Greensboro, North Carolina - Market Deep Dive [June 18th, 2025]

A deep dive market study for the city of Greensboro, North Carolina

AuthorAuthorAuthor

Royden Cooper, Rath Sanguanthai & Leonardo Costa
June 18, 2025

Table of Contents

Key Points

  • Greensboro, North Carolina is a medium-sized city on the rise with a population of 305,293 and an advantageous location on the I-85 urban growth corridor between Charlotte and Raleigh.

  • Greensboro is a pro-development city with an efficient entitlement process, above national population growth, significant median household income growth, many large, recently approved commercial real estate development projects (“Catalyst Projects”), and of course — the JetZero manufacturing plant announcement.

  • California-based, JetZero, announced that they plan to build a factory at Greensboro’s airport, investing $4.7 billion. The 14,500 planned jobs, to be hired from 2027 through 2036, would be the largest job commitment in North Carolina history.

Greensboro Overview

  • Location: https://maps.app.goo.gl/rshTQNdavhGP38cr7

  • Demographic Data

    • Population

      • 2025 Population: 305,293

      • 10-Y CAGR: 0.70%

      • National 10-Y CAGR: 0.66%

    • Median Household Income

      • 2023 Median Household Income: $61,747

      • 10-Y CAGR: 4.14%

      • National 10-Y CAGR: 1.68%

    • Average Home Value

      • 2025 Average Home Value: $272,000

      • 10-Y CAGR: 7.63%

      • National 10-Y CAGR: 7.12%

  • Major Employers in Greensboro (Private Sector)

Year

Company Name

Industry

Class

Employment Range

2024

Wal-Mart Associates Inc

Retail Trade

Private Sector

1000+

2024

Wake Forest University Baptist Medical

Health Care and Social Assistance

Private Sector

1000+

2024

United Parcel Service Inc

Transportation and Warehousing

Private Sector

1000+

2024

Harris Teeter Llc

Transportation and Warehousing

Private Sector

1000+

2024

Volvo Group North America Llc

Wholesale Trade

Private Sector

1000+

JetZero Manufacturing Plant Announcement

Housing Market

(Disclaimer: all data visualizations shown below and all supporting data is owned by Redfin. Visit them at “www.redfin.com”)

Epum’s Take: Redfin’s Median Sale Price is around 10% higher than the Average Home Value reported by the US Census Bureau ($272,000). Redfin has more recent and frequently updated data which indicates recent housing market pressure. Yet generally, this market seems to be more affordable for the local workforce than other medium and large-sized cities throughout the US. This is important because housing availability and job availability are two of the key drivers of population growth. With the JetZero announcement and Greensboro’s ideal location between two of the fastest growing MSAs in America (Charlotte and Raleigh), we expect Greensboro’s population and median household income to continue to grow above the national average.

Greensboro Entitlement Process (Rezonings)

The Epum team spoke to Andrew Nelson from the Greensboro Planning & Zoning Commission ([email protected]). He was a great guy and incredible helpful. The rezoning process in Greensboro seems to be efficient and the velocity of planning approvals over the last few years shows that Greensboro is a development-friendly municipality.

Context on Rezoning Applications:

  • Developers can set up a non-mandatory, pre-application meeting for advisory input on concept plans with technical staff members.

  • Rezoning applications can be decided by the Planning & Zoning Commission without having to go to city council.

  • The next rezoning application deadline is to submit by July 3rd, 2025 in order to have your project on the docket for the August 18th, 2025 Planning & Zoning Commission meeting.

  • As of August 1, 2015 rezoning applications are no longer subject to zoning protest petitions.

  • Fees

    • Original Zoning and Rezoning - 1 acre to 4.99 acres: $1,335

    • Original Zoning and Rezoning - 5 or more acres: $1,525

Steps in the Rezoning Process:

  • Rezoning applications must be filed no later than 45 days prior to the target zoning hearing date.

