Overview of the Commercial and Residential
Real Estate Market in North Carolina
Home to the oldest State University in the country (University of North Carolina Chapel Hill), North Carolina is a state rich in history and an immense respect and appreciation for artistry and craftsmanship. With some of the most stunningly beautiful beaches located along the Outer Banks and Charlotte being a significant financial center (second only to New York), North Carolina continues to attract and welcome home buyers from all over the world. The median home value across the state is $153,600. For Charlotte, that number is $173,200. More than 34 percent of Charlotte residents live in multi-unit structures. The median income for the 792,862 residents is $52,910. That is about 12 percent higher than the $46,450 median income for the total 9,848,060 residents of the state, according to the U.S. Census Bureau. The state of North Carolina has a home ownership rate slightly above 67 percent.
Once known as the Furniture Capital of the World NC continues to maintain a heritage for high quality furniture. The Globalization of the '90s significantly reduced furniture production and annihilated the textile industry of the state. But North Carolina has gained in science, technology, energy and math. Growth in these key industries puts the total gross state product at $424.9 billion currently. This keeps demand for office space, retail property, and multi-family units strong in and around the large metro areas.
Office Rental and Executive Suites in Charlotte, NC
How to Become a Realtor in North Carolina
Overseeing the more than 80,000 real estate agents across the state of North Carolina is the North Carolina Real Estate Commission (NCREC). North Carolina has only one type of license (broker license) that carries several different statuses:
Provisional: This is for first-year agents and signifies they have met all qualifications to become licensed in the state of North Carolina:
- Must be at least 18 years old.
- Successfully completed 90 hours of qualifying real estate courses within the three years previous to applying for their license.
- Pass the state's broker real estate exam.
Once the individual has satisfied the post-licensing education requirements, the term provisional is dropped from their designation.
Broker: Individuals with a broker license may work for a real estate brokerage firm or under a broker/broker-in-charge who is operating as a sole proprietor. If a broker-sole proprietor intends to engage in activities requiring the broker-in-charge designation, he or she must qualify as a broker-in-charge (broker-in-charge designation is required for practically all activities a broker-sole proprietor does).
Broker in Charge: This designation is required to handle trust funds requiring a deposit into a trust account, have any other licensees work with him or her, and to advertise or promote their business in anyway. The promotion of their business can be something as simple as handing out business cards or listing a property for sale or lease.