Morrisville, 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 Q3 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

Morrisville, NC Housing Market Trends

With 29,630 people, 9,699 houses or apartments, and a median cost of homes of $403,351, Morrisville real estate is some of the most expensive in North Carolina, although Morrisville home values aren't among America's most expensive.

Large apartment complexes or high rise apartments are the single most common housing type in Morrisville, accounting for 37.23% of the town's housing units. Other types of housing that are prevalent in Morrisville include single-family detached homes ( 35.96%), row houses and other attached homes ( 21.92%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.08%). 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.

The most prevalent building size and type in Morrisville are three and four bedroom dwellings. The town has a mixture of owners and renters, with 47.54% owning and 52.46% renting.

Morrisville homes and real estate are some of the newest in America. 67.14% of Morrisville's housing was built since 2000, making the town have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Morrisville real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 29.53%), and between 1940-1969 ( 2.97%).

Morrisville Home Appreciation Rates

Appreciation rates for homes in Morrisville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 68.33%, which ranks in the top 30% nationwide. This equates to an annual average Morrisville house appreciation rate of 5.35%.

NeighborhoodScout's data show that during the latest twelve months, Morrisville's appreciation rate, at 13.70%, has been at or slightly above the national average. In the latest quarter, Morrisville's appreciation rate has been 7.06%, which annualizes to a rate of 31.35%.

Importantly, this makes Morrisville one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

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

Average Home Values

 

Median Home Value:
$403,351

Morrisville, NC HOME PRICES

> $1,297,000
3.1%
3.1%
$973,001 - $1,297,000
2.9%
2.9%
$648,001 - $973,000
11.3%
11.3%
$519,001 - $648,000
14.7%
14.7%
$389,001 - $519,000
31.4%
31.4%
$259,001 - $389,000
24.6%
24.6%
$130,001 - $259,000
10.3%
10.3%
$65,001 - $130,000
1.0%
1.0%
$0 - $65,000
0.6%
0.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for NC

Value Relative To Nation

Number Of Homes And Apartments:
9,699

Morrisville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2021 Q2 - 2021 Q3
Last 12 Months:
2020 Q3 - 2021 Q3
Last 2 Years:
2019 Q3 - 2021 Q3
Last 5 Years:
2016 Q3 - 2021 Q3
Last 10 Years:
2011 Q3 - 2021 Q3
Since 2000:
2000 Q1 - 2021 Q3
94.19% 3.10%
8
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,536 / per month

Homeownership Rate

Owners
47.5%
47.5%
Renters
52.5%
52.5%
Vacant
6.7%
6.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
67.1%
67.1%
1970 - 1999
29.5%
29.5%
1940 - 1969
3.0%
3.0%
1939 or Older
0.4%
0.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
36.0%
36.0%
Townhomes
21.9%
21.9%
Small Apt. Buildings
4.1%
4.1%
Apt. Complexes
37.2%
37.2%
Mobile Homes
0.8%
0.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.4%
1.4%
1 Bedroom
15.7%
15.7%
2 Bedrooms
23.2%
23.2%
3 Bedrooms
35.6%
35.6%
4 Bedrooms
16.5%
16.5%
5 or more bedrooms
7.6%
7.6%
0.0% 100.0%
% OF HOMES