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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Hillsborough, NC Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Hillsborough, NC Housing Market Trends

With 9,765 people, 3,988 houses or apartments, and a median cost of homes of $424,944, Hillsborough real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Hillsborough, accounting for 63.73% of the town's housing units. Other types of housing that are prevalent in Hillsborough include large apartment complexes or high rise apartments ( 19.97%), row houses and other attached homes ( 12.54%), and a few mobile homes or trailers ( 2.26%).

The most prevalent building size and type in Hillsborough are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 61.17% owning and 38.83% renting.

Hillsborough homes and real estate are some of the newest in America. 42.88% of Hillsborough's housing was built since 2000, making the town have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Hillsborough real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 26.81%), and between 1940-1969 ( 18.73%). There's also some housing in Hillsborough built before 1939 ( 11.59%).

Hillsborough Home Appreciation Rates

Appreciation rates for homes in Hillsborough have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 106.17%, which ranks in the top 30% nationwide. This equates to an annual average Hillsborough house appreciation rate of 7.50%.

NeighborhoodScout's data show that during the latest twelve months, Hillsborough's appreciation rate, at 5.53%, has been at or slightly above the national average. In the latest quarter, Hillsborough's appreciation rate has been 2.64%, which annualizes to a rate of 10.98%.

Relative to North Carolina, our data show that Hillsborough's latest annual appreciation rate is lower than 60% 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 Hillsborough differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hillsborough - 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 Hillsborough real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$424,944

Hillsborough, NC Home Prices
> $1,436,000
$1,077,001 - $1,436,000
$718,001 - $1,077,000
$574,001 - $718,000
$431,001 - $574,000
$287,001 - $431,000
$144,001 - $287,000
$72,001 - $144,000
$0 - $72,000
1.8%
1.8%
1.9%
1.9%
14.7%
14.7%
12.7%
12.7%
17.4%
17.4%
20.0%
20.0%
19.7%
19.7%
3.6%
3.6%
8.2%
8.2%
0% 100.0%
% of Homes
Very High

for North carolina

High

for nation

Number of Homes And Apartments:

3,988

Hillsborough Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,264 / per month

Homeownership Rate

Owners
Renters
61.2%
61.2%
38.8%
38.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.9%
7.9%
92.1%
92.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
42.9%
42.9%
26.8%
26.8%
18.7%
18.7%
11.6%
11.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
63.7%
63.7%
12.5%
12.5%
1.5%
1.5%
20.0%
20.0%
2.3%
2.3%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.1%
1.1%
4.7%
4.7%
26.8%
26.8%
44.0%
44.0%
17.1%
17.1%
6.3%
6.3%
0% 100.0%
% of Homes