Is Now the Right Time to Buy in North Carolina?

Cassie Callahan
Aug 20
3 min read

If you're a buyer watching the North Carolina housing market, you're likely asking: Is now the right moment to take that leap? Here's a local breakdown on current trends, mortgage rates, inventory levels, and smart strategies so you can move forward with confidence.

Current Market Trends in North Carolina

Home Prices: As of July 2025, the median home price in North Carolina sits at about $388,300, reflecting a modest 1.5% increase year-over-year. YouTube +11Redfin+11Houzeo+11
Inventory Levels: The number of homes for sale is up around 19% year-over-year, and there were approximately 63,683 homes on the market in July. Months of supply remain around 3, still favoring sellers but easing competition somewhat. Redfin
Market Balance: With more homes on the market and slight downward pressure on prices, the environment is shifting toward a more balanced market, giving buyers greater negotiation leverage. Realtor +7Houzeo+7ResiClub+7

Mortgage Rate Snapshot

The average 30-year fixed mortgage rate recently dropped to about 6.58%, the lowest level since October 2024. Reuters+5Reuters+5CBS News+5
These rates are still historically high, but the gradual decline provides some relief and could encourage a fall uptick in buyer activity. Investopedia+15The Wall Street Journal+15Reuters+15

What This Means for Buyers

Factor	What It Means for You
More Listings	With inventory up, you have more options and room to negotiate.
Slight Price Growth	Home prices are relatively stable—no rush to jump in, but no steep gains to worry about either.
Rates Starting to Soften	Rates are trending lower—but aren't expected to drop significantly soon. Still, it's a window of opportunity.Redfin+2Navy Federal Credit Union+2 The Mortgage Reports+4Reuters+4Mortgage Professional+4

Smart Buying Strategy for This Moment

Monitor Rate Trends – With forecasts showing stabilization in the mid‑5% range by year-end, if you expect them to fall further, plan accordingly. Superior School of Real Estate
Use Inventory to Your Advantage – More homes on the market can translate into better pricing and less competition. Strategize your offer based on current local activity.
Stay Pre-Approved – Be ready to act quickly on the right property. Pre-approval gives you a competitive edge and speeds up closing.
Negotiate Smartly – Buyers may now get concessions like closing cost coverage or repairs, especially in areas with rising inventory.
Think Long-Term – If your timeline isn't urgent, monitor the market through fall. However, if you're house‑hunting now, rates aren't expected to dip drastically soon. Investopedia The Wall Street Journal

Frequently Asked Questions

1. Are mortgage rates going to drop soon? Analysts advise that although rates have dipped slightly, large declines are unlikely in the short term. Mortgage rates are influenced more by broader economic conditions than just Federal Reserve actions. The Mortgage Reports+3Investopedia+3Mortgage Professional+3

2. Is it a buyer's market in North Carolina? Not fully—but it's cooling. With increased inventory and slower price growth, many regions are moving toward a balanced market, easing pressure on buyers. brazoban.com +7Houzeo+7Howard Hanna Allen Tate Blog+7

3. Should I wait for prices to drop? Price growth is softening, but widespread drops aren’t guaranteed. If you find a home you love and can afford, the current environment supports taking action before competition increases again.

4. Is fall a better season to buy? Possibly. Inventory tends to remain healthy into fall, and with rates holding steady, buying later in the year could offer more options or leverage—but keep your approval and strategy ready.

5. How many homes are selling above list price? Roughly 16% of homes are selling above list price, while around 27% are selling below list, meaning negotiation is possible—especially in the right neighborhoods. Houzeo

Cassandra "Cassie" Callahan