Despite declining sales across the nation, the median number of days on the market for Fayetteville houses is declining once again.
So if you’re looking at the Fayetteville housing market for your next property investment, you’re on the right track. Fayetteville market trends continue to move in a favorable direction for both sellers and investment buyers.
These are the driving factors in the realm of housing in Fayetteville, North Carolina, right now.
- Fayetteville Is Growing Fast
Forecasters predict the population in Fayetteville will grow by 20,000 new residents in the next ten years, making this metropolitan area the fifth-largest in North Carolina.
Due to this rapid growth, Fayetteville homeowners can rely on a consistent supply of both buyers and renters for years to come.
Currently, there are over 526,000 residents in the metropolis, with 208,000 located in the city alone. Other populous areas include Hope Mills, Spring Lake, Stedman, Fort Bragg, and Rockfish.
The Fort Bragg military base is a major employer in the area, with 54,000 military personnel. This also drives housing demand in Fayetteville.
- Fayetteville Has a Thriving Job Market
High numbers of military personnel make Fort Bragg the largest employer in the Fayetteville metropolitan area. The military base supports over 275,000 people and has an economic impact of around $31 million on the economy every day.
Fayetteville’s GDP is over $22 billion, having grown by 18% in the last decade.
Overall, Fayetteville has a low unemployment rate, with abundant jobs available in the following industries:
- Leisure and hospitality
- Advanced manufacturing
- Professional services
- Logistics and warehousing
Due to the high demand for sustainable energy, solar installation is another rapidly-growing sector.
Apart from the military, these are the major employers in Fayetteville:
- Cape Fear Valley Health System
- Goodyear Tire and Rubber Company
- Cumberland Country Public School System
- High Demand for Rentals
Thanks to high demand driven by the above factors, North Carolina is experiencing rapid rent growth. Rents increase by an average of 13% every year in this state.
According to real estate brokers, there are 5 to 10 applications daily for every available rental property in Fayetteville.
Single-family homes dominate the real estate market in Fayetteville. Renters pay an average of $1,300 per month for a three-bedroom home in Fayetteville.
- Quality of Life Affects Fayetteville Home Trends
Fayetteville is about an hour south of the Research Triangle. The area is home to the University of North Carolina at Chapel Hill, North Carolina State University, and Duke University.
Warm southern hospitality, mild weather, and a low cost of living are other driving factors behind the high quality of life in Fayetteville, North Carolina.
Niche. com gives Fayetteville a B+ rating, awarding high scores for outdoor activities, nightlife, and public schools. Some of the local outdoor attractions include:
- Cape Fear River
- Pinehurst Country Club and Resort
- Clark Park Nature Center
- Cape Fear Botanical Garden
Other drawcards include the Blues and Brews event and the 4-day Dogwood Festival. These outdoor amusements are an attractive proposition for buyers looking for a fresh start in North Carolina.
- Cost of Living in Fayetteville
Fayetteville is an exceptionally affordable area with low living costs. Housing expenses are 29% lower than the national average.
According to Redfin, homes in Fayetteville sell for an average of $207,000. This is 46% below the national average.
You’ll pay 4% less for utilities when you live in Fayetteville. Bus fares and gas are 2% cheaper than nationally.
Grocery costs are 4% below average, but you’ll pay around 5% more than the national average for healthcare services.
- Trending Neighborhoods in Fayetteville, NC
Low property prices, coupled with high demand for homes, make every area of Fayetteville an attractive proposition for property investors. However, these are the places you can expect to get the most bang for your buck:
Arran Lakes West
This small neighborhood of only 1,000 residents is a safe and affordable choice for families. There are plenty of shops and activities in the area, and it’s home to the wonderful Anderson Creek Gated community, with its excellent golf course.
The Ultris Patriot Park is popular with military personnel due to Arran Lakes West’s proximity to the Fort Bragg Army Airfield.
Rockfish Township has a large population of 60,000 people but still has a rural charm and laid-back vibe. It’s a popular choice for families, with a good choice of local high schools.
Residents consider this a safe area and enjoy its calm, serene atmosphere and southern hospitality. Nearby Lake Rim offers green spaces for walking, picnicking, and sports.
One of the unique attractions in Rockfish Township is its Local History Museum, featuring a fascinating collection of vintage cars and other transport paraphernalia.
Spring Lake is diverse with a good mix of public schools and 12,000 residents. It has an urban feel which attracts many young professionals to the area.
It holds pride of place alongside the Fort Bragg Army Base. Spring Lake’s mixture of affordable homes, good public schools, restaurants, and nightlife are attractive to both buyers and renters alike.
The Spring Lake Outpost provides plenty of opportunities for water sports, and the Fort Bragg Clay Target Practice area is one of the largest centers in the state.
Raeford is a small neighborhood with just 5,000 residents. As such, it offers a wonderful sense of community and a friendly, family vibe.
Here, residents enjoy access to green spaces for walking and hiking close to downtown Fayetteville. Festival Park is an open area with a stage dedicated to festivals and concerts.
These aspects make Raeford a trending choice for young families.
Gray’s Creek offers a good mix of suburban and rural living, with affordably priced homes, natural attractions, and excellent schools.
The suburb bustles with small businesses, state fairs, concerts, and family events. Cape Fear River Adventures is a popular attraction here, offering kayaking, tubing, and river paddling outings.
Making the Most of Housing in Fayetteville, North Carolina
If you’re looking for housing in Fayetteville, North Carolina, take note of these trends that could help drive up your resale value and secure your investment. When selling your home, it pays to consider some of these factors to help you get the best price.
You can also browse our blog for more value-adding home design tips.