Price received 127,498 votes with 97 percent of the precincts reporting. He represents the 4th District, which includes Chatham, Durham, Orange and Wake counties.
Republican Tuan Nguyen received 76,165 votes, while Ken Nelson, a Libertarian, received 5,544 votes.
"I feel encouraged by the size of the win," Price said.
Price was first elected to the U.S. House of Representatives in 1986 but lost his bid for re-election in 1994. He was successful in 1996.
Price visited poll sites in Chatham, Durham, Orange and Wake counties Tuesday to encourage voter turnout.
"I worked hard during the day, and very early on I was told I was predicted the winner," he said.
Price, joined by his wife, Lisa, and Barbara Allen, chairwoman of the N.C. Democratic Party, celebrated the news of his win in the grand ballroom at the North Raleigh Hilton, where he entered to a rendition of "Getting Down to Business" and enthusiastic applause.
"We've started (celebrating) but are also concerned about the other (Democratic) candidates," Price said.
Later that night, U.S. Senate candidate Erskine Bowles conceded the race to Republican Elizabeth Dole at the same podium that Price used to greet supporters. "I am heartened by the encouragement and support, and I am reminded of how much has been riding on this election," Price said. "I am proud to be on your team."