The unprecedented single-family housing boom in North Carolina reached a notable milestone in 2020 as the state reached annual home price growth of over 10% for the first time in almost 30 years. And there?s no sign of the market slowing down. Experts say this is a product of the COVID-19-induced housing boom in the state. The pandemic lowered federal interest rates, making mortgages more affordable. People working from home increased people?s desire to move to the state as well as in-state migration. This accelerated high demand, reducing already limited housing supplies to record lows, which spiked prices, while the pandemic also increased home construction material costs.