Housing market in the Triangle points toward an improving economy
Potential homebuyers considering a property purchase in the Triangle are in luck. The variety of homes, reasonable prices and scenic areas all combine to offer the opportunity to find the ideal home. Check out the MLS listings in Raleigh-Durham to locate an affordable house in the right neighborhood.
Decreasing foreclosure rates in the Triangle
Distressed properties often have a negative impact on home values in a region. Consequently, it is good news that for the six month in a row, foreclosure rates have decreased in the Triangle. In the Raleigh-Durham region, property values are increasing and the number of homeowners 90 days or more behind on their mortgage payment has fallen, the Triangle Business Journal reports.
The Raleigh-Cary area had a June 2012 foreclosure rate of 1.78 percent, which is a slight increase from June 2011, when the figure rested at 1.57 percent but was down from May's 1.8 percent. The highest foreclosure rate recorded for the region was 1.92 percent in January 2012.
In the Durham-Chapel Hill region, the foreclosure rate held at 1.74 percent in June 2012. This was also an increase from the 1.67 percent figure for June 2011, according to the source. However, like the Raleigh-Cary figures, foreclosure figures for June were down from those seen in May this year. Similarly, the highest foreclosure figure recorded was for January 2012 at 1.95 percent.
Housing situation in Raleigh is strong
According to ALTOS Research, the median single-family home price recorded on August 17, 2012 in Raleigh was $247,700. For those looking to break a property's price in a different manner, determining the price paid per square foot could prove helpful. In Raleigh, this figure was approximately $111 on August 17.
There are currently 2,809 properties on the market in Raleigh. Potential homebuyers could find one of the houses listed an affordable yet strong, investment.
Housing market in Durham improves
Rising home prices in Durham are impacting the market in a positive way. ALTOS Research reports that the median single family home price in Durham on August 17, 2012 was $183,761.
In addition, the average property sold by August 17, 2012 was on the market for 183 days before the home closing process was completed.