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Visited few new construction sites in Cary-Morrisville area this weekend and most of the Town homes are now getting similar to the NOVA price range, $350-$400k (for a town home !) . I know a lot of people moved from NOVA to RTP area just because of the housing costs in NOVA and now what's the point if the prices are same ? i don't get it. I used to live in NOVA and it was really expensive for me to afford and i recently moved here and now it's the same price as NOVA - Prices were a lot lower in RTP area about 2-3 years ago.
After seeing these prices, i am actually thinking about going back to NOVA !
Visited few new construction sites in Cary-Morrisville area this weekend and most of the Town homes are now getting similar to the NOVA price range, $350-$400k (for a town home !) . I know a lot of people moved from NOVA to RTP area just because of the housing costs in NOVA and now what's the point if the prices are same ? i don't get it. I used to live in NOVA and it was really expensive for me to afford and i recently moved here and now it's the same price as NOVA - Prices were a lot lower in RTP area about 2-3 years ago.
After seeing these prices, i am actually thinking about going back to NOVA !
Prices everywhere were a lot lower 2-3 years ago. We're in an upturn, which will be followed by a downturn.
Visited few new construction sites in Cary-Morrisville area this weekend
and most of the Town homes are now getting similar to the NOVA price range, $350-$400k (for a town home !) .
After seeing these prices, i am actually thinking about going back to NOVA !
If the ratio of home price to annual gross is too high... look elsewhere or earn more.
Too many in too many places are willing, even eager, to pay too much.
2:1 to 2.5:1 is "reasonable" and 3:1 is the upper limit
Location: Chapel Hill, NC, formerly NoVA and Phila
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Quote:
Originally Posted by gtownguy
Visited few new construction sites in Cary-Morrisville area this weekend and most of the Town homes are now getting similar to the NOVA price range, $350-$400k (for a town home !) . I know a lot of people moved from NOVA to RTP area just because of the housing costs in NOVA and now what's the point if the prices are same ? i don't get it. I used to live in NOVA and it was really expensive for me to afford and i recently moved here and now it's the same price as NOVA - Prices were a lot lower in RTP area about 2-3 years ago.
After seeing these prices, i am actually thinking about going back to NOVA !
Where in NoVA are you comparing it to? In Vienna, which I would say is comparable to West Cary in terms of school quality and location within the region, a late 1990s townhome is $700K.
Visited few new construction sites in Cary-Morrisville area this weekend and most of the Town homes are now getting similar to the NOVA price range, $350-$400k (for a town home !) . I know a lot of people moved from NOVA to RTP area just because of the housing costs in NOVA and now what's the point if the prices are same ? i don't get it. I used to live in NOVA and it was really expensive for me to afford and i recently moved here and now it's the same price as NOVA - Prices were a lot lower in RTP area about 2-3 years ago.
After seeing these prices, i am actually thinking about going back to NOVA !
But I bet the drive time to work is much less in the Triangle.
All good points above...moving because the price of a similar house is less is foolish, and has resulted in many an unhappy transplant. There are way, way better reasons for moving, here - or anywhere.
Where in NoVA are you comparing it to? In Vienna, which I would say is comparable to West Cary in terms of school quality and location within the region, a late 1990s town home is $700K.
Well, I used to live in Chantilly, Fairfax area and the Newly built Town homes about 2-3 years ago were $400k in that area in NOVA and lot of people that i knew bought it. I looked at the prices of those town homes in that area and they're ~$420k , that's only $20k increase in that area which is nothing. It looks like prices in NOVA have saturated for now. But, if you compare the house prices in RTP in the last 2-3 years it has gone up quite significantly.
All good points above...moving because the price of a similar house is less is foolish, and has resulted in many an unhappy transplant. There are way, way better reasons for moving, here - or anywhere.
Yeah, When i first drove around "Cary Downtown" after moving from NOVA, it was a total shock. "Cary Downtown" - i mean is there even a downtown ? That was definitely a total shock to me. I only saw few indian grocery stores and some restaurants where they had a sign of "Cary Downtown". I was looking for some tall buildings and lots of happenings but couldn't find it there.
Location: Chapel Hill, NC, formerly NoVA and Phila
9,777 posts, read 15,786,780 times
Reputation: 10886
Quote:
Originally Posted by gtownguy
Well, I used to live in Chantilly, Fairfax area and the Newly built Town homes about 2-3 years ago were $400k in that area in NOVA and lot of people that i knew bought it. I looked at the prices of those town homes in that area and they're ~$420k , that's only $20k increase in that area which is nothing. It looks like prices in NOVA have saturated for now. But, if you compare the house prices in RTP in the last 2-3 years it has gone up quite significantly.
Yes, the Triangle is growing at a faster rate than DC which is leading to greater price increases. But you are comparing apples to oranges within each region as far as price. Living in Chantilly in a $400K townhome is not the same as living in Cary in a $400K townhome which is considered a much closer-in suburb. The prices here have been going up, and anyone who moves here and thinks it's going to be 'cheap' is going to be unpleasantly surprised. Having said that, the housing prices are still nowhere near the level of Northern Virginia's (or other high-cost cities).
On Trulia they list the median sales price by zip code. For zip codes in Wake County, the median sales price ranged from about $150K to $520K from Feb. to May 2017. For zip codes in Fairfax County, median sales price ranged from $300K to $1M.
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- Prices were a lot lower in RTP area about 2-3 years ago. 
