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California has been in a boom. North Carolina, South Carolina, and Georgia have not participated in that boom until now.

There is also a lot of capital flowing around California in general (and a lot of wealth) as opposed to North Carolina. The economy in California is much larger than North Carolina. Sure, NC has a lot of industries, schools, and jobs, it doesn’t compare to California. Also, taxes and cost of living is much lower in NC.

Florida has no income tax, but has a brutal property tax.

There are more reasons, but those are the basics.

Expect North Carolina to have a mini-bubble because of the amount of investors going to North Carolina.