Seemingly, living in Carteret County is on everyone’s wish list. That comes as no surprise to the viewers of my channel as I have espoused the virtues of living here for years. We have great schools, second in the state based on SAT and Advanced Placement scores. We have lots of outdoor and water activities including world class sport fishing and scuba diving. The area is extremely family friendly and we get to meet people from all over the world who come here on vacation. The close proximity to the beaches is something most people only get to dream about. No wonder we say that we live where others vacation. Carteret County taxes are among the lowest in the state and opportunities abound for people of all ages.
That being said, living where everyone vacations comes with a price. In November 2021, the median listing home price in Carteret County, NC was $399.9K, trending up over 20% year-over-year. By bedroom count, one bedroom homes have experienced a 60% increase over 2020. Two bedroom homes are up over 28% over last year. Three bedroom homes have experienced the lowest increase, just under 20%. 4 bedrooms experienced a nearly 30% bump while 5 bedroom homes are up 25 % The median listing home price per square foot was $221. The median home sold price was $359.3K. It goes without saying that we are in the midst of a seller's market in Carteret County that seemingly still has legs inasmuch as the number of homes for sale in Carteret County, NC decreased by 17.8% between October 2021 and November 2021. Basically, once people acquire a piece of paradise, they have no reason to leave. And those houses that were for sale spent, on average, less than 30 days on the market in November, 2021.
Besides the increased initial cost of home ownership here in Carteret County, there are some recurring costs and among the more expensive is home insurance. Just over a year ago, the North Carolina Rate Bureau, which represents companies writing property insurance in the state, proposed an overall statewide average increase for insurance rates of 24.5%. The actual rate increase varied by territory, with Carteret County among the areas that would have seen a 25% increase, the highest in the state. Fortunately, after a lot of effort by consumer groups and government officials, the Rate Bureau recently agreed to settle on a statewide average rate increase of 7.9%. This agreement avoided a potentially costly and adversarial legal battle with the N.C. Department of Insurance. Insurance Commissioner Mike Causey announced the settlement in a news release Nov. 23. The agreement means a hearing scheduled for Monday, Jan. 3 has been canceled. North Carolina Homeowners will save over $751 million in premium payments compared to what the Rate Bureau had requested. Beach and inland areas of Carteret County, along with other coastal counties and some inland ones, as well, will have a 9.9% rate increase on homeowners’ insurance. More western regions of the state will see a 5.9% increase on rates, putting the average statewide increase at 7.9%. The increase will take effect on new and renewing policies beginning or after Wednesday, June 1, 2022. As part of the insurance commissioner’s agreement, the rate bureau will not seek another homeowners rate increase until 2024 at the earliest. Being so proximate to water here in Carteret County, homeowners are wise to purchase wind and wind driven rain policies and flood insurance, both of which can be very expensive.
The cost of goods and services also are on the rise here in Carteret County. A breakfast portion of shrimp and grits at Gaffers, a local restaurant where I live in Emerald Isle is nearly $20. The cost of repairs, be it a new roof, deck or siding, also is expensive due to a dearth of skilled tradesmen. This scarcity is like a magnet for gypsy roofers and such and their work typically leaves a lot to be desired. Which makes the proper repair exponentially more expensive and time consuming. Ask me how I know. Living close to the coast as we do, you might think that fresh seafood prices would be low compared to other parts of the state. And you would be wrong for two important reasons. As I covered in previous episodes on this channel, inland communities get most of their seafood from overseas or from enormous aquafarms located mainly in Asia. Think Costco and Sam’s. And these typically previously frozen seafoods tend to be much lower in cost and quality compared to sea foods caught in Carteret County. Second, fresh, never frozen seafood like we have here in Carteret County is expensive and challenging to bring from boat to market. But you haven’t lived until you have tasted a fresh, never frozen shrimp caught in Core or Bogue Sounds. Again. Ask me how I know.
I don’t want to sound all Bah Hum Buggy as we welcome in the new year here along the Crystal Coast. The Town of Emerald Isle has a motto; Nice Matters. And, that is perhaps the best quality of Carteret County. EVERYone is nice, here. I mean everyone. Here, in my donut shop, everyone has a smile, a story to share and encouragement to offer. Maybe that explains why my blood pressure is normal after years of being hypertensive where I used to live in the Research Triangle. There is an optimism here that is difficult to quantify. Unlike much of the country, Carteret County dodged the COVID 19 bullet. How? No one knows. To be sure, we haven’t been spared inasmuch as the county recently experienced its 100th COVID death. But, with the numbers of people who come from all over the world, we have been, on the whole, very fortunate. We have numerous small businesses from my Flip Flops Donuts in Emerald Isle to Core Sound Crab Pot Trees made in Davis. And, if you are so fortunate to be able to work from home, well, if you get to call the Crystal Coast ‘home’ you can be working while witnessing a breathtaking sunrise or sunset or pelicans doing aerial acts over the ocean. It doesn’t get much better than that. Again, ask me how I know. Thanks for watching and subscribing to my video channel. Happy New Year!!! I hope its a good one, filled with joy and good health.
To learn more about enjoying life in paradise, go to my website, www.EmeraldIsleHomesforSaleNC.com and sign up for my blog. Ready to buy or sell? Call me at 919-308-2292. Explore the video tab for my weekly uploads to my YouTube channel. Subscribe to my YouTube channel and receive free donuts at my Flip Flops Donut shop. Text your email address to 919-308-2292 and subscribe to my newsletter. My book, "Live Where You Vacation" is available on Amazon.com.
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