Triangle housing market up big, Apartment rents and Home prices rise
Sales are up big in the Triangle. The market is hot, and early. It is certainly a sellers market right now, as prices are certainly rising. Inventory is low, which continues to boost the local new home sales market. There was a nice article (below) on the emergence of South Raleigh, as the “final frontier” for getting a deal in Raleigh. It’s great to see Dix Park deal finally coming to a close in May, and my friends at Trophy Brewing anchoring a location in the South Raleigh area. Expect a lot of exciting happens in that area for a long time to come.
Mortgage rates are still looking strong and look to improve this morning! Feel free to reach out at any time for a quote on a Conventional, USDA, VA, FHA, Jumbo, Renovation loan or Refinance. I’d love to help you!
Finally, feel free to check out a fun piece I did on the “5 Breweries along the Rock ‘n’ Roll Marathon Course” and an interview with my friend, Erin Dillon, on the “Meet Your Local Runner” section of local running store, Runologie’s website.
5 Stories in the Triangle Mortgage and Real Estate Headlines (and more)
1. Triangle housing market scores big with 19 percent jump in March sales
“Real estate agents and home sellers across the Triangle grabbed the rebound in March as home sales improved nearly 19 percent compared to a year ago and posted a more than 49 percent jump from February’s adjusted home sales total. Home buyers in the Triangle closed on 2,714 homes in March, according to a report from Triangle Multiple Listing Service, compared to 2.285 homes sold during the same time period the year before.” Read more from the Triangle Business Journal
2. Apartment rents projected to rise again
“Living in an apartment? Expect your rent to go up again. Renting has gotten increasingly expensive over the last five years. The average U.S. rent has climbed 14 percent to $1,124 since 2010, according to commercial property tracker Reis Inc. That’s four percentage points faster than inflation, and more than double the rise in U.S. home prices over the same period.” Read more from WRAL
3. South Raleigh becomes downtown’s final frontier
“Many houses here sell for far less than $100,000, even as a downtown prices have surged in every other direction. And that’s all likely to change. South Raleigh is a final frontier for central Raleigh’s redevelopment – and gentrification – and new buyers are laying their claims ever faster.” Read more from the News & Observer
4. Raleigh tops ‘American Cities of the Future’ list
“Raleigh ranks No. 1 overall on a list of the top mid-sized “American cities of the future” for 2015-16 published by fDi, a division of Financial Times. The report is based on multiple factors: Economic potential, human capital and lifestyle, cost effectiveness, connectivity and business friendliness. Rankings are broken down by population into major, large, mid-sized, small and “micro” cities in the Americas.” Read more from the Triangle Business Journal
5. Developer pays $10.5M for land in Apex, five home builders line up for lots
“Kolter Land Partners, a Tampa, Florida-based land acquisition and neighborhood lot developer, has closed on the $10.5 million purchase of 133 acres of mostly undeveloped land in Apex for a new housing development that will be called Stillwater. Lot sizes will be grouped into two sizes: Home prices for the smaller lot sizes are expected to be priced from the $400,000s; homes on the larger lot sizes will be prices in the $500,000s and $600,000s-range.” Read more from the Triangle Business Journal
6. Home prices rose in Raleigh, Durham-Chapel Hill in February
“Home prices increased in February in Raleigh and in the Durham-Chapel Hill market compared with the same period last year, according to a new report from data analysis provider CoreLogic. Home prices, including distressed sales, increased 5.9 percent in the Raleigh market. In the Durham-Chapel Hill area, prices rose 1 percent after having declined for the previous seven months.” Read more from the News & Observer