No Signs…Again…of Slowing Down in 2022
At the beginning of every year, our experts at Oak City Properties like to take a deeper look into the Raleigh housing market to identify trends and forecasts. While many people think that Raleigh is overshadowed by the larger Charlotte market, it is the second-largest city in the state and growing at an alarming rate. With over 1.54 million people in the Raleigh metropolitan area (a 3.27% increase) and 2.1 million individuals in the Raleigh-Durham-Cary (Research Triangle), the real estate trends are leaning towards a competitive housing and rental market.
Home values in the Raleigh area are expected to be the 3rd hottest in the United States this year. With an increase of nearly 24%, the average home value is now a whopping $450,000 (up from $392,444). The housing market has been on an incline since 2020 with no signs of stopping!
- The median listing price per square foot is $196.
- The average number of days on market for a home is 10.
- The list-price ratio is 100% (which means that the homes are selling for the asking price).
- On average, homes in Wake County sell after just 33 days on market.
- Apple has announced an East Coast Campus in Wake County which will create 3,000 new jobs (which translates into a company fund of over $100 million for schools and community initiatives).
- Raleigh Metro home values have gone up 29.5 and Zillow predicts that it will rise 23.7% over the next year.
Raleigh is also experiencing an increase in rental rates! Raleigh’s average rental rate has increased 11.2% since last year with 80% of apartments costing between $1,000-$1,999 per month. In fact, the average 2-bedroom apartment rental is currently at or around $1,453 which is an increase of 17% from previous years.
- 44% of apartments in Raleigh are 1-bedroom with the average rent being $1,211.
- 16% of the apartments in Raleigh are priced between $2,000-$2,999.
- 43% of individuals in Raleigh rent their homes.
- Downtown Raleigh rents have grown 9% as of 2018 due to the young people moving to the area for work and school.
Things to Consider
Whether you are looking at Raleigh for your next home or to purchase an investment property, there are a few things to consider before making the move.
- Raleigh is a college town and a great place to buy investment properties due to the constant flow of student renters.
- The Research Triangle Park is located between Raleigh, Durham and Chapel Hill and generates a lot of high-tech/high pay jobs.
- A diverse economic base in Raleigh and the surrounding area protects the community from the rises and falls of unemployment trends. The high-tech sector, major hospitals, schools, international airports…the list goes on, add a buffer for the economy.
- Low taxes are another benefit of purchasing a home in Raleigh.
- North Carolina is also a landlord-friendly state.
The strong US real estate market shows NO signs of stopping and Raleigh has a long-term growth model that ensures a constant housing and rental demand. From homeowners to landlords, Raleigh continues to be a great place to live and work.
At Oak City Properties, we have been helping those in the Raleigh area purchase and sell homes for years! Whether you are a family trying to sell your home or a landlord wanting to downsize your rental portfolio, our full-service property management company is here to help.
If you are interested in learning more about our services or want to speak to our listing agents, give us a call at (919)-232-9222 or check out our website: https://oakcityproperties.com
Want to read more?
Take a look at the following blogs about property management services
- 7 Benefits of Using a Property Management Service
- Do You Need A Property Management Company?
- How a Property Management Company Can Help with a Vacant Rental
Take a look at the following blogs about the Raleigh Housing Market
- It’s a Great Time to Own a Rental Property in Raleigh
- How to Sell a Home In Raleigh
- Raleigh Housing Market: A Smart Investment
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