Monroe, 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 Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Monroe, NC Housing Market Trends

With a population of 35,540, 11,482 total housing units (homes and apartments), and a median house value of $210,433, Monroe real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Monroe, accounting for 72.44% of the city's housing units. Other types of housing that are prevalent in Monroe include large apartment complexes or high rise apartments ( 13.51%), duplexes, homes converted to apartments or other small apartment buildings ( 8.39%), and a few row houses and other attached homes ( 3.50%).

The most prevalent building size and type in Monroe are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.57% owning and 41.43% renting.

There is a lot of housing in Monroe 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 Monroe built between 2000 and later ( 25.10%). A lesser amount of the housing stock also hails from between 1940-1969 ( 21.57%). There's also some housing in Monroe built before 1939 ( 5.72%).

Monroe Home Appreciation Rates

Appreciation rates for homes in Monroe have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 51.12%, which ranks in the top 30% nationwide. This equates to an annual average Monroe house appreciation rate of 4.22%.

NeighborhoodScout's data show that during the latest twelve months, Monroe's appreciation rate, at 7.17%, has been at or slightly above the national average. In the latest quarter, Monroe's appreciation rate has been 2.54%, which annualizes to a rate of 10.56%.

Importantly, this makes Monroe one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to North Carolina, our data show that Monroe's latest annual appreciation rate is lower than 50% 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 city. Individual neighborhoods within Monroe differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Monroe - 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 Monroe real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$210,433

Monroe, NC HOME PRICES

> $1,242,000
0.4%
0.4%
$932,001 - $1,242,000
1.3%
1.3%
$621,001 - $932,000
2.3%
2.3%
$497,001 - $621,000
1.8%
1.8%
$373,001 - $497,000
6.2%
6.2%
$248,001 - $373,000
19.3%
19.3%
$124,001 - $248,000
53.2%
53.2%
$62,001 - $124,000
11.2%
11.2%
$0 - $62,000
4.2%
4.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for NC

Value Relative To Nation

Number Of Homes And Apartments:
11,482

Monroe Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
66.14% 2.42%
7
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,327 / per month

Homeownership Rate

Owners
58.6%
58.6%
Renters
41.4%
41.4%
Vacant
8.0%
8.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
25.1%
25.1%
1970 - 1999
47.6%
47.6%
1940 - 1969
21.6%
21.6%
1939 or Older
5.7%
5.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
72.4%
72.4%
Townhomes
3.5%
3.5%
Small Apt. Buildings
8.4%
8.4%
Apt. Complexes
13.5%
13.5%
Mobile Homes
2.0%
2.0%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.9%
1.9%
1 Bedroom
5.0%
5.0%
2 Bedrooms
22.6%
22.6%
3 Bedrooms
53.4%
53.4%
4 Bedrooms
14.6%
14.6%
5 or more bedrooms
2.5%
2.5%
0.0% 100.0%
% OF HOMES