banner
Business

Raleigh-Cary named top housing market to watch this year

Posted February 8, 2012
Updated February 9, 2012

Map Marker  Find News Near Me

— Home values in Raleigh and Cary appreciated, on average, more than seven percent last year, putting them at the top of a national list of real estate markets to watch this year, according to a special report released Wednesday.

Inman News reported that real estate in Raleigh and Cary is bouncing back better than any other market in the country, in part due to home values and also because of the high number of affordable homes available in the area.

"We are seeing a great buzz around the office," said ReMax United realtor John Wood. "Our numbers were down, but they are coming back up."

The "affordability rate" of homes in Raleigh and Cary is 73 percent – which means 73 percent of homes are affordable to families making the median household income.

The median home sales price is $224,300, the real estate publication reported. It's the only region on the top ten list that beats the national median home sales price of $169,500.

But Wood said that just because the local housing market topped the list doesn't mean homeowners should expect their home values to shoot up.

"It (is) hard to face sellers and tell them their home is worth less that they paid for it five years ago," Wood said. Raleigh-Cary housing market tops national list Raleigh-Cary housing market tops national list

Larger homes, Wood said, might sell better in Raleigh and Cary, but economic experts do not expect a big housing recovery this year.

102 Comments

This story is closed for comments.

Oldest First
View all
  • btneast Feb 10, 2012

    "The bankers and real estate industry actually control housing cost

    ....Baloney. Buyers control the cost in any marketplace....cars, housing, retail, etc.

  • unc70 Feb 9, 2012

    The Zillow estimate of home values is totally bogus, at least for the Raleigh-Cary and the Durham-Chapel Hill markets. Non-distress sales are usually priced 10-15% above the Zestimate value for that house on the day it went under contract to purchase. Zillow often adjusts upward the Zestimate between then and closing/sales date, 2-4 months later.

    The Zillow site has a lot that's useful, but Zestimate value. On the Zillow site, go to "Local Info", and compare the home value index graph vs the one for sale price. In Chapel Hill, for example, sale prices vary by month with most expensive homes closing between school years.

    I discuss Zillow in detail at http://journals.democraticunderground.com/unc70/60 My house went under contract the next month at nearly 15% more than its Zestimate.

  • unc70 Feb 9, 2012

    Median selling price is mostly determined by the mix of properties that sold, not the prices within those types. When the economy is bad, more renters, fewer move upscale from starter homes, etc., fewer sales at all levels. It tracks the economic health of a region, but it and all those indices based on median selling price are worst than useless as measures of home values. That includes Case-Shiller.

    The only things less valid are the supposed home values such as Zillow's Zestimate, computer-generated using databases of tax records, financing documents, deed transfers, etc. This data is poor quality, incomplete, inconsistent, not comparable even with adjoining counties, and often incorrect.

    The MLS system and databases used by most Realtors, appraisers, and lenders is much better quality, more detailed, more consistent and comparable within the local MLS region, but still not good enough without close scrutiny and expertise for specific neighborhoods and markets.

  • Remy Feb 9, 2012

    "After reading Ezekielc23 post I realize the train has left the tracks and is headed no where even close to the original destination,I bid you a good day."

    Me too.

  • Ezekiel c23 v19to20 Feb 9, 2012

    I am in no way trying to say that I don't have my own biases btw. I admit freely I do, but I try to work through them, and occassionally around them, and keep seeing the whole picture.

  • Ezekiel c23 v19to20 Feb 9, 2012

    "I ain't got the interest to continue."

    Or a point to make apparently.

  • Remy Feb 9, 2012

    "hate to tell you this remy, but there is no topic."
    Ezekiel c23 v19to20

    Only in your mind. Go ahead and put out another non-related comment so you can have the last word. I ain't got the interest to continue.

  • Ezekiel c23 v19to20 Feb 9, 2012

    "I said that the largest problem educating children can be traced back to the parents."

    Yes...and got distracted with the rant about "pounding 40's and popping them out for income". You had a great point you were making, one I agree with, then you lost it in "your bias".

    A side point to this, however, is that spending less on education isn't going to do anything but make it worse. Also consider the number of people complaining about schools teaching morals that go against what the parents believe when, for many of thse children, school is the only place theh are getting what most of society would consider a moral education...*shrug*

  • muggs Feb 9, 2012

    After reading Ezekielc23 post I realize the train has left the tracks and is headed no where even close to the original destination,I bid you a good day.

  • Ezekiel c23 v19to20 Feb 9, 2012

    "Changing the topic is not going to make your comment sound any better"

    hate to tell you this remy, but there is no topic.

More...