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Advancing Housing Affordability as a Catalyst for Economic Growth & Stability

The following article is a guest post written by Brooke Cashion of NC REALTORS® and is adapted from her remarks at the NC Chamber and North Carolina Bankers Association’s 23rd Annual Economic Forecast Forum. The event, held on Jan. 14, 2025, convened the state’s most influential leaders to discuss how North Carolina can continue to lead in job retention, job creation, and quality of life.  

Advancing Housing Affordability as a Catalyst for Economic Growth & Stability

REALTORS® are proud citizens of this great state with an unwavering commitment to its success and growth. We know first-hand that North Carolina offers an exceptional quality of life and a thriving economy – achievements we can all take pride in. Our state is consistently recognized as one of the top places to live, to do business, and to raise a family.

However, the business community and elected officials must work together to continue to make North Carolina successful and one of the most desired places to live in our great country.

With the expansive growth the state has seen in recent years, many of our fellow North Carolinians face a housing challenge. As a REALTOR® with 24 years of full-time experience, I understand “housing” and “affordability” mean different things to different people. But no matter the tax bracket, all North Carolinians are facing this housing challenge. REALTORS®, like myself, witness firsthand how homebuyers are faced with navigating housing markets that lack inventory, especially when searching for workforce housing.

Because of great policy decisions and dynamic leadership, our state continues to thrive and attract new businesses. But that means our housing crisis will continue to escalate if we don’t take necessary action.

While different across the state, the challenges touch every corner of North Carolina. Those challenges have their root in limited housing inventory. Many of my fellow REALTORS® would be happy to share how a shortage of housing availability makes it difficult to meet buyer demands and increases costs. I have personally experienced this time and time again as a listing agent. I have witnessed buyers who have accepted a job in our area compete with multiple offers and put in excess of $50k of non-refundable due diligence money in order to secure a home after only having spent 15 minutes in it. They knew that their choices were extremely limited to get the four-bedroom home they needed for their family, in the location their new job expected.

This may sound like a win for the sellers, but they were then faced with the challenge of downsizing to a one level home, as was their goal and intent, but finding that they were going to pay equal to or more than the home they just sold. Their options were few and far between and they ended up renting an Airbnb for several months until something was constructed in the community they desired. This community did not allow for contingent offers given the heat of the market, so they had no option but to sell first and wait. Moving three times is expensive and tiresome for anyone, but especially for our aging population.

We are also seeing North Carolinians making longer commutes, upwards of 100 miles each way per day, because purchasing in the metro areas severely limits not only their options in terms of size and amenities but in price point and taxes. Rising home prices are reflective of supply and demand. With increased demand and limited supply, home prices continue to surge, pricing out many buyers, including current North Carolinians who at times cannot compete with buyers coming from states such as New York and California, where higher prices and higher taxes are the norm instead of the exception.

What We Can Do

While there are things like inflation and mortgage rates that we do not control at the state or local level, we do need to do all we can to decrease the costs of housing in areas we CAN control, such as overreaching regulation and excessive taxation. Zoning and development constraints continue to exacerbate inventory issues. Slower development processes, limited land availability, and strict zoning regulations hinder the construction of new homes.

Don’t take my word for it. These challenges are highlighted by the data. The NC REALTORS®, in partnership with the NC Chamber Foundation and the NC Home Builders Association, worked with nationally recognized Bowen National Research and NC State University Professor Dr. Michael Walden to conduct a statewide housing supply gap analysis and economic impact study. While the results of the study will not be launched until next month, key points include:

  • The rising cost of homes is evident. In 2024, North Carolina had an overall median home list price of $419,000 in comparison to the 2020 median list price of $251,859.
  • Only nine out of 100 counties in the state have a median list price under $200,000.
  • Even more alarming is the state’s overall availability rate of less than 1%. Typically, healthy and well-balanced housing markets have an availability rate of between 2 and 3%.

While these are not the only challenges, they are enough to have you asking if our housing crisis can be fixed. The answer is an emphatic YES. REALTORS® are passionate advocates for homeownership. More importantly, we recognize that solving our state’s housing crisis will take innovative and varied solutions, as well as everyone making an investment in the state. It WILL take all of us working together to make this happen and to ensure North Carolina stays a top place to live and do business.

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About Brooke Cashion:

As a current resident and seventh generation native of the Triad, Brooke Cashion has spent the past 24 years advising clients in the real estate market and helping consumers make real estate decisions that are conducive to both their financial and personal needs. A proud graduate of NC State University, Brooke combines her education with a deep knowledge of the local market, which includes Winston-Salem, Greensboro and High Point. She resides in Kernersville, North Carolina, where she is actively involved in her community and is a passionate political advocate, working to support policies that benefit North Carolina homeowners and the real estate industry. Brooke serves in numerous volunteer roles with NC REALTORS®, including Chair of the Legislative Committee and Federal Political Coordinator Program for Senator Ted Budd. Above all, Brooke is a devoted wife and mother, cherishing time with her family while balancing her professional and advocacy commitments.