Murphy Housing Market Report February 2025•Cherokee County, North Carolina

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Housing Prices in Murphy, NC

How much do homes in Murphy, NC cost?

Housing Market Conditions

Is Murphy, NC a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Murphy is a Buyer's Market

Difference Since February 2024

At the same time last year, Murphy was a Seller's Market.

Insight

Murphy is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$349,900$288/SqFt
+$28,437
+8.8%

Based on all homes sold in the last 12 months

Insight

Homes in Murphy have sold for 8.8% more than they did a year ago.

Summary: The median home sold price in Murphy was $349,900 in February 2025, up 8.8% from last year, and the median price per square foot was $288.

Median Sold Price By Cities

Median Sold Price By Cities
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Murphy
+8.8%
Murphy Township
+8.3%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsFeb 2024Feb 2025Change YoY
1$177.5K$210K
+18.3%
2$315.6K$335K
+6.1%
3$375K$419.9K
+12.0%
4$400K$700K
+75.0%
5$340K$565K
+66.2%

Summary: Murphy housing price by bedroom type for February 2025, compared to the previous year. The home price for 1 bedroom homes increased by +18.3%. The home price for 2 bedroom homes increased by +6.1%. The home price for 3 bedroom homes increased by +12.0%. The home price for 4 bedroom homes increased by +75.0%. The home price for 5 bedroom homes increased by +66.2%.

Housing supply in Murphy, NC

How many homes are available in Murphy, NC?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
178Last MonthFeb 2025
1382 months agoJan 2025
+29.0 %
Change MoMJan – Feb

Summary: The Murphy real estate market had 178 homes for sale in Feb 2025, a 29.0 % increase compared to Jan 2025.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
2Last MonthFeb 2025
32 months agoJan 2025
-33.3 %
Change MoMJan – Feb

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsJan 2025Feb 2025Change MoM
11013
+30.0%
27093
+32.9%
35058
+16.0%
4510
+100.0%
534
+33.3%

Summary: Murphy housing inventory by bedroom type for February 2025, compared to the previous month. The inventory for 1 bedroom homes increased by +30.0%. The inventory for 2 bedroom homes increased by +32.9%. The inventory for 3 bedroom homes increased by +16.0%. The inventory for 4 bedroom homes increased by +100.0%. The inventory for 5 bedroom homes increased by +33.3%.

Asking Price vs. Sold Price

How much do homes in Murphy, NC cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price0 Home

At Asking Price1 Home

Under Asking Price1 Home

Insight

If you're buying a home in Murphy, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in Murphy in February 2025, down by 33.3% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and and 0% were sold over asking.

Days on Market for Murphy, NC

How long does it take to sell a home in Murphy, NC?

Breakdown of Home Sale Times

Under 30 Days1 Home

30 – 90 Days0 Home

Over 90 Days1 Home

Insight

Many homes in Murphy are selling fast, if you're buying plan to act quickly.

Summary: During February 2025, 2 homes were sold in Murphy; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
55 DaysThis YearFeb 2025
105 Days1 year agoFeb 2024
-47.2 %
Change YoYFeb 2024 – Feb 2025

Summary: Homes in Murphy had an average listing age of 55 days in Feb 2025, down by 47.2% compared to the previous year.

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Newest Listings in Murphy, NC

What homes are available in Murphy, NC?

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Nearby markets

Popular Cities with Homes for Sale in North Carolina

MLS Disclaimers and Copyright

Based on information from Northeast Georgia MLS, Georgia MLS, Canopy MLS, and First Multiple Listing Service Inc. for the period 03/01/2023 - 03/01/2025

The data relating to real estate for sale on this Web Site comes from the IDX Program of the Northeast Georgia Board of REALTORS ® Multiple Listing Service. © Copyright 2025. All rights reserved. This information is being provided for the consumers' personal, use and may not be used for any purpose other than to identify prospective properties the consumers may be interested in purchasing. This information is updated daily; however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.
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Last updated on: 3/4/2025, 5:20:55 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/4/2025, 5:21:50 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/4/2025, 5:20:53 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.