NC Housing Boom: Which Cities Are Leading the Way?
These are the most popular cities to live in in North Carolina.
According to The Carolina Journal, the renewed interest in suburban living can be attributed to several factors, including the impact of the pandemic and its aftermath. Larger living spaces in less-dense environments became a priority for many, even as it meant moving away from city cores. The urban exodus was further fueled by limited housing inventories and affordability issues, which have made it difficult for many to find suitable and affordable homes.
North Carolina follows the general trend, as the state’s suburban areas enjoy increased popularity. But principal cities are also holding strong to their appeal for both in-state and out-of-state newcomers.
Cities like Raleigh, Charlotte, and Durham stand out as major hubs of development, attracting new residents with their strong job markets and vibrant communities. Both Raleigh and Charlotte are excelling in accommodating the influx of new residents, faring much better than many other urban centers in expanding their housing markets.
Raleigh — drawing from its thriving tech industry, top-tier universities and rich cultural heritage — experienced a 12% population increase over a 10-year period, closely mirrored by the expansion of its total housing inventory by 18%. This translates impressively to over 15,000 single family homes and 16,000 apartments built in the city over the past decade.
Similarly, Cary, one of the principal cities in the Raleigh metro area, has undergone a decade of intense home-construction activity. Its total housing inventory increased by 28%, resulting in over 11,500 single family homes and nearly 4,000 new apartments. Cary has also seen its population rise by 24%, reflecting its appeal as a desirable place to live within the dynamic Raleigh metro region.
However, the fastest-growing place in the Raleigh metro area is actually a suburb, namely Fuquay-Varina. This charming and rapidly expanding town appeals to many due to its blend of small-town ambiance and modern conveniences. From 2013 to 2022, Fuquay-Varina registered an astonishing 73% growth in its total housing inventory. During the same period, its population swelled by an impressive 85%, indicating that the surge in housing construction was a direct and necessary response to massive demographic changes.
Most of the new inventory in Fuquay-Varina consists of single-family homes, reflecting the preferences of residents who value extra space. This is particularly relevant as 21% of the local population works from home, in need of larger living areas to accommodate home offices and other needs.
Apex and Knightdale are two other suburbs in the Raleigh metro area that have also excelled in new housing construction. Apex expanded its housing inventory by 73%, while Knightdale saw a 68% increase over the same 10-year period. These suburbs, like Fuquay-Varina, have benefited from the broader economic and demographic trends in the region, attracting new residents with their appealing mix of residential options, quality schools and proximity to Raleigh’s job market.