Pinehurst Real Estate Market Prices, Trends, and Forecast 2023

Pinehurst Real Estate Market Prices, Trends, and Forecast 2023
The Village of Pinehurst, founded in 1895 by Boston's Tufts family, is a charming and historic community located in North Carolina. Known for its classic New England architecture and master-planned design by Frederick Law Olmsted, the village offers a unique experience that transports visitors back in time. One of the notable features of Pinehurst is its beautiful and character-filled buildings. The Carolina Hotel, Village Chapel, and a 200-year-old log cabin are just a few examples.

Pinehurst offers a vibrant community with various events and activities. Outdoor concerts, plays, parades, and a popular farmers market are among the attractions. The village boasts specialty shops, galleries, restaurants, and pubs, providing ample opportunities for leisure and entertainment.

One of the highlights of Pinehurst is the Pinehurst Resort and Country Club, famous for its nine golf courses, including the renowned No. 2 Course designed by legendary golf course architect Donald Ross. The resort has hosted multiple U.S. Open Championships and will be the anchor site for the U.S. Open Golf Championships in 2024, 2029 (including the Women's Open), 2035, 2041, and 2047. Other notable golf clubs in Pinehurst include Pinewild Country Club and the Country Club of North Carolina. These clubs offer additional opportunities for golf enthusiasts to enjoy the sport in a beautiful setting.

Pinehurst real estate offers a range of real estate options that appeal to everyone’s preferences. The real estate market caters to different lifestyles, from historic homes with classic New England architecture in the Village of Pinehurst to waterfront properties on Lake Pinehurst. The availability of top-rated public, charter, and private schools, adds to the appeal for families. Whether you're seeking a charming historic home or a modern property with access to world-class amenities, Pinehurst offers various real estate opportunities to suit different preferences.

There are many reasons to consider Pinehurst your next location, and it’s perfect for families, retirees, and young adults. The exceptional school district provides quality education through its public and private schools. The area is renowned for its golf courses and country clubs, making it an attractive destination for golf enthusiasts. Pinehurst will meet all your needs, whether you want a peaceful retreat from the city or a serene place to decompress.

If you’re interested in the area, you’ll want to learn everything about the market and its direction. Here is everything you need to know about the Pinehurst real estate market, including prices, trends, and the forecast for this year.

Pinehurst Housing Market Prices, Trends, and Forecast 2023

Pinehurst has seen mostly upward trends post-pandemic, with a relative steadying of the market year over year. The median home value and sales price have increased, though not substantially. The number of homes on the market has decreased, while the time on the market has risen slightly. Sellers shouldn’t be too concerned because the current market still favors sellers, and home values will remain steady and may increase. Here is a look at some of the most recent statistics on the local housing market.

  • Median sales price: $483,500 (-.02% year over year)
  • One-year appreciation rate: +12.2%
  • Active listings: 168 (-5.6% from the previous month)
  • Homes sold: 49 (-22% year over year)
  • Median days on the market: 35 days (+123% year over year)
  • Population: 18,416 (latest estimate by the U.S. Census Bureau)
  • Median household income: $92,342 (latest assessment by the U.S. Census Bureau)

Home values remain steady

Home values in Pinehurst have increased slightly year over year, at 9.6%. This slight increase is favorable for sellers and keeps the market on that side, but it’s safe to assume things will be steady and appreciation won’t surpass post-pandemic levels. With the rise in interest rates, home values and sales prices won’t grow significantly, but the inventory will steadily rise, and the market will favor sellers.

Rising and lowering interest rates

In recent years, interest rates on 30-year fixed-rate mortgages have increased. Inflation became a significant threat which caused the Fed to raise rates upwards of 7% in the previous year. However, there is positive news for buyers because mortgage rates are expected to continue to steady throughout 2023 and the following year. Despite mortgage rates hovering between 6% and 7%, the National Association of Realtors (NAR) predicts that inflation will continue to slow, ending 2023 with rates around 6%.

Real Estate Market: Should You Invest?

The Pinehurst real estate market is an excellent option for those who want to invest in quality real estate and a laidback way of life. Whether you’re searching for your forever home or want something to use as a rental property, it’s a great time to invest while interest rates are steadying. Pinehurst remains a seller’s market with home prices rising, but that shouldn’t deter you from finding your piece of this quality real estate. Interest rates are declining and expected to be closer to 6% by the end of this year, and there’s no time like the present. If you are in the market to sell your Pinehurst real estate, you should have no problem with getting your home off the market promptly and for at least the asking price.

Are you ready to invest yet?

As you can see, the Pinehurst real estate market is an attractive option for those looking to invest in a prestigious area that offers land, luxury, and a charming atmosphere. If you’re interested in homes for sale in Pinehurst, contact Jamie McDevitt today. With years of experience and a dedication to ensuring her client's goals are met, you can feel confident you’re in trusted hands.

Work With Jamie

Jamie will take the time to understand your goals and will work tirelessly to help you reach them. Whether you are moving to the Pinehurst, Southern Pines area to play golf, swing a tennis racket, or simply run or walk through your neighborhood, let Jamie work for you.