Elizabeth City, NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Elizabeth City Neighborhoods Since 2000




Elizabeth City, NC Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Elizabeth City Housing Market Information

With a population of 17,988, 6,602 total housing units (homes and apartments), and a median house value of $128,894, house prices in Elizabeth City are solidly below the national average.

Single-family detached homes are the single most common housing type in Elizabeth City, accounting for 60.66% of the city's housing units. Other types of housing that are prevalent in Elizabeth City include duplexes, homes converted to apartments or other small apartment buildings ( 16.99%), large apartment complexes or high rise apartments ( 14.76%), and a few mobile homes or trailers ( 5.82%).

The most prevalent building size and type in Elizabeth City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 39.15% owning and 60.85% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Elizabeth City's housing was primarily built during this period, from the '40s through the '60s. A full 36.74% of the city's housing hails from this era. Other housing ages represented in Elizabeth City include homes built between 1970-1999 ( 29.44%) and housing constructed before 1939 ( 20.04%). There's also some housing in Elizabeth City built between 2000 and later ( 13.78%).

Vacant housing appears to be an issue in Elizabeth City. Fully 19.82% of the housing stock is classified as vacant. Left unchecked, vacant Elizabeth City homes and apartments can be a drag on the real estate market, holding Elizabeth City real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Elizabeth City Home Appreciation Rates

Homes have actually lost value in Elizabeth City over the last then years, as home values have seen a decline of 29.38% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Elizabeth City home appreciation rates at -0.54%, which equates to an annual appreciation rate of -2.13%.

Over the last year, Elizabeth City appreciation rates have trailed the rest of the nation. In the last twelve months, Elizabeth City's appreciation rate has been -1.44%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Elizabeth City were at -0.54%, which equates to an annual appreciation rate of -2.13%.

Notably, Elizabeth City's appreciation rate in the latest quarter is one of the lowest in America.

Relative to North Carolina, our data show that Elizabeth City's latest annual appreciation rate is lower than 90% 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 city. Individual neighborhoods within Elizabeth City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Elizabeth City - 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 Elizabeth City real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$128,894

Elizabeth City, NC HOME PRICES

Value Range
> $964,000 0.0
$724,001 - $964,000 0.3
$482,001 - $724,000 0.8
$386,001 - $482,000 1.2
$290,001 - $386,000 4.6
$193,001 - $290,000 16.8
$96,001 - $193,000 37.7
$48,001 - $96,000 29.1
$0 - $48,000 9.6

Average for NC
Low for Nation

Value Relative to Nation Value Relative to State
60.4945505683816 56.2613430127042

Number Of Homes And Apartments:
6,602

Elizabeth City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
30.00% 1.53% 6 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,177 / per month

Homeownership Rate

Homeownership
Owners 39.15
Renters 60.85
Vacant 19.82

Housing Market Details

 

Age of Homes

AGE OF Elizabeth City HOMES
2000 or Newer 13.8
1970 - 1999 29.4
1940 - 1969 36.7
1939 or Older 20.0

Types of Homes

TYPE OF Elizabeth City HOMES
Single-Family 60.7
Townhomes 1.8
Small Apt. Buildings 17.0
Apt. Complexes 14.8
Mobile Homes 5.8
Other 0.0

Home Size

SIZE OF Elizabeth City HOMES
No Bedroom 13.09
1 Bedroom 6.96
2 Bedrooms 24.37
3 Bedrooms 44.89
4 Bedrooms 8.84
5 or more bedrooms 1.85