Washington, NC—27889
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Washington, NC
As of Oct '25, the median home price in Washington, NC is $242,000, with a year-over-year change of 1.7%. This indicates that home prices in Washington, NC are increasing. According to Zillow, the 1-year price projection is 3.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $242,000 | 1.7% |
| Single Family | $242,000 | 2.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $159,000 | 1.3% |
3 Bed | $250,000 | 2.5% |
4 Bed | $335,000 | 3.4% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Washington, NC
As of July '25, Rentcast reports the average rent in Washington, NC is $1,410, with a year-over-year rent change of -11.9%. Per bedroom, the median rent as of July '25 in Washington, NC is 1-bedrooms: $981, 2-bedrooms: $1,200, 3-bedrooms: $1,690, 4-bedrooms: $1,400. The most common rental property sizes in Washington, NC are 3-bedroom and 2-bedroom, accounting for 45.8% and 30.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,250 | $1,410 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $860 | $981 |
| 2 Bed Rent | $998 | $1,200 |
| 3 Bed Rent | $1,600 | $1,690 |
| 4 Bed Rent | $1,400 | $1,400 |
% of Rental Stock
Property Listings — Washington, NC
As of Oct '25, Realtor.com reports that the median days on market for a home in Washington, NC is 81. This is a increase of 34.0% 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 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $368,000 | 4.0% |
Listing Count | 112 | 31.0% |
| Listings as % of Homes | 0.5% | 31.0% |
Days on Market | 81 | 34.0% |
Demographics — Washington, NC
As of the latest ACS Survey released in 2023, Washington, NC has a population of 24,600, which has decreased by -7.6% over the past 5 years. Washington, NC is a moderately popular place for families, as children make up 17.7% of the population. The area has a poorly educated workforce, with 21.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,600 | -7.6% |
% Under 18 | 17.7% | -16.1% |
% Seniors | 23.7% | 17.3% |
% WFH | 9.2% | 37.3% |
% w/ College Degree | 21.1% | 5.5% |
As of the latest ACS Survey released in 2023, Washington, NC is a predominantly white area, with 58.3% of the population identifying as white. The white population has shrunk by 3.0% in the last 5 years. The second most common race or ethnicity in Washington, NC is black, making up 27.3% of the population. Foreign-born residents account for 4.9% of the population in Washington, NC, and this percentage has increased by 28.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 58.3% | -3.0% |
% Black | 27.3% | -3.5% |
% Hispanic | 10.4% | -5.5% |
% Asian | 0.3% | ∞% |
% Foreign Born | 4.9% | 28.9% |
Mortgage and Risk — Washington, NC
According to HUD data as of 2023, there were 476 mortgage originations in Washington, NC, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Washington, NC. Investor activity is low, as 1.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 476 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 1.0% |
% Second Loans | 5.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Washington, NC
As of 2024, the percent of homes in Washington, NC under the Section 8 program is 8.3%. 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. 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Washington, NC, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 806 |
Total Units Section 8 | 356 |
% Rentals under Section 8 | 8.3% |
% Occupied Section 8 | 69.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$20 | $860 | $840 |
| 2 Bedroom | $42 | $998 | $1,040 |
| 3 Bedroom | -$180 | $1,600 | $1,420 |
| 4 Bedroom | $370 | $1,400 | $1,770 |
Affordability — Washington, NC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4 |
| Median Home Price | $242,000 |
| Median Household Income | $52,700 |