  • The application includes:

    • Application Information

    • Owner Info (if different)

    • Map

      • A boundary survey or map of the subject property

    • Legal Description

      • A legal description of the subject property (metes and bounds)

    • Zoning request and initial conditions if applicable

      • Zoning conditions are a tool available to the property owner in tailoring an original zoning request to fit the needs of their development and the environment of the surrounding community. Only the property owner may propose conditions, which are binding on the property. Valid zoning conditions must be legally enforceable, clearly written to be reviewable by the standards of the Land Development Ordinance (LDO), and more stringent than the baseline requirements imposed by the Ordinance.

  • Developers should reach out to Marjorie Manzanares from the Greensboro Department of Transportation (GDOT) to confirm the potential need for a Traffic Impact Study ([email protected]).

    • A 'Traffic Impact Study (TIS)’ is needed depending on the project’s use. The TIS draft is due 21 days prior to the application being filed.

  • Neighborhood outreach is a vital part of the zoning process. The City of Greensboro has a website with resources and information available to you in helping plan your community engagement:

    • https://www.greensboro-nc.gov/departments/planning/learn-more-about/zoning-rezoning/zoning-rezoning-outreach.

      • This page has information about options available to you for communicating about your request, but the specific measures you choose to take should be tailored to the surrounding community. You will notice the Summary of Neighborhood Communications form attached in the rezoning application (see below). This form is due back to the Planning Department the Thursday before the Planning and Zoning Commission meeting. Planning staff will provide you with a list of all property owners within the 750-foot required official notice distance of the subject property who will receive letters from the City after a rezoning application is submitted.

  • Each Planning & Zoning Commission includes a public hearing process where community members can file complaints or appeals.

    • Projects can go for inclusion on expedited agendas if there are no complaints. Approval in this case could take 60-90 days.

    • State law dictates that the public must be notified 10-25 days prior to the public hearing. Public notification must take the form of Posted Notice (at your project), newspaper ads (2 consecutive weeks with the first ad running more than 10 days prior to the hearing), and web notice through the Greensboro Zoning Commission web link.

  • The Staff Review Process includes:

    • (Recommended but not mandatory) Pre-application meeting to review zoning viability and zoning options

    • Sufficiency Review (includes Transportation and Long-Range Planning staff)

    • Site Visits

    • Preparation of Staff Report and Official Recommendation

  • Decision Types regarding the Planning & Zoning Commission include:

    • Rezonings (no Comp Plan amendment)

      • Final action if minimum 6 in favor (no need to go to City Council)

      • Referred to City Council if in favor but less than 6

    • Rezonings (with Comp Plan amendment)

      • Final action if unanimous in favor

      • Referred to City Council if in favor but less than unanimous

    • Original Zonings

      • Automatically goes to City Council (not applicable if annexation is not approved)

    • Zoning Overlays (may or may not be linked to a Plan)

      • Automatically goes to City Council

    • Special Use Permits

      • Final action if majority in favor

Greensboro Zoning Application

Greensboro Zoning Application_FY2024-2025.pdf500.65 KB • PDF File

Recently Approved Housing & Industrial Projects

  • 850 unit Multi-family Housing Development on ~62 acres at 2000-2014 Fleming Road, Greensboro, NC

    • Estimated True Owner

    • Developer’s Representative

    • Petition Description

      • Approval has been granted for the rezoning of 2000–2014 Fleming Road in Greensboro, North Carolina, advancing a large-scale multi-family housing project by The Carroll Companies. The 62.38-acre site has been rezoned from PUD (Planned Unit Development) to CD-RM-18 (Conditional District – Residential Multi-family – 18), allowing for the development of up to 850 residential units. Represented by Tuggle Duggins, the project includes conditions such as a 75-foot buffer along the eastern property line. The rezoning supports Greensboro’s Comprehensive Plan goals for placemaking and infill development.

    • View Parcel Details

    • Key Facts

      • Approved/Decision Date: December 18th, 2023

      • Type: Rezoning

      • Status: Approved

      • Quantity: 850

      • Land Area: 62.38 acres

  • 136 unit Multi-family Housing Development on 25 acres in High Point, NC

    • Estimated True Owner

    • Petition Description

      • Approval has been granted for a new multi-family housing development in High Point, North Carolina. The 25-acre site has been rezoned from Agricultural (AG) to Conditional Zoning Residential Multifamily – 16 (CZ RM-16) to accommodate a 136-unit townhome subdivision. Owned by Keystone Homes, the proposal received unanimous support from the Planning and Zoning Commission with no public opposition voiced. The rezoning reflects ongoing demand for townhome communities in High Point’s growing residential market.

