Gates, NC—27937
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Gates, NC
As of Oct '25, the median home price in Gates, NC is $257,000, with a year-over-year change of 12.3%. This indicates that home prices in Gates, NC are increasing. According to Zillow, the 1-year price projection is 3.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $257,000 | 12.3% |
| Single Family | $258,000 | 12.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $254,000 | 12.4% |
4 Bed | $316,000 | 9.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Gates, NC
As of July '25, Rentcast reports the average rent in Gates, NC is $2,020, with a year-over-year rent change of 118.4%. Per bedroom, the median rent as of July '25 in Gates, NC is 3-bedrooms: $2,020. The most common rental property sizes in Gates, NC are 3-bedroom and 4-bedroom, accounting for 79.7% and 14.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,020 | $2,020 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $2,020 | $2,020 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Gates, NC
As of Oct '25, Realtor.com reports that the median days on market for a home in Gates, NC is 160. This is a increase of 322.0% 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 | $350,000 | 49.0% |
Listing Count | 16 | 308.0% |
| Listings as % of Homes | 0.5% | 308.0% |
Days on Market | 160 | 322.0% |
Demographics — Gates, NC
As of the latest ACS Survey released in 2023, Gates, NC has a population of 3,120, which has decreased by -31.3% over the past 5 years. Gates, NC is a moderately popular place for families, as children make up 19.0% of the population. The area has a poorly educated workforce, with 10.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 1.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,120 | -31.3% |
% Under 18 | 19.0% | -12.8% |
% Seniors | 20.0% | 1.5% |
% WFH | 1.8% | 125.0% |
% w/ College Degree | 10.3% | -27.5% |
As of the latest ACS Survey released in 2023, Gates, NC is a predominantly white area, with 51.2% of the population identifying as white. The white population has shrunk by 9.4% in the last 5 years. The second most common race or ethnicity in Gates, NC is black, making up 42.2% of the population. Foreign-born residents account for 0.3% of the population in Gates, NC, and this percentage has decreased by 50.0% 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 | 51.2% | -9.4% |
% Black | 42.2% | 11.1% |
% Hispanic | 0.9% | ∞% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 0.3% | -50.0% |
Mortgage and Risk — Gates, NC
According to HUD data as of 2023, there were 78 mortgage originations in Gates, NC, of which 49.0% 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 Gates, NC. Investor activity is low, as 0.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 78 |
% Conventional Loans | 49.0% |
% Government Loans | 51.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Gates, NC
Gates, NC lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | 0.6% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,230 |
| 2 Bedroom | N/A | N/A | $1,400 |
| 3 Bedroom | -$140 | $2,020 | $1,880 |
| 4 Bedroom | N/A | N/A | $2,320 |
Affordability — Gates, NC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $257,000 |
| Median Household Income | $66,200 |