in a seller’s market with 1.6 months supply of homes.
Randolph County, NC
Randolph County, NC is in a seller’s market with 1.6 months supply of homes.
Guilford County, NC
Guilford County, NC is in a seller’s market with 1.5 months supply of homes.
Onslow County, NC
Onslow County, NC is in a seller’s market with 1.5 months supply of homes.
Wilson County, NC
Wilson County, NC is in a seller’s market with 1.5 months supply of homes.
Forsyth County, NC
Forsyth County, NC is in a seller’s market with 1.4 months supply of homes.
Ashe County, NC
Ashe County, NC is in a seller’s market with 1.3 months supply of homes.
Craven County, NC
Craven County, NC is in a seller’s market with 1.3 months supply of homes.
Cumberland County, NC
Cumberland County, NC is in a seller’s market with 1.3 months supply of homes.
Wilkes County, NC
Wilkes County, NC is in a seller’s market with 1.3 months supply of homes.
Tyrrell County, NC
Tyrrell County, NC is in a seller’s market with 0.8 months supply of homes.
Source: December 2022 real estate data from RedFin.
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