Lenoir County housing market update for 2022
At a recent Rotary Club meeting, realtors Jess Edwards and Nathan Perry provided an update on the housing market in Lenoir County.
The average home price in Lenoir County has risen. In 2016, the average home price was $98,000. In 2022, the average price is $162,000 and expected to rise by the end of the year. For a single residential home, in 2016, the price was $105,000 and in 2022 it is $180,686.
One of the factors causing the rise in prices is the migration to Kinston. With the Global TransPark and businesses like flyExclusive, families are moving to the area.
“flyExclusive has been a big proponent of living in Kinston,” said Perry. “We sold six houses to people who work at flyExclusive in just the past year.”
Last year the number of houses for sale dropped to about 30-40 houses per month which created competition that also drove up the cost.
“We were turning over the whole inventory month over month,” said Edwards. “There are about three times as many for sale now. It is still certainly a seller’s market by the amount of inventory we have.”
The housing market has cooled, but Lenoir County saw a 13% increase in home sales in 2021, and a 10% increase in 2022. New developments, such as Butterfield, The Briarpatch, and Deer Field, are banking on the continued growth.
“A lot of the new contractors and builders are probably holding their breath, so they can sell them,” said Perry. “It would really be great for Kinston to sell new construction.”
The rental market is in high demand in the City of Kinston, which has 40-50% rentals. The city has a need for young professional rentals which are driving up the rental prices as well.
Neuse News is a locally-owned small business startup in downtown Kinston. Our goal is to provide free, hyper-local news to Lenoir, Greene and Jones counties. The kind of news our grandparents read in a format fit for today's times.
We provide this by having supportive advertisers and we encourage you to click on their ads, shop with them, and eat with them. Every bit of financial support is important to help us sustain free, hyper-local news.
Please consider supporting Neuse News with as little as $5 one-time or via a monthly option. Every little bit helps us, help you.
