Hillsborough, 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 Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Hillsborough, NC Housing Market Trends

With 7,161 people, 2,739 houses or apartments, and a median cost of homes of $266,323, Hillsborough real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Hillsborough, accounting for 65.53% of the town's housing units. Other types of housing that are prevalent in Hillsborough include large apartment complexes or high rise apartments ( 20.60%), row houses and other attached homes ( 6.10%), and a few mobile homes or trailers ( 4.49%).

The most prevalent building size and type in Hillsborough are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 61.74% owning and 38.26% renting.

There is a lot of housing in Hillsborough 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 Hillsborough built between 2000 and later ( 34.57%). A lesser amount of the housing stock also hails from between 1940-1969 ( 17.15%). There's also some housing in Hillsborough built before 1939 ( 11.45%).

Vacant housing appears to be an issue in Hillsborough. Fully 10.17% of the housing stock is classified as vacant. Left unchecked, vacant Hillsborough homes and apartments can be a drag on the real estate market, holding Hillsborough 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.

Hillsborough Home Appreciation Rates

Appreciation rates for homes in Hillsborough have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 41.25%, which ranks in the top 50% nationwide. This equates to an annual average Hillsborough house appreciation rate of 3.51%.

Over the last year, Hillsborough appreciation rates have trailed the rest of the nation. In the last twelve months, Hillsborough's appreciation rate has been 5.04%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Hillsborough were at 1.63%, which equates to an annual appreciation rate of 6.66%.

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

Average Home Values

 

Median Home Value:
$266,323

Hillsborough, NC HOME PRICES

> $1,211,000
0.6%
0.6%
$909,001 - $1,211,000
0.6%
0.6%
$606,001 - $909,000
5.4%
5.4%
$485,001 - $606,000
8.4%
8.4%
$363,001 - $485,000
15.6%
15.6%
$242,001 - $363,000
26.8%
26.8%
$121,001 - $242,000
31.6%
31.6%
$61,001 - $121,000
4.7%
4.7%
$0 - $61,000
6.2%
6.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for NC

Value Relative To Nation

Number Of Homes And Apartments:
2,739

Hillsborough Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
66.53% 2.43%
7
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,338 / per month

Homeownership Rate

Owners
61.7%
61.7%
Renters
38.3%
38.3%
Vacant
10.2%
10.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
34.6%
34.6%
1970 - 1999
36.8%
36.8%
1940 - 1969
17.2%
17.2%
1939 or Older
11.4%
11.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
65.5%
65.5%
Townhomes
6.1%
6.1%
Small Apt. Buildings
3.3%
3.3%
Apt. Complexes
20.6%
20.6%
Mobile Homes
4.5%
4.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.6%
1.6%
1 Bedroom
3.9%
3.9%
2 Bedrooms
28.6%
28.6%
3 Bedrooms
45.3%
45.3%
4 Bedrooms
16.5%
16.5%
5 or more bedrooms
4.1%
4.1%
0.0% 100.0%
% OF HOMES