Elon, NC—27244
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elon, NC
As of Oct '25, the median home price in Elon, NC is $312,000, with a year-over-year change of -0.3%. This indicates that home prices in Elon, NC are flat. According to Zillow, the 1-year price projection is 2.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $312,000 | -0.3% |
| Single Family | $317,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $192,000 | -0.5% |
3 Bed | $296,000 | 0.0% |
4 Bed | $422,000 | 1.7% |
| 5 Bed | $512,000 | 1.0% |
% of Housing Stock
Rental Trends — Elon, NC
As of July '25, Rentcast reports the average rent in Elon, NC is $1,500, with a year-over-year rent change of 7.1%. Per bedroom, the median rent as of July '25 in Elon, NC is studios: $1,400, 1-bedrooms: $1,160, 2-bedrooms: $1,380, 3-bedrooms: $1,510, 4-bedrooms: $2,200. The most common rental property sizes in Elon, NC are 3-bedroom and 2-bedroom, accounting for 42.2% and 26.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,410 | $1,500 |
| Studio Rent | $1,400 | $1,400 |
| 1 Bed Rent | $1,300 | $1,160 |
| 2 Bed Rent | $1,400 | $1,380 |
| 3 Bed Rent | $1,410 | $1,510 |
| 4 Bed Rent | $2,200 | $2,200 |
% of Rental Stock
Property Listings — Elon, NC
As of Oct '25, Realtor.com reports that the median days on market for a home in Elon, NC is 53. This is a increase of 14.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 12.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $445,000 | -6.0% |
Listing Count | 50 | 12.0% |
| Listings as % of Homes | 0.4% | 12.0% |
Days on Market | 53 | 14.0% |
Demographics — Elon, NC
As of the latest ACS Survey released in 2023, Elon, NC has a population of 16,700, which has increased by 7.2% over the past 5 years. Elon, NC is a moderately popular place for families, as children make up 15.4% of the population. The area has a moderately educated workforce, with 34.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 16,700 | 7.2% |
% Under 18 | 15.4% | 5.5% |
% Seniors | 13.9% | 2.2% |
% WFH | 8.5% | 80.9% |
% w/ College Degree | 34.7% | 8.8% |
As of the latest ACS Survey released in 2023, Elon, NC is a predominantly white area, with 80.6% of the population identifying as white. The white population has shrunk by 0.1% in the last 5 years. The second most common race or ethnicity in Elon, NC is black, making up 11.9% of the population. Foreign-born residents account for 3.0% of the population in Elon, NC, and this percentage has decreased by 46.4% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 80.6% | -0.1% |
% Black | 11.9% | 19.0% |
% Hispanic | 2.8% | -50.0% |
% Asian | 2.5% | 8.7% |
% Foreign Born | 3.0% | -46.4% |
Mortgage and Risk — Elon, NC
According to HUD data as of 2023, there were 225 mortgage originations in Elon, NC, of which 86.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Elon, NC. Investor activity is low, as 2.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 225 |
% Conventional Loans | 86.0% |
% Government Loans | 14.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Elon, NC
As of 2024, the percent of homes in Elon, NC under the Section 8 program is 1.4%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Elon, NC, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 20 |
Total Units Section 8 | 14 |
% Rentals under Section 8 | 1.4% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$230 | $1,300 | $1,070 |
| 2 Bedroom | -$220 | $1,400 | $1,180 |
| 3 Bedroom | $90 | $1,410 | $1,500 |
| 4 Bedroom | -$450 | $2,200 | $1,750 |
Affordability — Elon, NC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $312,000 |
| Median Household Income | $71,000 |