Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 9,857 people, 4,961 houses or apartments, and a median cost of homes of $390,739, Morehead City real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Morehead City, accounting for 52.23% of the town's housing units. Other types of housing that are prevalent in Morehead City include large apartment complexes or high rise apartments ( 23.59%), duplexes, homes converted to apartments or other small apartment buildings ( 11.58%), and a few row houses and other attached homes ( 7.90%).
The most prevalent building size and type in Morehead City are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 47.30% owning and 52.70% renting.
There is a lot of housing in Morehead City built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Morehead City built between 2000 and later ( 29.46%). A lesser amount of the housing stock also hails from between 1940-1969 ( 24.72%). There's also some housing in Morehead City built before 1939 ( 8.56%).
Vacant housing appears to be an issue in Morehead City. Fully 21.50% of the housing stock is classified as vacant. Left unchecked, vacant Morehead City homes and apartments can be a drag on the real estate market, holding Morehead City real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in Morehead City have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 114.53%, which ranks in the top 30% nationwide. This equates to an annual average Morehead City house appreciation rate of 7.93%.
Appreciation rates are so strong in Morehead City that despite a nationwide downturn in the housing market, Morehead City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Morehead City appreciation rates continue to be some of the highest in America, at 10.50%, which is higher than appreciation rates in 89.39% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Morehead City. Morehead City appreciation rates in the latest quarter were at 1.46%, which equates to an annual appreciation rate of 5.95%.
Relative to North Carolina, our data show that Morehead City's latest annual appreciation rate is higher than 90% of the other cities and towns in North Carolina.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Morehead City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Morehead City - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Morehead City real estate investment or home purchase decisions.
$390,739
for North carolina
for nation
4,961
$1,910 / per month