For this report, I compared the median price in 2018 to the median price for 2019 for each town and city in the Triangle to give us an idea of whether there has been an increase or decrease in value in all these different areas. You can download the full report in the link below.
In Raleigh the median price went from $271,500 in 2018 to $279,000 in 2019. And increase of 2.8%. Days on market went from 5 to 6 and there was a 51% increase in expired listings in Raleigh in 2019. I did notice that trend throughout the data that I ran. There were just a lot more expired listing. I think it may have something to do with new home sales inventory increasing, which we have also seen this year. New homes tend to expire from the market more frequently because they are often listed before there is even a home built to look at.
In Cary the median price went from 376,0000 in 2018 to 390,000 in 2019. An increase of 5.41%. Days on market went from 4 to 5 and there was a 26% increase in expired listing in 2019.
I’m not going to read off every single stat, but if you want to know the price changes for 2019 for the rest of the cities and towns in the Triangle area you can download the report here.
So what’s ahead for 2020?
Urban Land Institute’s and PricewaterhouseCoopers’ 2020 Emerging Trends in Real Estate report, forecasts market prospects in the top 80 cities around the country. They rank top regions based on factors like size, growth and the ability to withstand changes to shifting economic conditions.
This year the Triangle came in at No. 2 in the nation — just behind Austin, Texas, — for forecasted success in 2020, due to our concentration of colleges and universities like Duke and UNC. As well as the more than 89,000 tech jobs in the area, placing us 3rd in line after Silicon Valley and San Francisco for tech jobs. We also have the strength of the numerous government jobs in the Raleigh area. And this trifecta of government…education…technology provides a really good level of insulation against market crashes. Of course nothing is ever promised in real estate, but right now, everything is pointing to a continued growing market in the Raleigh area, with home prices continuing to increase and demand for housing continuing to grow.
If you’re are looking to buy or sell a home, you can contact me at 919-725-1885.