2025 State of Real Estate Luncheon informs area realtors about coming market trends

By Faith Hatton, posted Feb 21, 2025 on BizFayetteville.com

Attendees listen in on a presentation by Patrick Bowen of Bowen Research, who presented key findings from the Carolina Core Housing Needs Assessment

Local realtors can begin the year armed with the knowledge of what is to come to local markets thanks to the information gathered at the 2025 State of the Real Estate Market Luncheon which was held on Tuesday, Feb. 18, at the Crown Complex in Fayetteville.

Led by industry leaders Patrick Bowen of Bowen Research, who presented key findings from the Carolina Core Housing Needs Assessment; former LPR President Dave Evans, who gave an overview of local MLS statistics and trends, Robert Van Geons, president & CEO of Fayetteville Cumberland Economic Development Corporation (FCEDC), who shared updates and insights on local economic development and Master of Ceremonies and LPR President David Zeitz.

The event allowed for networking to take place over lunch before launching into the data that these realtors can pull from moving forward.

According to the Carolina Core Housing Needs Assessment, key factors in the Cumberland County real estate market include:

Former LPR President Dave Evans gives an overview of local MLS statistics and trends.

Cumberland County is expected to experience positive household growth through 2028: The number of households in Cumberland County is projected to increase by 1,830 (or 1.4%) between 2023 and 2028. Cumberland County has the third largest share of households and the third highest population density of 512 persons per square mile among the 21 counties in the Carolina Core. This growth will add a demand for housing.
Multifamily rental housing operates at an overall vacancy rate of 6.3% and long wait lists exist: Among 82 multifamily projects surveyed in Cumberland County, there are a total of 951 vacant units among the 15,147 total apartment units, resulting in an overall vacancy rate of 6.3%. However, all vacant units are within market rate housing. There are no vacant units among tax credit or government subsidized housing. This is well below the 4% to 6% range of healthy and well balanced rental markets. Additionally, wait lists exist that are up to 12 months long and/ or contain up to 200 households.

Robert Van Geons, president & CEO of Fayetteville Cumberland Economic Development Corporation (FCEDC), shared updates and insights on local economic development.

For sale housing is operating with limited availability: Approximately 495 homes were available in May of 2024, resulting in an availability rate of 0.7%. This is below the 2% or 3% range of healthy, well balanced for sale markets. Cumberland County has a median list price of $249,000 for available homes. Notable housing gaps exist for a variety of product types and affordability levels: Between 2024 and 2029, the County will have overall housing gaps of 8,344 rental housing units and 9,050 for sale housing units. Details of gaps factor in things like household incomes in the area, rent ranges and price ranges.

Copies of each of the speaker’s presentations will be made available to view on the Longleaf Pine Realtors Association website here in the near future.

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