Yes, home prices will go up when Apple comes to the Triangle
Posted April 26, 2021 5:00 p.m. EDT
Updated May 3, 2021 8:29 a.m. EDT
Raleigh, N.C. — Real estate experts say Apple’s announcement that it will build a $1 billion campus in Research Triangle Park will no doubt increase property values in the already desirable Triangle.
"It’s great for our area and the community," says Matt Horton, director of marketing for Coldwell Banker Howard Perry and Walston. "The Apple announcement only amplifies the situation. It’s a great problem to have."
From Pittsboro to Clayton, Wake Forest to Dunn, home prices are already booming. It is in those smaller towns, outside of the Raleigh-Durham urban center, where home buyers will find the greatest value as the population grows.
"We are seeing a lot of affordable housing go outside the city limits, which is good because the tax rates are lower out there," Horton says. "We are seeing a lot more amenities go out there too. So we are seeing when people are building neighborhoods out in Clayton, we are seeing strip centers and things like that, so they have everything they need."
Wake County Commissioner Matt Calabria says he and his peers on municipal councils are committed to keeping Raleigh and other parts of the county affordable.
Raleigh Mayor Mary-Ann Baldwin also said concerns about affordable housing aren't going unnoticed.
"First off, this is a 10-year plan, so it's not like Apple's going to come in tomorrow, and a year from now, something is going to be built," said Baldwin. "We have that time [to] also build up housing supply already started. We already started that process, and we will continue to be diligent about that."
Baldwin said the city has funds to help the homeless, low-income families and first-time homebuyers.
"To me, the thing we really need to do is build our infrastructure, make sure that we are acting with urgency and tie affordable housing into our infrastructure, and also encourage this type of gentle density that can house more people," she said.
Baldwin added that Raleigh's City Council will start looking at how it can encourage different types of housing to be built to meet the needs of different people.