Boone, NC—28607
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Boone, NC
As of Oct '25, the median home price in Boone, NC is $487,000, with a year-over-year change of -0.9%. This indicates that home prices in Boone, NC are flat. According to Zillow, the 1-year price projection is 2.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $487,000 | -0.9% |
| Single Family | $505,000 | -1.2% |
| Condos | $374,000 | -0.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $259,000 | -2.3% |
2 Bed | $368,000 | -2.4% |
3 Bed | $520,000 | -0.8% |
4 Bed | $712,000 | 0.3% |
| 5 Bed | $861,000 | -1.4% |
% of Housing Stock
Rental Trends — Boone, NC
As of July '25, Rentcast reports the average rent in Boone, NC is $1,790, with a year-over-year rent change of -15.6%. Per bedroom, the median rent as of July '25 in Boone, NC is studios: $2,040, 1-bedrooms: $961, 2-bedrooms: $1,550, 3-bedrooms: $2,140, 4-bedrooms: $2,320. The most common rental property sizes in Boone, NC are 2-bedroom and 1-bedroom, accounting for 48.0% and 21.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,480 | $1,790 |
| Studio Rent | $960 | $2,040 |
| 1 Bed Rent | $863 | $961 |
| 2 Bed Rent | $1,320 | $1,550 |
| 3 Bed Rent | $2,400 | $2,140 |
| 4 Bed Rent | $2,410 | $2,320 |
% of Rental Stock
Property Listings — Boone, NC
As of Oct '25, Realtor.com reports that the median days on market for a home in Boone, NC is 79. This is a decrease of -6.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $699,000 | -4.0% |
Listing Count | 202 | 25.0% |
| Listings as % of Homes | 0.4% | 25.0% |
Days on Market | 79 | -6.0% |
Demographics — Boone, NC
As of the latest ACS Survey released in 2023, Boone, NC has a population of 35,500, which has remained stable by -0.1% over the past 5 years. Boone, NC is a less popular place for families, as children make up 10.4% of the population. The area has a highly educated workforce, with 53.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 35,500 | -0.1% |
% Under 18 | 10.4% | -1.9% |
% Seniors | 13.8% | 15.0% |
% WFH | 9.5% | 15.9% |
% w/ College Degree | 53.8% | 15.5% |
As of the latest ACS Survey released in 2023, Boone, NC is a predominantly white area, with 87.2% of the population identifying as white. The white population has shrunk by 4.0% in the last 5 years. The second most common race or ethnicity in Boone, NC is hispanic, making up 6.7% of the population. Foreign-born residents account for 4.0% of the population in Boone, NC, and this percentage has increased by 33.3% 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 | 87.2% | -4.0% |
% Black | 3.2% | 52.4% |
% Hispanic | 6.7% | 76.3% |
% Asian | 1.2% | 0.0% |
% Foreign Born | 4.0% | 33.3% |
Mortgage and Risk — Boone, NC
According to HUD data as of 2023, there were 460 mortgage originations in Boone, NC, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 12.0% above 90% LTV (elevated). This implies medium mortgage risk in Boone, NC. Investor activity is low, as 5.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 460 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 5.0% |
% Second Loans | 18.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Boone, NC
Boone, NC lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 188 |
Total Units Section 8 | 188 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 89.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $157 | $863 | $1,020 |
| 2 Bedroom | -$30 | $1,320 | $1,290 |
| 3 Bedroom | -$830 | $2,400 | $1,570 |
| 4 Bedroom | -$240 | $2,410 | $2,170 |
Affordability — Boone, NC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 10.1 |
| Median Home Price | $487,000 |
| Median Household Income | $44,100 |