HomeNorth CarolinaMadison County
Madison County, North Carolina: commercial real estate data.
Madison County, North Carolina had an estimated 22,352 residents on July 1, 2024, up 5.4 percent since the 2020 census base of 21,198, across 450 square miles. County output reached $632.1 m in 2024, 402 establishments operate here, and the SBA record carries 22 7(a) approvals worth $14.9 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Madison County
How many people live in Madison County
- Population, American Community Survey 2020-202421,867
- Households8,342
- Average household size2.62
- Median household income$58,531
- Median age44.5
- Median gross rent$780 per month
- Median owner-occupied home value$284,600
- Home value to household income4.9 times
- Annual rent as a share of median income16.0 percent
- Adults 25 and over with a bachelor degree or higher32.2 percent
- Adults 25 and over with a graduate degree11.1 percent
- Adults 25 and over15,946
- Population under 183,773
- Share under 1817.3 percent
- Population 65 and over5,079
- Share 65 and over23.2 percent
- Working age population, 18 to 6413,015
- Civilian labor force10,403
- Unemployment rate3.1 percent
- Labor force participation, adults 18 and over57.5 percent
- Rank by population among North Carolina counties77th of 100
- Rank by population among US county-equivalents, Puerto Rico included1780th of 3,222
Madison County is the 77th largest of 100 North Carolina counties by population. A median home costs 4.9 times median household income, which is seriously unaffordable by national standards. Residents 65 and over outnumber those under 18, at 23.2 percent against 17.3 percent, which points demand at health care, services and single story product rather than schools.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Madison County
Is Madison County's population growing?
- Population, July 1, 202422,352
- Census 2020 base population21,198
- Population change since the 2020 census base5.44 percent
- Population change, 2023 to 2024313
- Births, 2024176
- Deaths, 2024331
- Natural change, 2024-155
- Net domestic migration, 2024443
- Net international migration, 202424
- Total net migration, 2024467
- Cumulative net domestic migration, 2021 to 20241,482
- Rank by growth among US county-equivalents478th of 3,144
The county has grown 5.44 percent since the 2020 census base. Deaths exceeded births in 2024 and the population still grew, so all of the growth came from people moving in. A market held up by migration is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Madison County
Where are people moving to Madison County from?
- Tax returns filed by households arriving724
- People arriving, from those returns1,223
- Tax returns filed by households leaving523
- Net household movement201
- Adjusted gross income arriving$52.5 m
- Net adjusted gross income movement$20.3 m
- Average income of an arriving household$72,557
- Average income of a leaving household$61,585
- Largest single originBuncombe County (306 households)
- Largest single destinationBuncombe County (198 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Buncombe County | 306 | 541 | $18.0 m |
Households arriving report $10,972 more average income than households leaving, so the migration is raising local spending power rather than just moving it around. The largest single source of arrivals is Buncombe County, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Madison County
What is the Madison County economy?
- County GDP, 2024$632.1 m
- County GDP, 2023$573.4 m
- GDP change, 2023 to 202410.2 percent
- GDP change over five years47.2 percent
- Rank by GDP among the North Carolina areas BEA publishes85th of 100
- Rank by GDP among the US county areas BEA publishes2235th of 3,127
- GDP per resident$28,908
Output grew 10.2 percent in the latest year and 47.2 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Madison County
Employment by industry in Madison County
- Covered employment, annual average4,310
- Establishments reporting576
- Average annual pay$47,583
- Average weekly wage$915
- Retail trade, employment524
- Retail trade, average annual pay$24,659
- Manufacturing, employment487
- Manufacturing, average annual pay$70,681
- Accommodation and food services, employment370
- Accommodation and food services, average annual pay$22,907
- Construction, employment304
- Construction, average annual pay$55,491
- Other services, except public administration, employment144
- Arts, entertainment and recreation, employment126
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Retail trade | 524 | 57 | $24,659 |
| Manufacturing | 487 | 16 | $70,681 |
| Accommodation and food services | 370 | 43 | $22,907 |
| Construction | 304 | 85 | $55,491 |
| Other services, except public administration | 144 | 50 | $39,107 |
| Arts, entertainment and recreation | 126 | 15 | $23,848 |
| Transportation and warehousing | 60 | 16 | $65,923 |
| Finance and insurance | 44 | 15 | $62,652 |
Retail trade is the largest private sector at 524 jobs, 12.2 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Madison County
How many businesses are in Madison County?
