The Housing Market in Concord Today
Concord, North Carolina is experiencing a dynamic housing market as the city continues to grow and attract new residents. The local housing climate is characterized by tightening inventory and rising prices, especially for single-family homes. New housing developments are popping up downtown and in surrounding neighborhoods to meet the increasing demand.
Despite the competitive market, Concord remains relatively affordable compared to other major metros in the region. The city’s proximity to Charlotte and strong job market in healthcare, manufacturing, and retail have helped fuel steady population growth and housing demand in recent years. As of 2025, the median home value in Concord stands at $325,000, up 6% from the previous year.
Renting in Concord: What’s Typical?
For those looking to rent in Concord, the average monthly rent for a one-bedroom apartment is currently $1,250, while a two-bedroom unit typically goes for around $1,500. These figures represent a 4-5% increase from 2024 levels, reflecting the ongoing demand for rental housing in the city.
Rent prices can vary significantly depending on the location and amenities of the apartment complex. Newer developments in downtown Concord and along the I-85 corridor tend to command higher rents, often including extras like covered parking, in-unit laundry, and access to fitness centers or pools. More affordable options can be found in older complexes or in neighborhoods further from the city center.
Concord’s renter population is diverse, with a mix of young professionals, families, and downsizing retirees. Popular renter areas include the historic downtown district, the Afton Village and Christenbury neighborhoods, and the Concord Mills area near the outlet mall and NASCAR speedway.
Owning a Home in Concord
For those looking to buy a home in Concord, the median sales price currently stands at $325,000. With a typical down payment of 10% and a 30-year fixed mortgage at 4.5% interest, the estimated monthly mortgage payment would be around $1,650. However, this figure does not include additional costs of homeownership like property taxes, insurance, and HOA dues.
In Concord, the average annual property tax rate is 1.1% of assessed value, which would add approximately $300 per month to the cost of a median-priced home. Homeowners insurance averages $1,200 per year, or another $100 per month. Many neighborhoods also have mandatory HOA fees ranging from $50-300 per month, covering amenities and exterior maintenance.
When considering the monthly budget for Concord residents, it’s important to factor in these additional costs of owning a home compared to renting. While a mortgage payment may be comparable to rent, the supplemental expenses can add up quickly, especially for first-time buyers.
Renters vs. Homeowners: Who Lives Where?
Concord’s homeownership rate currently stands at 62%, slightly above the national average. The city’s relatively affordable housing prices and strong job market make it an attractive option for those looking to buy a home and put down roots in the community.
However, the path to homeownership is not always easy, especially for younger residents and those with limited savings. Financial barriers like saving for a down payment and qualifying for a mortgage can keep many Concord residents in the rental market for longer than they might prefer. Additionally, some may choose to rent for lifestyle reasons, such as greater flexibility or reduced maintenance responsibilities.
In general, Concord’s homeowner population tends to skew older and more affluent than the renter population. Families with children often prioritize homeownership for the stability and space it provides. Retirees may downsize to a smaller home or condo after their children move out. Meanwhile, young professionals and new arrivals to the city are more likely to rent, at least initially.
Typical Monthly Housing Costs in Concord
Here’s what housing costs might look like each month in Concord:
| Expense | Renting (1BR) | Owning ($325K) |
|---|---|---|
| Rent/Mortgage | $1,250 | $1,650 |
| Property Tax | $0 | $300 |
| Insurance | $15 (renters) | $100 |
| Utilities | $150 | $250 |
| HOA | $0 | $150 |
| Total | $1,415 | $2,450 |
Estimates reflect mid-range properties and average usage.
As the table illustrates, the monthly cost difference between renting and owning in Concord can be significant, with homeowners typically paying over $1,000 more per month all-in. Of course, these are only estimates, and actual costs will depend on the specific property, neighborhood, and lifestyle of the individual or family.
What’s Driving Costs Up or Down?
Several factors are influencing housing costs in Concord, both in the short-term and long-term. On the demand side, the city’s strong job market and quality of life continue to attract new residents, putting upward pressure on prices. Concord’s convenient location along I-85 and proximity to Charlotte have made it a popular choice for commuters and families seeking a more affordable alternative to the big city.
In terms of supply, Concord has seen a surge of new apartment and housing developments in recent years, but construction has struggled to keep pace with demand. Zoning restrictions and land availability limit where and how quickly new homes can be built. Rising construction costs and labor shortages have also made it more expensive to develop new housing, costs which are often passed on to renters and buyers.
Looking ahead, Concord’s population is projected to keep growing steadily, which will likely maintain pressure on the housing market. However, local officials are exploring policies to encourage more affordable housing development and provide assistance to low- and middle-income residents. Initiatives like density bonuses for developers and down payment assistance programs aim to improve access and affordability in the face of rising costs.
FAQs About Housing in Concord
- Is Concord affordable to live in? Compared to other major cities in the region, Concord is relatively affordable, with lower housing costs than Charlotte or Raleigh. However, prices have been rising in recent years, and many residents still struggle with housing affordability.
- Why are housing prices changing? Concord’s growing population and strong economy have increased demand for housing, while supply has struggled to keep up. New construction is limited by zoning, land, and labor constraints.
- How does Concord compare to nearby cities? Concord offers a more affordable alternative to Charlotte, with lower housing costs and a quieter suburban feel. However, it is more expensive than some smaller towns in the region, reflecting its desirable location and amenities.
Making Smart Housing Decisions in Concord
For those considering a move to Concord or reevaluating their housing situation, it’s important to weigh the full costs and benefits of renting vs. owning. While renting offers greater flexibility and reduced maintenance, owning a home can provide long-term stability and wealth-building opportunities. The right choice depends on your individual financial situation, lifestyle preferences, and long-term goals.
Before making a decision, be sure to consider all the potential costs involved, from upfront expenses like a down payment or security deposit to ongoing costs like utilities, insurance, and maintenance. Evaluate your budget and savings to determine what you can comfortably afford, both now and in the future. And don’t forget to factor in your desired location, commute, and access to amenities.
For a more personalized assessment of your housing options and budget, consult with a local real estate agent or financial advisor. They can provide tailored advice based on your specific needs and goals, and help you navigate the complex landscape of Concord’s cost of living. With careful planning and realistic expectations, you can find a housing situation that fits your lifestyle and sets you up for long-term financial success.