12-28-2021 – Housing demands continue to rise

Posted on: December 29th, 2021 by admin No Comments

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December 28, 2021

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By DAWN FLEMING

Dec 28, 2021

 

LENOIR — A continued demand for more housing is driving a number of related factors that should lead to more options for buyers, sellers and renters.

 

Examining the housing market in any region is complex. Within any specific county there are regional variations in demand and pricing among the communities. In addition, affordable housing means different things to different people. For some, affordable housing is interpreted as government subsidized housing; for others it is about being able to afford a home or an apartment in the private-sector market. One thing is certain, competition for housing — government subsidized, or in the private sector — is tight.

 

Realtor.com forecasts that the “Existing Home For-Sale Inventory” will increase 0.3% in 2022. Although there is a predicted upturn in available housing, the housing market in Caldwell County remains competitive. In a standard private housing market there are about six months of housing inventory. As of Sept. 2021, Caldwell County had one month’s supply of inventory. However, the Local Market Update published by Canopy Realtor Association reveals a 7.95% increase in new listings for Caldwell County with a median sales price of $225,000.

 

The average private sector home can expect to stay on the market for approximately 20 days and sellers can expect to receive 97.9% of the original list price. As of September, there were 418 new listings, which is a 2% increase from 2020. As in any market, demand drives price. Realtor.com predicts an increase in price of rent and mortgage payments. In Caldwell County, the average sale price of a home increased 4.8% from $270,566 in 2020 to $283,650 in 2021.

 

Caldwell County has been working to increase housing options.

 

“We [our community as a whole — the town, the county, and the Economic Development Commission] have made it a priority to grow housing options for our community. “ Deborah Murray, executive director at Caldwell County Economic Development Commission.

 

Although the pricing of homes and rent is expected to rise in 2022, incomes may be on the rise as well. According to the N.C. Department of Commerce, Caldwell County has the 28th highest private sector average wage in the state. In addition, the development of business and industry has contributed to the 15.3% increase in the median household income. As people move to the county, it is a priority to bring new housing options to the county, including single family and multi-family options.

 

“We are just now starting to see bricks and mortar to fill the housing need.” Murray said.

The plan to develop housing opportunities in the private sector is coming to fruition as the newly reconstructed Lenoir Cotton Mill is now the home of the Blue Bell at Lenoir Mills.

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