Tag Archives: Triangle Area

A look at Triangle home prices at 2018 halfway point

Home sale trends continue to deepen throughout the Triangle at the halfway point of the year, with median prices rising 7 percent over last year.

The median price home now tops out at $265,000, up from $248,000 at this time in 2017, according to data tracked by the Triangle Multiple Listing Service.

The price increases come as the home market remains tight across the region. The number of new listings has risen, but only slightly, at just 1.8 percent over this time last year.

Anfindsen’s analysis of only the second quarter found an increase in new listings as well, but the uptick was mostly due to new homes and not the “needed” resale inventory priced under $400,000, according to the TARR report.

Demand for the limited inventory remains strong, with the average number of days a home sat on the market in the Triangle dropping from 37 through June of last year to 31 this year.

The trends aren’t unique to the Triangle. Home prices continue to rise across the country, especially in large metro areas. The trend is being driven by increased demand, fewer homes for sale and more expensive labor and materials costs for new construction.

Nowhere in the Triangle are the price increases as steep as Durham County, where the median sales price has jumped more than 11 percent over last year, rising to from $228,000 to $253,000. Average days on market also remain the lowest in Durham County, where the time it takes a home to sell has sunk from 29 days to 21.

Troubles with low inventory remain in Durham and Wake counties, where the number of new listings is about the same or just below last year. That is not the case on Johnston and Orange counties, where new listings have increased more than 10 percent and 8 percent, respectively.

The Triangle still ranks favorably in housing affordability compared to its peer cities, but that could be changing in the near future. Data analytics firm CoreLogic continues to rank Raleigh and the Durham-Chapel Hill metro area as having housing markets that aren’t over-valued, but the company’s economists believe that could change in the next five years as prices and interest rates rise. “Between house prices rising and mortgage rates going up, the monthly mortgage payment to buy a house rises faster than the monthly income of local residents,” CoreLogic Chief Economist Frank Nothaft says.

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Raleigh ranks best place in NC to raise a family

A new ranking of the best U.S. cities for raising a family ranks Raleigh the top spot in North Carolina.  And Raleigh placed at No. 6 in the nation.

Charlotte landed just outside of Zumper’s top 10 cities to raise a family – at No. 11.

For the study, real estate website Zumper says it looked first at the 100 largest cities in the nation by population – those it also compares each month in its rent reports – and then whittled that list down to 95 cities after omitting places with overlapping or incomplete data. The report measured each city using 10 metrics, each of equal weight: rent cost per additional room; percentage of income spent on rent; percentage of income spent on mortgage; median household income; current unemployment rate; infant care costs; percentage of population under the age of 45; high school dropout rate; average commute time; and violent crime rate. The final score determined each city’s ranking.

Nine of the top 10 locales for raising a family were located in the South or the Midwest. Zumper credits that to lower mortgage expenses, shorter commutes, strong local economic conditions and lower infant care costs in those areas.

Raleigh scored 86.5 out of 100 possible points. Its highest score came in monthly housing costs followed by median household income, dropout rate, population percentage under 45 and crime. The City of Oaks received its poorest score in income percentage spent on rent.

Of the Triangle region, Zumper says: “Families considering a move to the area would also benefit from the strength of the Raleigh metro area as a whole, as neighboring cities Chapel Hill and Durham are both home to large universities and could be attractive places to start a family.”

Zumper ranked Madison, Wisconsin as the best overall city to raise a family and Baltimore as the worst.

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Ranking the Triangle neighborhoods with highest same-home resale value

In Franklin County’s Lake Royale subdivision, prospective homebuyers can find larger lakefront properties for sale behind the community’s private gates. In Raleigh, at the Harrington Grove neighborhood, home hunters can tour residencies that are just minutes from Research Triangle Park but also a short drive from the city’s restaurants and night life.

Both areas are near the top of the list of Triangle subdivisions that have seen the highest appreciation of resale homes through the first nine months of 2017.

There’s one caveat, however. The analysis looks at houses that were first sold between 2013 and 2016 — and then resold this year through September. The apples-to-apples comparison presents a picture of the market value of the same house over a period of four-plus years.

Residential home sales observers note that examining appreciation for resales of the same homes in specific subdivisions provides a closer and more exact look at how the residential market is changing in some areas. The list is filled with subdivisions near and far, both luxury and starter homes, and paints a picture of the different attributes homebuyers are looking for in the Triangle, especially those who may be new to the area.