A hidden gem, or an entire red flag?
High Point NC, is a rather small municipality despite being the 9th largest in NC, currently supporting a population of around 114k people. High Point is kind of one of those low key type of areas that you really don't hear too much about. An interesting fact about High Point is that it was famous for being the "Furniture Capital of the World". Lot's of home good style production in the area. With it's reputation and it's proximity to other large metropolitan areas, High Point is in a unique position moving forward.
It's South West position to Greensboro, and its South East Position to Winston-Salem puts in this almost straight shot style of City after City after City in NC. These growing cities, over years, are going to grow closer and closer to each other, and as the demand for services and goods go up, the roads splitting off I-40 will be littered businesses. You can look right to Winston, which has recently undergone massive infrastructure upgrades Downtown, as well as extending highway access through places like Rural Hall, Walkertown, that link to places like Kernersville. The growth is head directly towards High Point. This is a great sign, sitting right between giants, High Point will have it's time to shine, the question will be, when?
As of right now High Point is one of the top 4 Median Home Values in NC for being SUB $300k, the Median is right around the $275k mark. Making the cost to get into the High Point market a very attractive number. The houses are moving in the market relatively quick, roughly 27 days. Compare that to some other cities in NC right now, and that's not a bad wait time. Most homes that are selling are getting about 2% less than list price, where the hotter homes are getting 2-3% over ask. This shows me location within Highpoint is likely a key factor. (Go into that momentarily)
The numbers I like to see are what the locals are thinking. Migration data inbound and outbound. Population growth is 0.84% annually, nothing to jump out of your chair over. Our main source of inbounds are coming from Raleigh, DC, NYC in that order. Outbound Migration is quite slim, 75% of home searches from High Point locals are looking to stay in High Point, indicating the location, infrastructure, prices, services are in satisfactory/improving states of health. Of the 25% looking outward, the overwhelming Majority are looking for Myrtle Beach NC, which has a cost of living (CoL) of which is roughly 1.75x more expensive. That's a good sign that the people who are moving out are in good enough financial standing while living in High Point to afford that dramatic of a CoL shift. The CoL is 7% cheaper than the national average, and real estate prices are 21% cheaper than the national average. Good signs on saving cash.
I like to see NC people moving from higher Cost of Living areas to lower ones, usually (keyword) means there's good rental opportunities in those locations. Your median age here is 36 years old, it's important if you are going to invest in High Point to understand what this market needs, and if you can provide that, profitably.
Side note- High Point's housing is owner occupied at 58%- that's a good note to keep for Rental strategies. Almost 40% of the market is renting.
You have High Point University which is a very solid school, was actually ranked #1 in "2021 Best Colleges in Regional Colleges in the South" Guilford Tech is also nearby, giving you a steady supply of students in the local area, and again High Point is not so far away from Winston or Greensboro which open the doors to have potential students from those areas as well, much less reliably so but possible. Nothing really military related around there, so investors with student focus may have plethora of opportunity in the area. Only 5.3% of the population is Veteran so not a crazy amount of VA going on either.
Now let's talk about the location and areas in High Point. Anyone who has ever spent any time in High Point knows, the whole area just gives off old vibes. Not a bad thing, except so much of local infrastructure just hasn't been updated or replaced. When are you moving through the areas around High Point, like Trinity or Archedale they feel like very different places than High Point downtown, or Jamestown. It's an interesting area to comb through. High Point is also pretty well known locally as pretty crime laden area. Places like Sherwood Village and Harvell Park can be rather dangerous. For a point of reference the "Crime Index" which is a rating 1-100 on how safe a city is (100 being the safest) High Point scores a horrendous 9. You really don't like to see that. High Point is has a 0.5% higher murder rate per 1,000 than the national average, and robbery is 0.35% higher per 1,000 than the national average. The national median per 1,000 people for violent crimes is 4, High Point sports a 6.77. Let's compare that to NC violent crime averages as a state. 1 in 235 to be a victim of a violent crime in NC, a 1 in 148 in High Point to be a victim. Not a good look honestly.
Normally I would conclude this with a little bit of my opinions on each strategy, however I think with High Point, it's super important to know your strategy and have used it before investing here. I would not be looking to High Point as a newbie friendly area, the price points may be attractive, but the leg work has to be put in a little extra in High Point. Understanding where you are in High Point is a critical factor in determining whether or not your strategy will be profitable or even possible. A seasoned investor will have an easier time knowing when, what and where in this market.
I wouldn't take High Point off your list. I would keep an eye on it, logistically speaking due to it's location, it's going to grow. It going to see an influx of jobs, and eventually tax payer dollars will be used to vamp up some of the older infrastructure. I think there is a great opportunity for creating a market here as well, based off what I can find, it doesn't look like anyone is really walking into High Point to dominate the market and drive neighborhood qualities up. I think a savvy investor has opportunity here.
As always I am looking for feedback, comments, questions, and any additional information someone can add value with! I am also looking to connect with new people here, so reach out and don't be a stranger. Trying to get as many resources in my belt as you are!
Here are the links to the resources I used for your personal digging if you like.
https://worldpopulationreview....
https://www.realtor.com/reales...
https://www.redfin.com/city/35...
https://uphomes.com/blog/movin...
https://www.movebuddha.com/blo...
https://livingcost.org/cost/un...
https://www.neighborhoodscout....
https://www.census.gov/quickfa...
