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.