Local News

Real Estate Market Remains Hot in Raleigh

Posted March 5, 2007 7:03 p.m. EST
Updated March 5, 2007 7:32 p.m. EST

— The housing market is one major indicator of how stable the overall economy is. For Raleigh, it seems that the economy is still strong.

Despite a nationwide slump in home sales, Raleigh started the New Year with solid growth throughout Wake County.

Across the country, the median home price averages $210,600. In Raleigh, buyers can expect to pay more, with an average price of $242,275.

However, with many buyers moving from major metropolitan cities where they’re used to higher prices, Realtors in the Triangle told WRAL they’re pleased with what they’re hearing from their clients.

Nationwide, home sales are reflecting a slowing trend of home sales nationwide, with sale prices down three percent from last year. In Las Vegas, the median home price went down more than $30,000 -- a drop of almost 10 percent from 2006.

Figures are similar in Miami, Los Angeles, Washington D.C. and New York, but are higher in the southern United States. Dallas leads the country with a 6.5 percent increase in home prices. Raleigh has continued to see a five to 10 percent increase from 2006, real estate experts said.