8 Month Update for Fayetteville NC: Previous post in Market Data Thread: https://www.biggerpockets.com/forums/921/topics/1122769-real...
*This is the fourth post in Fayetteville NC Market Data Thread*
Fayetteville is the 6th largest municipality in NC, supporting a population of around 208,000 within cities limits and MSA of ~530,000 and employing about ~76k people.
Fayetteville's annual population growth rate is sitting around -0.38% , -0.40% growth since the 2020 Consensus has been recorded. Persons over 65 account for ~12.6% of the population. Median age of 31.1, ~19.1 min average commute to work, and bit more than 26,000 veterans locally.
Development:
Fayetteville Officials are seeking nearly $30 million dollars from HUD to reconstruct low-income housing on Murchison Road and Elliott Circle. The intent it to completely rebuild these units (200+ people living in these townhomes).
FSU, NCDOT & CCS are investing an additional $130 Million into the areas around Murchison as well.
Plans for the new Crown Event Center are coming along as it has been agreed upon for final design! Construction is expected to take 3 years, and the project is approved to cost $145 Million.
Here's a quick link for your access to everything planned via local government: https://www.fayettevillenc.gov/city-services/development-ser...
As I drive through Fayetteville daily, I continue to see more and more local infrastructure improvements. Here recently they have been working on Bragg Blvd a few miles down from the New Amazon facility; and not just roads either, there are a few businesses that are building new buildings on Bragg Blvd as well. Not to mention that some have gotten revamped a bit too and cleaned up, I am curious to see what type of future developments hit that area. We've also gotten a new black-top on Hope Mills Rd, and I've seen a few places where pavements been ripped up for a few days, and then good to go shortly there after. The apartments on Santa Fe continue to build more and more buildings evermore visible from the All American Freeway just down from post.
To read previous developments refer to my former post: Previous Fayetteville BP Post
Fayetteville's in City schools that are worth mentioning are Fayetteville Tech Community College, Fayetteville State University, and Methodist University.
FTCC Fall 2023 Semester: ~10,000 Students
FSU Fall 2023 Semester: ~7,000 Students and had the largest freshman class of full time students (~800) in the past 20 years. Additionally FSU's School of Business has been recognized as the #1 online MBA program among all 103 HBCUS and recognized as the 3rd highest program in North Carolina. FSU's retention rate has increased by 14.4% in 2 years - incredible work - and now sits at a much more attractive 77.7% retention rate - up from 63.3 in 2020.
No update on Crime until I can get a 2023 released report from local PD, until then- it is Fayetteville.
The median home value is around $134,800, median gross rent is $960 median sale price is around $222,500. Average DOM around 45 with average homes getting 1% under list and pending in 45 days, and hot homes are getting an average of 1% over list and pending in 6 days. Most homes are getting multiple offers, and there isn't enough inventory for our investors to keep them sated. Plenty of competition out here, anyone investing out here is feeling it right now.
About a 44.5% owner occupied ratio. SFH 66% MFH 32%. Poverty rate is around 18.7%. It is estimate that nearly 9,700 people in NC are suffering from Homelessness
*Side Note: If you want something interesting to check out related to Homelessness across the USA: 2023 AHAR Report (Page 18 of the PDF gives you a country wide, by state graphic for a super quick review)
Fayetteville has a cost of living ranked as 23rd/50th most expensive in NC, pretty middle of the pack.
Fayetteville's 2022 figure for GDP is at $21.8 Billion
I of course have to mention appreciation in Fayetteville, looks like from Q2-Q3 2023 we posted a 3.12% appreciation rate.
To conclude Fayetteville remains a hot bed for investors who are looking for a price point with low barrier to entry. Being able to pick up fix and flips and/or buy and holds for a sub $200k price point with plenty of room for value add has been the life blood of the investors here. A strong military market gives way to plenty of renters and buyers locally, with a lot of mobility. It's projected that 21.7% of the population have moved within the last 12 months. That's 1.5x higher than the state average. There is plenty of opportunity for the savvy investors out here, on the flip side though there is plenty of competition to make getting that perfect deal a bit harder.
Talk at you again Fayetteville!
As always looking for questions, comments, concerns, and any feedback. It's impossible to know everything about a market, so any value add information is expressly desired, and I appreciate it! I'm looking to connect with more people on here, so please reach out! Don't be stingy with upvotes or commenting anywhere on this thread, it's how I know this content is bringing value to readers.
Cheers!
For more reading and sources:
https://www.census.gov/quickfacts/fayettevillecitynorthcarol...
https://censusreporter.org/profiles/16000US3722920-fayettevi...
https://censusreporter.org/profiles/31000US22180-fayettevill...
https://worldpopulationreview.com/us-cities/fayetteville-nc-...
https://www.realtor.com/realestateandhomes-search/Fayettevil...
https://www.redfin.com/city/5903/NC/Fayetteville/housing-mar...
https://datausa.io/profile/geo/fayetteville-nc/
https://www.neighborhoodscout.com/nc/fayetteville
https://livingcost.org/cost/united-states/nc/fayetteville
https://fred.stlouisfed.org/series/RGMP22180
https://www.fayettevillenc.gov/city-services/development-ser...
https://worldpopulationreview.com/states/cities/north-caroli...
https://www.huduser.gov/portal/sites/default/files/pdf/2023-...
https://www.huduser.gov/portal/datasets/ahar/2023-ahar-part-...
https://www.fayettevillenc.gov/city-services/police/crime-da...
https://www.communitycollegereview.com/fayetteville-technica...
https://www.uncfsu.edu/fayetteville-state-university-sets-re...
https://housecashin.com/investing-guides/investing-fayettevi...
https://www.biggerpockets.com/forums/921/topics/1089098-real...
https://www.biggerpockets.com/forums/921/topics/1122769-real...
https://abc11.com/fayetteville-nc-murchison-road-revitalizat...
https://abc11.com/crown-event-center-desisgns-fayetteville-n...
