New Homes For Sale in Raleigh NC
North Carolina is truly a fantastic state to call home. From being able to experience all the seasons to a mix of booming metropolitan cities to small-town communities, this coastal, mid-Atlantic state truly offers it all. With too many redeeming qualities and attributes to list, one of the biggest appeals of North Carolina is its capital, Raleigh. Since 1792, this incredible city has been the hub of the state and, in recent years, has been at the forefront for many reasons.
Raleigh is one of the fastest-growing cities in the United States (ranked 10th) and boasts a population of 1.21 million people in the Metropolitan Statistical Area (MSA). With such a large population base, the opportunities for a few nationally known companies have their headquarters around the Raleigh metro area, including Advance Auto Parts. However, the city and surrounding areas are probably best known for its Research Triangle Park (RTP), which is a tri-city area that includes Raleigh, Durham and Chapel Hill. The research is predominantly conducted by three very large universities: North Carolina State University, Duke University and the University of North Carolina at Chapel Hill. Along with the research capabilities of the three big universities, Raleigh has been an attractive place for technology and biotech companies and budding enterprises to take root. Now, more than ever, as we are fully entrenched into the Digital Age, Raleigh’s growth continues to be led by the tech companies. More than 1,800 startups have been launched from the suburbs of Raleigh since the 1970s.
Aside from the economic prowess that Raleigh enjoys, its residents experience a tremendous quality of life. Ranked by numerous sources based on countless surveys across the country, Raleigh is the top or near the top in many for the quality of life category. Globally, Raleigh even graces the lists of best quality of life around the world. Even though there are more than one million people, Raleigh and its suburbs all have that “small town” feel. Whether it’s running into a familiar face or needing help from a stranger, the people and culture of this great city are second to none. Even at the rate, the city is growing (Over 200,000 people in the city limits alone over the last 20 years), the jobs are abundant across numerous industries and the affordability is fantastic.
With the average salary almost $4,000 higher than the national average and unemployment 0.5% lower than the rest of the country, opportunities to make a good living are great in Raleigh. When you are not working, there are many aspects to enjoy in and around the city. From an incredible restaurant scene to the largest beer garden in the world at Raleigh Beer Garden, downtown Raleigh has all the staple amenities and features of a large city that one would come to expect. Surrounding the city, there are ample opportunities to enjoy many outdoor activities such as hiking, water sports, golfing, etc. Not to mention, being just two hours from the ocean is a big perk as well. All around, it is easy to see why Raleigh is growing so fast and continues to make its residents very happy.
Real Estate Market
Overall, the North Carolina real estate market has been trending up, just like the rest of the country. As a state, the median home value is just over $206,000, which is a 5.1% change in the last year. The market is continuing a strong trend with North Carolina homes for sale statewide. Whether looking to live in the country, a city or the coast, homes for sale in North Carolina fit a wide range of needs and wants. Some quick facts about the homes around the state:
- More than 65% of the homes across the state are below $245,000
- Nearly four million homes and apartments can be found in this great state
- Just under 75% of the residential real estate in North Carolina was built in 1970 or newer
- Three-bedroom homes are predominantly what you will find across (47.5%)
Now, to focus on the homes for sale in Raleigh, NC. Naturally, in a growing city, you would expect the real estate market around Raleigh to be booming and you would be correct. With more and more people choosing to call this great city home, year after year, the Raleigh real estate market is a bit more dynamic than other parts of the state. The median home value price, according to Zillow, for Q1 of 2020, is $287,000. Since 2019, the home values have appreciated nearly 3% and the predictions are that they will rise even more over the next year. Now is the time to buy a home in or near Raleigh.
When it comes to buying Raleigh, NC homes for sale, the numbers show there is quite a bit of room to negotiate. The median listing price was $350,000 and the median sale price was $287,000, as of January 2020. At the same time, homes are averaging 70 days on the market, making it a pretty quick turnover from a seller’s perspective. In addition, over the last five years, home prices have increased by 38%. Raleigh homes for sale include a wide range of styles that include the following:
Traditional- predominate style on the market. Clean features, tall roofs with gables, open and functional floor plans.
Bungalows- especially downtown Raleigh, these single-story or partial second-story homes are quite popular. Many of the older ones have undergone renovations around the city.
Brownstone Townhomes- not necessarily a historical type in the area, but more and more popular in downtown Raleigh, these townhomes are characterized by multilevel and reddish-brown sandstone façade.
Victorian & Historic- these are highly coveted from those who appreciate architectural history. From the older neighborhoods within the city limits to the suburbs with some land, the Raleigh area has many to offer.
As you can tell, the real estate in Raleigh is quite diverse and fast-moving as of the last few years. With an expanding city, great quality of life, and a beautiful landscape, it is easy to see why so many people call and want to call Raleigh home.