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Housing supply down, prices up in NC, real estate website says


The supply of homes for sale in North Carolina has plummeted, with Raleigh’s inventory falling the most among the nation’s 50 largest metro areas, down more than two-thirds since 2020.

Meanwhile, prices continue to rise, according to data from the real estate website Zillow.

Roberto Quercia, a distinguished professor at UNC-Chapel Hill’s Department of City and Regional Planning, said this leaves few options for those with modest incomes – like seeking housing farther away, and dealing with high gas prices.

“And so if you had to commute one hour each each way, you will really spend a lot more money. And many of these low income families have jobs that they cannot work remotely, so they have to show up in the workplace. So … an almost impossible situation for for families at the low end,” Quercia said.

Quercia said housing is expensive even far from cities for a host of reasons including high labor and building material costs.

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Originally Appeared Here

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