Morehead City, NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Morehead City Neighborhoods Since 2000




Morehead 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

Morehead City Housing Market Information

With a population of 9,347, 4,135 total housing units (homes and apartments), and a median house value of $245,027, Morehead City real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Morehead City, accounting for 50.38% of the town's housing units. Other types of housing that are prevalent in Morehead City include large apartment complexes or high rise apartments ( 23.28%), duplexes, homes converted to apartments or other small apartment buildings ( 12.42%), and a few mobile homes or trailers ( 8.04%).

The most prevalent building size and type in Morehead City are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 48.94% owning and 51.06% renting.

There is a lot of housing in Morehead City 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 Morehead City built between 1940-1969 ( 24.17%). A lesser amount of the housing stock also hails from between 2000 and later ( 22.39%). There's also some housing in Morehead City built before 1939 ( 7.46%).

Vacant housing appears to be an issue in Morehead City. Fully 21.92% of the housing stock is classified as vacant. Left unchecked, vacant Morehead City homes and apartments can be a drag on the real estate market, holding Morehead 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.

Morehead City Home Appreciation Rates

Morehead City's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Morehead City during the period has been just -1.49%, which is lower than 80% of US communities.

Over the last year, Morehead City appreciation rates have trailed the rest of the nation. In the last twelve months, Morehead City's appreciation rate has been 0.49%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Morehead City were at -0.54%, which equates to an annual appreciation rate of -2.13%.

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

Relative to North Carolina, our data show that Morehead City'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 Morehead City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Morehead 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 Morehead City real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$245,027

Morehead City, NC HOME PRICES

Value Range
> $1,016,000 1.6
$762,001 - $1,016,000 4.0
$508,001 - $762,000 5.4
$406,001 - $508,000 3.7
$305,001 - $406,000 14.3
$203,001 - $305,000 23.4
$102,001 - $203,000 35.7
$51,001 - $102,000 5.7
$0 - $51,000 6.3

Very High for NC
High for Nation

Value Relative to Nation Value Relative to State
23.280206258057 15.2450090744102

Number Of Homes And Apartments:
4,135

Morehead 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
43.10% 2.10% 8 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$936 / per month

Homeownership Rate

Homeownership
Owners 48.94
Renters 51.06
Vacant 21.92

Housing Market Details

 

Age of Homes

AGE OF Morehead City HOMES
2000 or Newer 22.4
1970 - 1999 46.0
1940 - 1969 24.2
1939 or Older 7.5

Types of Homes

TYPE OF Morehead City HOMES
Single-Family 50.4
Townhomes 5.6
Small Apt. Buildings 12.4
Apt. Complexes 23.3
Mobile Homes 8.0
Other 0.2

Home Size

SIZE OF Morehead City HOMES
No Bedroom 2.06
1 Bedroom 7.40
2 Bedrooms 35.29
3 Bedrooms 42.11
4 Bedrooms 10.52
5 or more bedrooms 2.62