Elizabeth City, NC—27909
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elizabeth City, NC
As of Oct '25, the median home price in Elizabeth City, NC is $261,000, with a year-over-year change of 3.6%. This indicates that home prices in Elizabeth City, NC are increasing. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $261,000 | 3.6% |
| Single Family | $261,000 | 3.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $152,000 | 3.4% |
3 Bed | $260,000 | 3.6% |
4 Bed | $357,000 | 4.1% |
| 5 Bed | $402,000 | 5.0% |
% of Housing Stock
Rental Trends — Elizabeth City, NC
As of July '25, Rentcast reports the average rent in Elizabeth City, NC is $1,700, with a year-over-year rent change of 1.8%. Per bedroom, the median rent as of July '25 in Elizabeth City, NC is 1-bedrooms: $1,280, 2-bedrooms: $1,360, 3-bedrooms: $1,890, 4-bedrooms: $2,010. The most common rental property sizes in Elizabeth City, NC are 3-bedroom and 2-bedroom, accounting for 49.4% and 27.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,700 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,250 | $1,280 |
| 2 Bed Rent | $1,340 | $1,360 |
| 3 Bed Rent | $1,800 | $1,890 |
| 4 Bed Rent | $1,720 | $2,010 |
% of Rental Stock
Property Listings — Elizabeth City, NC
As of Oct '25, Realtor.com reports that the median days on market for a home in Elizabeth City, NC is 58. This is a increase of 5.0% 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 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $352,000 | 1.0% |
Listing Count | 269 | 32.0% |
| Listings as % of Homes | 0.8% | 32.0% |
Days on Market | 58 | 5.0% |
Demographics — Elizabeth City, NC
As of the latest ACS Survey released in 2023, Elizabeth City, NC has a population of 40,900, which has increased by 3.4% over the past 5 years. Elizabeth City, NC is a moderately popular place for families, as children make up 21.6% of the population. The area has a moderately educated workforce, with 26.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 40,900 | 3.4% |
% Under 18 | 21.6% | -2.7% |
% Seniors | 18.2% | 12.3% |
% WFH | 8.6% | 207.1% |
% w/ College Degree | 26.9% | 31.2% |
As of the latest ACS Survey released in 2023, Elizabeth City, NC is a predominantly white area, with 53.8% of the population identifying as white. The white population has shrunk by 2.0% in the last 5 years. The second most common race or ethnicity in Elizabeth City, NC is black, making up 35.1% of the population. Foreign-born residents account for 2.6% of the population in Elizabeth City, NC, and this percentage has decreased by 33.3% 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 | 53.8% | -2.0% |
% Black | 35.1% | -3.8% |
% Hispanic | 5.9% | 15.7% |
% Asian | 1.2% | -29.4% |
% Foreign Born | 2.6% | -33.3% |
Mortgage and Risk — Elizabeth City, NC
According to HUD data as of 2023, there were 854 mortgage originations in Elizabeth City, NC, of which 54.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 47.0% above 90% LTV (very high). This implies large mortgage risk in Elizabeth City, NC. Investor activity is low, as 2.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 854 |
% Conventional Loans | 54.0% |
% Government Loans | 46.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Elizabeth City, NC
As of 2024, the percent of homes in Elizabeth City, NC under the Section 8 program is 19.4%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Elizabeth City, NC, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,351 |
Total Units Section 8 | 1,021 |
% Rentals under Section 8 | 19.4% |
% Occupied Section 8 | 72.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$370 | $1,250 | $880 |
| 2 Bedroom | -$180 | $1,340 | $1,160 |
| 3 Bedroom | -$240 | $1,800 | $1,560 |
| 4 Bedroom | $140 | $1,720 | $1,860 |
Affordability — Elizabeth City, NC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $261,000 |
| Median Household Income | $64,000 |