- Establishments, all industries402
- Employment at those establishments3,298
- Annual payroll$136.9 m
- Establishments per 1,000 residents18.4
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Madison County
Building permits in Madison County
- Housing units authorized by permit, 2024155
- Declared construction value permitted$43.9 m
- Single family units authorized151
- Multifamily units authorized4
- Multifamily share of units2.6 percent
- Average declared value per unit$283,451
- Units authorized per 1,000 households18.6
Single-family homes are 97.4 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Madison County
SBA loans in Madison County (7(a) and 504)
- 7(a) approvals recorded22
- 7(a) gross approval dollars$14.9 m
- Average 7(a) approval$676,414
- Median 7(a) approval$262,300
- 10th percentile approval$56,240
- 90th percentile approval$2,222,700
- Largest single approval$2,830,000
- Jobs reported supported, 7(a)311
- Jobs per approval14.1
- Distinct 7(a) lenders active12
- Distinct industries receiving approvals19
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer27.3 percent
- Loans on real estate terms6
- Loans on working capital terms, 120 months or shorter15
- Franchise loans0
- Franchise share of approvals0.0 percent
- Leading industry by approval countHighway, Street, and Bridge Construction (3)
- Most active lenderNewtek Bank, National Association (4)
- 504 approvals recorded2
- 504 gross approval dollars$1.0 m
- Average 504 approval$521,000
- Median 504 approval$521,000
- Distinct CDCs active2
- 504 jobs per approval3.5
- 504 jobs per million dollars approved6.7
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$15.9 m
The average approval of $676,414 sits well above the median of $262,300, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 27.3 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Madison County
SBA loan default and charge-off rates in Madison County
Do SBA loans in Madison County get paid back?
- Loans with a final outcome recorded4
- Paid in full4
- Charged off0
- Status: Cancelled6
- Status: Paid in full4
- Status: Exempt from disclosure11
- Status: Committed, not yet disbursed1
Only 4 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Madison County
SBA lending by place in Madison County
- Borrower cities with recorded lending3
- Mars Hill, approvals10
- Marshall, approvals9
- Hot Springs, approvals3
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Mars Hill | 10 | $2,483,200 |
| Marshall | 9 | $10,155,900 |
| Hot Springs | 3 | $2,242,000 |
Mars Hill accounts for 10 approvals against 9 in Marshall. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Madison County
How large is Madison County?
- Land area450 sq mi
- Rank by land area among North Carolina counties53rd of 100
- Width, east to west31.1 mi
- Height, north to south26.8 mi
- Geographies sharing a boundary6
- Residents per square mile of land49
- Establishments per square mile0.89
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Madison County
Flood risk in Madison County
- Participation of the county's own NFIP community Madison County, unincorporated areasParticipating, community 370152
- Communities in the county in the NFIP Community Status Book4
- Of those, participating in the NFIP4
- NFIP participation rate100.0 percent
- Communities carrying a CRS class0
- Radon levels in Madison County, EPA zone predicted average indoor radon screening level from 2 to 4 pCi/LZone 2
The county's own community in the status book, unincorporated Madison County (community 370152), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Madison County in radon zone 2, a predicted average indoor radon screening level from 2 to 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Feasibility studies
When a Madison County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Madison County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-202421,867
- Households8,342
- Average household size2.62
- Median household income$58,531
- Median age44.5
Common questions
Madison County questions, answered from the record.
How many people live in Madison County, North Carolina?
The Census Bureau estimates 22,352 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 21,867, in 8,342 households, ranking 77th of 100 North Carolina counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Madison County's population growing?
The population has grown 5.44 percent since the 2020 census base of 21,198, to 22,352 on July 1, 2024. In 2024 there were 176 births against 331 deaths, with net migration of 467. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Madison County?
$58,531. The median owner-occupied home is valued at $284,600, which is 4.9 times income, and median gross rent is $780 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Madison County?
402 establishments, employing 3,298 people with an annual payroll of $136.9 m. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Madison County?
Retail trade is the largest private sector at 524 jobs, 12.2 percent of covered employment. Covered employment averages 4,310 jobs at an average annual pay of $47,583, or $915 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Madison County?
22 7(a) approvals totaling $14.9 m since FY2020, across 12 lenders, with a median approval of $262,300, plus 2 504 approvals worth $1.0 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Madison County?
155 housing units were authorized by permit in 2024, with a declared construction value of $43.9 m. Multifamily was 2.6 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Madison County?
Zone 2, a predicted average indoor radon screening level from 2 to 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Madison County come from?
The largest single origin is Buncombe County, with 306 households. Arriving households report an average income of $72,557 against $61,585 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Madison County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Madison County?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
Madison County
Cities and places in Madison.
3 Census places lie wholly or partly in Madison County. All 3 carry enough published place level data for a page of their own and are linked.
| Place | Type | Population | SBA 7(a) approvals, projects in this county | Lies in |
|---|---|---|---|---|
| Mars Hill | town | 3,025 | 10 | Wholly in this county |
| Marshall | town | 961 | 9 | Wholly in this county |
| Hot Springs | town | 567 | 3 | Wholly in this county |