Mills River, NC—28759
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Mills River, NC
As of Oct '25, the median home price in Mills River, NC is $538,000, with a year-over-year change of -0.2%. This indicates that home prices in Mills River, NC are flat. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $538,000 | -0.2% |
| Single Family | $540,000 | -0.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $365,000 | 1.1% |
3 Bed | $508,000 | -0.4% |
4 Bed | $759,000 | -1.9% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Mills River, NC
As of July '25, Rentcast reports the average rent in Mills River, NC is $2,910, with a year-over-year rent change of 32.3%. Per bedroom, the median rent as of July '25 in Mills River, NC is 1-bedrooms: $1,340, 2-bedrooms: $2,000, 3-bedrooms: $2,360, 4-bedrooms: $4,000. The most common rental property sizes in Mills River, NC are 3-bedroom and 4-bedroom, accounting for 41.8% and 29.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,500 | $2,910 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,340 | $1,340 |
| 2 Bed Rent | $2,000 | $2,000 |
| 3 Bed Rent | $2,500 | $2,360 |
| 4 Bed Rent | $4,000 | $4,000 |
% of Rental Stock
Property Listings — Mills River, NC
As of Oct '25, Realtor.com reports that the median days on market for a home in Mills River, NC is 70. This is a increase of 57.0% 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 40.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $820,000 | -2.0% |
Listing Count | 70 | 66.0% |
| Listings as % of Homes | 0.9% | 66.0% |
Days on Market | 70 | 57.0% |
Demographics — Mills River, NC
As of the latest ACS Survey released in 2023, Mills River, NC has a population of 7,560, which has remained stable by 1.0% over the past 5 years. Mills River, NC is a moderately popular place for families, as children make up 21.2% of the population. The area has a moderately educated workforce, with 42.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,560 | 1.0% |
% Under 18 | 21.2% | 6.5% |
% Seniors | 25.0% | 16.8% |
% WFH | 10.9% | 47.3% |
% w/ College Degree | 42.6% | 17.7% |
As of the latest ACS Survey released in 2023, Mills River, NC is a predominantly white area, with 83.9% of the population identifying as white. The white population has shrunk by 5.7% in the last 5 years. The second most common race or ethnicity in Mills River, NC is asian, making up 5.0% of the population. Foreign-born residents account for 5.5% of the population in Mills River, NC, and this percentage has decreased by 11.3% 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 | 83.9% | -5.7% |
% Black | 3.0% | -18.9% |
% Hispanic | 4.4% | 51.7% |
% Asian | 5.0% | 257.1% |
% Foreign Born | 5.5% | -11.3% |
Mortgage and Risk — Mills River, NC
According to HUD data as of 2023, there were 222 mortgage originations in Mills River, NC, of which 88.0% of loans were conventional mortgages. The average loan-to-value was 51.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Mills River, NC. Investor activity is low, as 0.0% 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 | 222 |
% Conventional Loans | 88.0% |
% Government Loans | 12.0% |
% Investor Loans | 0.0% |
% Second Loans | 4.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Mills River, NC
As of 2024, the percent of homes in Mills River, NC under the Section 8 program is 1.8%. 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. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Mills River, NC, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 9 |
Total Units Section 8 | 9 |
% Rentals under Section 8 | 1.8% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $110 | $1,340 | $1,450 |
| 2 Bedroom | -$390 | $2,000 | $1,610 |
| 3 Bedroom | -$460 | $2,500 | $2,040 |
| 4 Bedroom | -$1,300 | $4,000 | $2,700 |
Affordability — Mills River, NC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.7 |
| Median Home Price | $538,000 |
| Median Household Income | $89,000 |