Raleigh-Cary named top housing market to watch this year
Posted February 8, 2012
Updated February 9, 2012
Raleigh, N.C. — 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
Larger homes, Wood said, might sell better in Raleigh and Cary, but economic experts do not expect a big housing recovery this year.