Kinston's Diverse and Affordable Housing Market
Affordability‚ opportunity and options are the key words describing the residential real estate market in Kinston‚ which offers a variety of choices ranging from unique downtown lofts‚ cozy tree-lined neighborhoods drenched in history and more recently constructed single-family and multi-family homes.
There is something to suit everyone’s taste and price range‚ whether they want to invest in a large single-family house or are interested in a condominium or townhouse‚ says Deborah Hood‚ president of the Kinston Board of Realtors. Amenities range from converted tobacco warehouse lofts with exposed brick and 14-foot ceilings to brand new homes surrounded by lush lawns.
Because the cost of living in Kinston is substantially lower than the national average‚ housing is a greater bargain than in Charlotte and the Triangle markets. Affordable housing is especially important to two of the area’s fast-growing segments – senior citizens and retirees. Seniors also value con venience and access to services and shopping‚ which helped drive the planning for Kinston’s first gated community.
“Kinston is one of the few markets where affordable housing is so prevalent‚” Hood says. “For example‚ one can purchase a lovely home with over 2‚500 square feet in a nice neighborhood in Kinston for well under $200‚000.”
Fortunately‚ Kinston avoided the real estate bubble that caused prices to spike in some markets. As a result‚ the market in Kinston was not negatively affected when the bubble burst and prices began falling rapidly in many markets across the country‚ destabilizing many local economies.
Kinston’s real estate market is dynamic‚ Hood says. By mid-year‚ 172 homes had been sold so far in 2007‚ comfortably outperforming the previous year’s pace when a total of 245 residential properties were sold during the year. Homes spend an average of 205 days on the market and sell for an average price of $103‚627.
Read more on neighborhoods in the Kinston, NC area.