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Carrboro, NC Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Carrboro, NC Housing Market Trends

With 21,295 people, 8,954 houses or apartments, and a median cost of homes of $508,499, Carrboro house prices are not only among the most expensive in North Carolina, Carrboro real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in Carrboro, accounting for 44.34% of the town's housing units. Other types of housing that are prevalent in Carrboro include single-family detached homes ( 42.14%), row houses and other attached homes ( 7.04%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.37%). Towns that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of towns are often walkable and compact, and often have a lively downtown.

People in Carrboro primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Carrboro has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Carrboro built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Carrboro built between 2000 and later ( 18.71%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.72%). There's also some housing in Carrboro built before 1939 ( 1.59%).

Carrboro Home Appreciation Rates

Appreciation rates for homes in Carrboro have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 72.99%, which ranks in the top 50% nationwide. This equates to an annual average Carrboro house appreciation rate of 5.63%.

Appreciation rates are so strong in Carrboro that despite a nationwide downturn in the housing market, Carrboro real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Carrboro appreciation rates continue to be some of the highest in America, at 17.90%, which is higher than appreciation rates in 75.61% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Carrboro. Carrboro appreciation rates in the latest quarter were at 4.25%, which equates to an annual appreciation rate of 18.10%.

Relative to North Carolina, our data show that Carrboro's latest annual appreciation rate is lower than 80% of the other cities and towns in North Carolina.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Carrboro differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Carrboro - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Carrboro real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$508,499

Carrboro Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
162.13% 4.38%
10
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,355 / per month

Homeownership Rate

Owners
Renters
Vacant
42.4%
42.4%
57.6%
57.6%
8.8%
8.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
18.7%
18.7%
64.0%
64.0%
15.7%
15.7%
1.6%
1.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
42.1%
42.1%
7.0%
7.0%
5.4%
5.4%
44.3%
44.3%
1.1%
1.1%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
5.6%
5.6%
14.9%
14.9%
31.1%
31.1%
25.3%
25.3%
17.1%
17.1%
5.9%
5.9%
0.0% 100.0%
% OF HOMES