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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Elon, 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Elon, NC Housing Market Trends

With a population of 11,250, 2,949 total housing units (homes and apartments), and a median house value of $400,991, Elon real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Elon, accounting for 67.01% of the town's housing units. Other types of housing that are prevalent in Elon include large apartment complexes or high rise apartments ( 12.57%), row houses and other attached homes ( 9.75%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.68%).

The most prevalent building size and type in Elon are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 40.50% owning and 59.50% renting.

There is a lot of housing in Elon 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 Elon built between 2000 and later ( 41.47%). A lesser amount of the housing stock also hails from between 1940-1969 ( 10.80%).

Vacant housing appears to be an issue in Elon. Fully 14.42% of the housing stock is classified as vacant. Left unchecked, vacant Elon homes and apartments can be a drag on the real estate market, holding Elon 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.

Elon Home Appreciation Rates

Appreciation rates for homes in Elon have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 91.55%, which ranks in the top 40% nationwide. This equates to an annual average Elon house appreciation rate of 6.72%.

NeighborhoodScout's data show that during the latest twelve months, Elon's appreciation rate, at 6.30%, has been at or slightly above the national average. In the latest quarter, Elon's appreciation rate has been 0.38%, which annualizes to a rate of 1.55%.

Relative to North Carolina, our data show that Elon's latest annual appreciation rate is lower than 70% of the other cities and towns in North Carolina.

Average Home Values

Median Home Value

$400,991

Elon, NC Home Prices
> $1,429,000
$1,072,001 - $1,429,000
$715,001 - $1,072,000
$572,001 - $715,000
$429,001 - $572,000
$286,001 - $429,000
$143,001 - $286,000
$72,001 - $143,000
$0 - $72,000
1.7%
1.7%
1.2%
1.2%
3.4%
3.4%
15.7%
15.7%
21.5%
21.5%
22.0%
22.0%
26.5%
26.5%
2.7%
2.7%
5.3%
5.3%
0% 100.0%
% of Homes
High

for North carolina

High

for nation

Number of Homes And Apartments:

2,949

Elon Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,285 / per month

Homeownership Rate

Owners
Renters
40.5%
40.5%
59.5%
59.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
14.4%
14.4%
85.6%
85.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
41.5%
41.5%
46.7%
46.7%
10.8%
10.8%
1.0%
1.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
67.0%
67.0%
9.8%
9.8%
8.7%
8.7%
12.6%
12.6%
2.0%
2.0%
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
0.8%
0.8%
2.4%
2.4%
17.0%
17.0%
44.7%
44.7%
31.1%
31.1%
3.9%
3.9%
0% 100.0%
% of Homes