Will Raleigh-Durham outshine the rest in this year's real estate market?
Anyone looking at homes for sale in Raleigh-Durham can tell right away the area has a lot to offer. Besides the quaint downtown areas, brimming with chic shops and delicious eateries, it has beautiful Southern homes, excellent schools and friendly people. The city is also expected to have a booming real estate market this year. People are flocking from near and far to live in the Triangle, attracted by the array of IT and other professional jobs available, as well as overall living affordability.
This North Carolina real estate market is expected to do so well this year that the National Association of Realtors states that Inman News placed Raleigh on its list of 5 Housing Markets Expected to Outshine the Rest. In fact, of all the metro areas with populations over 150,000, Raleigh-Cary took the top spot.
Factors such as the job market, home affordability, low foreclosure rates, low vacancy rate and low level of distressed sales, average price appreciation and rate of home sales in proportion to population were all used by Inman to determine which cities made the list. While none of the markets on the list had all the characteristics of an ideal real estate market, many had the majority. Interestingly enough, three of the cities were state capitals, which included Raleigh.
Some of the most important factors used to rank the cities were population and home price appreciation. The source explains with a median sales price of $224,300 in January 2012, the spacing median sales price change year-over-year was 7.3. This shows home appreciation is steadily increasing. Furthermore, Raleigh was the only city on the list with a median home price above the national average.
"The real estate market in Raleigh is starting to show signs of recovery. Inventory is now stabilizing and home sales are starting to level off rather than continue to decline," explained Triangle real estate expert Tracy Santrock.
Anyone buying or selling in the area has certainly picked a great opportunity to do so. Raleigh, Durham, Chapel Hill and the surrounding areas have never been better for people, families and students looking to make a quality investment. Finding the perfect home at an affordable price in Raleigh-Durham is simple, and with the area's real estate market to make a splash this year, now is the time to buy.