Chris and I spend a lot of time analyzing data for the Raleigh metro area. He’s hyper focused on Investors and I am here for the Buyers, Sellers and Renters. Grow your knowledge:
Raleigh Housing Market Predictions
Raleigh is situated in a perfect spot. Demand and momentum is kept up by Millennials, Retirees, Entrepreneurs and Tech.
All models predict continued appreciation over next 36 months
Cumulative appreciation over last 10 yes was 55+%
The US Census Bureau released each county’s housing stock data here https://www.census.gov/programs-surveys/popest/technical-documentation/research/evaluation-estimates/2020-evaluation-estimates/2010s-totals-housing-units.html
Apartment List (who I love) ranks us 3rd among top 100 popular metro areas
According to LendingTree- we rank #3 in most competitive markets because the buyers are:
~high proportion of buyers with over a 700 credit score
~20% or higher deposit
~most are pre qualified
RENTERS
Increased by 11.2% over last year
79% of Apartments in Raleigh cost between $1k-2k
44% of Apartments are 1 bedroom
2 bedroom apartments average $1400 (15% increase over year)
If you are renting an average priced studio, you’re salary should be approximately $52k to qualify for 3x monthly rent
HOMES
Homes selling for 21% over last year
Apples east campus added 3,000 jobs, they are investing $1b in RTP plus they started a $100m fund for schools in the triangle!
From Triangle MLS
Median sales went from $337k- $407k
Average days on market 6 days
Inventory dropped 61% this past year
Lower pipelines push prices
You may not know
There are 72 neighborhoods in Raleigh
Glenwood is the most expensive and Triangle town center is most affordable
The Raleigh real estate market forecast says home prices will rise 15.2% in 2022
44% of owners rent out homes
If you would like to chat with one of us, we are focused on people hitting their real estate goals. Whether you are a first time buyer, renter or seasoned investor, we can help you on your path.
For now, Kipling for biz forecasting let us know the greatest contributors to this growth in the next few years are:
Student Market
Growing Technology sector
Income per capita
Diverse economic base
Low taxes
Landlord friendly
Still affordable
Modest military
Please note, this is a post of data and studying the market. This is not based on my opinion, although, I’m on track to close about 50 homes this year alone and I can concur the data.
If you would like to chat:
Lori- 781.454.7514
Chris- 919.307.7767
Property Specific Realty
