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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Boone, NC Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Boone, NC Housing Market Trends

With 19,756 people, 5,839 houses or apartments, and a median cost of homes of $496,352, Boone real estate is some of the most expensive in North Carolina, although Boone home values aren't among America's most expensive.

Large apartment complexes or high rise apartments are the single most common housing type in Boone, accounting for 58.26% of the town's housing units. Other types of housing that are prevalent in Boone include single-family detached homes ( 26.38%), duplexes, homes converted to apartments or other small apartment buildings ( 10.76%), and a few mobile homes or trailers ( 2.96%). This particular housing mix is relatively uncommon and characteristic of towns that are compact and walkable, and which often have a lively downtown.

Boone is dominated by renter-occupied one, two, or no bedrooms apartments. 83.58% of Boone's dwellings are rentals.

There is a lot of housing in Boone built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Boone built between 2000 and later ( 27.95%). A lesser amount of the housing stock also hails from between 1940-1969 ( 17.49%). There's also some housing in Boone built before 1939 ( 2.64%).

Vacant housing appears to be an issue in Boone. Fully 13.02% of the housing stock is classified as vacant. Left unchecked, vacant Boone homes and apartments can be a drag on the real estate market, holding Boone real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Boone Home Appreciation Rates

In the last 10 years, Boone has experienced some of the highest home appreciation rates of any community in the nation. Boone real estate appreciated 115.95% over the last ten years, which is an average annual home appreciation rate of 8.00%, putting Boone in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Boone definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Boone that despite a nationwide downturn in the housing market, Boone real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Boone appreciation rates continue to be some of the highest in America, at 9.37%, which is higher than appreciation rates in 83.44% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Boone. Boone appreciation rates in the latest quarter were at 1.46%, which equates to an annual appreciation rate of 5.95%.

Relative to North Carolina, our data show that Boone's latest annual appreciation rate is higher than 80% of the other cities and towns in North Carolina.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Boone differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Boone - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Boone real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$496,352

Boone, NC Home Prices
> $1,601,000
$1,200,001 - $1,601,000
$800,001 - $1,200,000
$640,001 - $800,000
$480,001 - $640,000
$320,001 - $480,000
$160,001 - $320,000
$80,001 - $160,000
$0 - $80,000
0.9%
0.9%
1.2%
1.2%
13.9%
13.9%
18.3%
18.3%
29.8%
29.8%
26.0%
26.0%
6.5%
6.5%
1.7%
1.7%
1.6%
1.6%
0% 100.0%
% of Homes
Very High

for North carolina

Very High

for nation

Number of Homes And Apartments:

5,839

Boone Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,773 / per month

Homeownership Rate

Owners
Renters
16.4%
16.4%
83.6%
83.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
13.0%
13.0%
87.0%
87.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
27.9%
27.9%
51.9%
51.9%
17.5%
17.5%
2.6%
2.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
26.4%
26.4%
1.6%
1.6%
10.8%
10.8%
58.3%
58.3%
3.0%
3.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.8%
4.8%
14.5%
14.5%
46.6%
46.6%
16.9%
16.9%
14.1%
14.1%
3.2%
3.2%
0% 100.0%
% of Homes