Housing Market Trends And Forecasts In Raleigh 2022
Examining real estate information from many sources allows us to get a far more comprehensive picture of a market’s trend. We’ll now look at some of the most current housing trends in Raleigh, as reported by several sources, and compare them to previous years. We’ll mostly talk about median property prices, inventory, & growth to help you understand how local real estate market works in this area.
If you’re a first-time home buyer or a shrewd real estate investor searching for a high return on investment, you should look into what the Raleigh north Carolina real estate markets had to offer. With the population of around 467K inhabitants, Raleigh is a walking city in Wake County (2020). In 2021, the Raleigh housing markets is expected to improve.
With housing market growth of 23.5 percent, Raleigh ranks 3rd among the 100 best most populous metro regions, behind Provo, Utah, & Austin, Tx, but just ahead of Boise, Idaho, according to new data released by the US Census Bureau.
Raleigh is the 3rd most competitive business in the U.s, according to Charlotte mortgage portal LendingTree, due to a large percentage of homebuyers with credit scores over 700, a 20% or more down payment, & mortgage shopping prior to searching for a property. According to a recent survey of rental market by Apartment List, Raleigh is also seeing a rise in rental rates.
Rents in Raleigh have declined by 1% from last month, but are up 20.91 percent from the previous year. In Raleigh, 82 percent of apartments cost between $1,000 & $1,999 per month. One-bedroom apartments account for 38 percent of Raleigh apartments, while two-bedroom apartments account for 39.2%.
Housing Demand In Raleigh
When compared to February of last year, home sales in Raleigh were down this month. According to Triangle Multiple Listing Service data, February sales were down 5.3 percent from the same month last year (source). The low inventory level is still a factor in the drop. In comparison to February of last year, the average selling price increased this month.
In February, the average price of home sold was $466,359. This represents a 15% increase over February of last year. When comparison to last year, the average amount of day on market before a sale reduced dramatically this month. The average days in market in February were 16 days. This is a 30.4 percent reduction from March of last year.
Housing Supply Trends In Raleigh
As the number of current postings decreases, this remains a serious concern. New listings declined 7.9% in February compared to the same month last year. The inventory supply is only 0.4 months long. Given the present sales pace, it refers to number of months it will take for the existing inventory of homes on markets to sell.
Six months of supply has historically been associated with modest price appreciation, while fewer months of supply tend to push prices up more quickly. Active postings are still a serious problem. This month, the number of active listings declined once again. The number of listings plummeted by 53% in February compared to the same month last year. See Also Real Estate in NC
Raleigh Real Estate Is Reasonably Priced
The average price of a home in North Carolina is $180,000. For the price of one middle-class property in California or a New York City loft, you can buy numerous investment properties here. Housing expenses in the neighborhood are so low that they score 92 on the prize of living index, whereas the national average was 100. The median property price in the area is around $254,000. (Zillow).
Raleigh was named one of the greatest places to buy a home by NerdWallet. In comparison to Austin, Atlanta, & Charlotte, nearly 70% of Raleigh’s land was zoned for domestic use, contributing to the city’s housing affordability.