    • View Parcel Details

    • Key Facts

      • Approved/Decision Date: June 25th, 2024

      • Type: Rezoning

      • Status: Approved

      • Quantity: 136

      • Land Area: 25 acres

  • 90 unit Multi-family Housing Development on ~20 acres at 706 Brigham Road, Greensboro, NC

    • Estimated True Owner

    • Developer’s Representative

    • Petition Description

      • Approval has been granted for the rezoning of 706 Brigham Road in Greensboro, North Carolina, advancing a multi-family housing development on 19.68 acres. The site was rezoned from CD-LI (Conditional District – Light Industrial) to CD-RM-8 (Conditional District – Residential Multi-family – 8) to allow for the construction of up to 90 townhouse units across three-story buildings with a maximum height of 50 feet. The project is spearheaded by LeoTerra Development. The proposal faced no opposition and was unanimously approved by the Commission, supporting Greensboro’s efforts to expand housing options through targeted infill development.

    • View Parcel Details

    • Key Facts

      • Approved/Decision Date: August 19th, 2024

      • Type: Rezoning

      • Status: Approved

      • Quantity: 90

      • Land Area: 19.68 acres

  • Industrial Facility on ~16 acres at 8309 West Market Street, Greensboro, NC

    • Estimated True Owner

    • Developer’s Representative

    • Petition Description

      • Approval has been granted for the rezoning of 8309 West Market Street in Greensboro, North Carolina, enabling a new industrial development on 16.38 acres. The properties were rezoned from CD-LI (Conditional District – Light Industrial) and LI to CD-HI (Conditional District – Heavy Industrial). Represented by Isaacson Sheridan, the applicant proposed eliminating specific uses from the conditional zoning to better align with surrounding land use. The rezoning was deemed consistent with Greensboro’s Comprehensive Plan and unanimously approved on November 18, 2024.

    • View Parcel Details

    • Key Facts

      • Approved/Decision Date: November 18th, 2024

      • Type: Rezoning

      • Status: Approved

      • Land Area: 16.38 acres

  • Industrial Facility on ~44 acres at 3410–3432 McConnell Road, Greensboro, NC

    • Estimated True Owner

    • Petition Description

      • Approval has been granted for the rezoning of 3410–3432 McConnell Road in Greensboro, North Carolina, advancing Goodwill Industries’ expansion plans. The 43.75-acre site was rezoned from R-5 (Residential Single-family – 5) to CD-LI (Conditional District – Light Industrial) to support future industrial development. Backed by Goodwill Industries, the request received support from adjacent property owners, with some concerns raised about the timing of community meetings. The Planning Commission unanimously approved the rezoning, marking a key step in Goodwill’s regional growth strategy.

    • View Parcel Details

    • Key Facts

      • Approved/Decision Date: November 18th, 2024

      • Type: Rezoning

      • Status: Approved

      • Land Area: 43.75 acres

  • Industrial Facility on ~26 acres at 215 Standard Drive, Greensboro, NC

    • Estimated True Owner

    • Developer’s Representative

    • Petition Description

      • The rezoning request for 215 Standard Drive, Greensboro, North Carolina, was approved with a unanimous vote. The proposal involved changing the zoning from R-3 (Residential Single-family – 3) to HI (Heavy Industrial), covering 25.85 acres that include the main parcel, a portion of the Standard Drive right-of-way, and part of a railroad right-of-way. The applicant’s representative, Maynard Nexsen, emphasized that the request aligns with the Comprehensive Plan and promotes economic competitiveness.

    • View Parcel Details

    • Key Facts

      • Approved/Decision Date: July 15th, 2024

      • Type: Rezoning

      • Status: Approved

      • Land Area: 25.85 acres