Flat Rock, NC—28731
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Flat Rock, NC
As of Oct '25, the median home price in Flat Rock, NC is $465,000, with a year-over-year change of -1.0%. This indicates that home prices in Flat Rock, NC are decreasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $465,000 | -1.0% |
| Single Family | $464,000 | -1.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $351,000 | -1.7% |
3 Bed | $480,000 | -1.0% |
4 Bed | $783,000 | -0.3% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Flat Rock, NC
As of July '25, Rentcast reports the average rent in Flat Rock, NC is $2,120, with a year-over-year rent change of 33.3%. Per bedroom, the median rent as of July '25 in Flat Rock, NC is 1-bedrooms: $1,550, 2-bedrooms: $1,980, 3-bedrooms: $2,530. The most common rental property sizes in Flat Rock, NC are 2-bedroom and 3-bedroom, accounting for 57.0% and 29.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $2,120 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,510 | $1,550 |
| 2 Bed Rent | $1,500 | $1,980 |
| 3 Bed Rent | $2,500 | $2,530 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Flat Rock, NC
As of Oct '25, Realtor.com reports that the median days on market for a home in Flat Rock, NC is 95. This is a increase of 20.0% 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 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $598,000 | 0.0% |
Listing Count | 103 | 47.0% |
| Listings as % of Homes | 0.7% | 47.0% |
Days on Market | 95 | 20.0% |
Demographics — Flat Rock, NC
As of the latest ACS Survey released in 2023, Flat Rock, NC has a population of 9,080, which has increased by 8.6% over the past 5 years. Flat Rock, NC is a moderately popular place for families, as children make up 17.7% of the population. The area has a moderately educated workforce, with 37.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 9,080 | 8.6% |
% Under 18 | 17.7% | 15.7% |
% Seniors | 32.1% | 8.1% |
% WFH | 11.7% | 12.5% |
% w/ College Degree | 37.1% | 8.5% |
As of the latest ACS Survey released in 2023, Flat Rock, NC is a predominantly white area, with 78.8% of the population identifying as white. The white population has shrunk by 10.3% in the last 5 years. The second most common race or ethnicity in Flat Rock, NC is hispanic, making up 15.7% of the population. Foreign-born residents account for 5.1% of the population in Flat Rock, NC, and this percentage has decreased by 46.9% 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 | 78.8% | -10.3% |
% Black | 1.6% | 128.6% |
% Hispanic | 15.7% | 45.4% |
% Asian | 0.4% | -20.0% |
% Foreign Born | 5.1% | -46.9% |
Mortgage and Risk — Flat Rock, NC
According to HUD data as of 2023, there were 89 mortgage originations in Flat Rock, NC, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 52.0%, with 9.0% above 90% LTV (normal). This implies small mortgage risk in Flat Rock, 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 | 89 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 1.0% |
% Second Loans | 15.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Flat Rock, NC
Flat Rock, NC lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 27 |
Total Units Section 8 | 27 |
% Rentals under Section 8 | 5.5% |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$160 | $1,510 | $1,350 |
| 2 Bedroom | $20 | $1,500 | $1,520 |
| 3 Bedroom | -$550 | $2,500 | $1,950 |
| 4 Bedroom | N/A | N/A | $2,570 |
Affordability — Flat Rock, NC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.7 |
| Median Home Price | $465,000 |
| Median Household Income | $65,900 |