The Raleigh area has become too expensive, now what?!?
As with every major city, in the Capitol area, you are likely to see the highest home prices. This is the same for Raleigh, it has become an expensive area and hard for new home buyers to achieve homeownership.
Similarly, the secondary market has increased significantly- Apex, Cary, Wake Forest, Rolesville, Fuquay, Holly Springs, etc- all have increased.
LUCKILY- our market is expansive and we have a good tertiary layer that is quite affordable and the home values are just starting to increase, so these are the areas that I believe have good affordability with excellent potential for equity growth in 3-5 years. I,ve pulled all stats from TMLS data: City and average home price in August-
Creedmoor- $337k
Lillington- $340k
Sanford- $342k
Zebulon- $367k
Louisburg- $368k
Franklinton- $374k
Wendell- $400k
Most of these locations are within 30 mins of Raleigh/Cary or Durham
Many of these areas had a lot of homes listed in August under $300k.
People often consider sacrificing the location to get in to a good home, hold for 2-5 years and then upgrade. All of the markets mentioned above are poised to continue to increase in value, at a rapid pace, over the next 5 years. These are what I consider major wealth building areas- but as with all good things, may require sacrifice which includes drive times and less convenience as they grow. If you ever want to brainstorm, I’m happy to help. I started my career and journey in Raleigh real estate by sacrificing on space because I had a clear 5 year plan. Here to help if you’d like to chat! Call or text if you’d like to set up a call- 781.454.7514. -Lori Webb