ROWAN COUNTY, N.C. (WBTV) - Despite a pandemic that plunged the United States into a recession, the housing market in Rowan County boomed in 2020, based on a report from Rowan Economic Development. According to Allen Tate Realtors, average housing sales prices were up 24.9% over a year ago to $232,413. Across the Charlotte region, the average increase was 13.6%.
Rowan County also had the highest increase in closed home sales in the Charlotte region with a 37.4% increase. Across the Charlotte region, the average increase was 11.9%. Dianne Greene, owner of CENTURY 21 Towne & Country in Salisbury, attributes low mortgage interest rates and Rowan County’s location for the 2020 surge in our housing market.
“People are taking advantage of low mortgage rates that make the cost of buying a home much cheaper,” said Greene. The increased demand, coupled with a low inventory of available houses, has led buyers to bid up the prices of available properties.
“Buyers are paying over asking price just to get the house they want,” Greene said. “Our inventory has dwindled tremendously, which means multiple offers on many properties. Some houses are on the market for only an hour if priced right.” Greene also said a lot of the sales demand is coming from people moving south due to retirement and family relocation. “Our being halfway between New York and Florida is a big selling point for retirees,” she said. And, we are seeing a lot of people coming out of the Northeast, Midwest and even California because of our lower costs, the weather and High Rock Lake.”
The boom has been welcome news for Rowan County homeowners, where about 69% of households are owner-occupied, but it’s also frustrating for those looking to purchase a home. That situation may soon improve markedly as a number of new housing developments are underway or planned for Rowan County.
In Salisbury, for instance, more than 1100 housing units are in the ‘development pipeline’, meaning they were either under active construction or were in the development review process. Similar developments are underway in Faith, Rockwell, China Grove Granite Quarry and other locales across Rowan County.
“New housing is a sign of a growing economy and will help to spur the development of new retail and commercial ventures such as the new Texas Roadhouse restaurant planned for Julian Road,” said EDC president Rod Crider. “Rowan County is a highly desirable location for new residents and businesses and we expect this housing boom to continue for the foreseeable future.”