What has happened with home values in NC (Raleigh, Durham: for sale, real estate)

[Sweetpea1107]

I have a question that I'm hoping some of the area realtors can weigh in on. My husband has accepted a job transfer, so our family will be relocating to the Raleigh-Durham area later this fall. We are currently located in the metro-Detroit area, which has been particularly hard hit with this economic downturn. We have already (mostly) made peace with the fact that we are going to have to sell the house we bought in 2004 at a loss - at this point we are hoping to minimze the loss as much as we can. I'm curious though about what has happened to real estate prices in the NC area during the past 5 years - have they been rising, flat, or declining?

Not that we want to profit off of anyone else's misfortune, but psychologically it might make the bitter pill of our own losses a little more palatable if we know that while we are selling in a down market and getting less for our house, we are also buying in a down market and perhaps getting a little more for our money. Or maybe I'm just dreaming....

[wheelsup]

I think it depends on the price range. In my neighborhood which is decidely middle class, home prices have remained stable and/or slightly increased from when I bought last year. In the more expensive neighborhoods I've read that prices have definitely come down, especially in the 'hoods that the builders still have lots for sale in.

[Sweetpea1107]

Thanks. We are hoping to stay in the $300k range. The area that we are looking in is still up in the air, but folks on this forum have previously suggested Hillsborough or parts of Durham as areas to consider.

[frankpc]

You'll have very good geographic flexibility in the $300K range in the Triangle. I'd say that price point has been fairly stable.
Might want to start a list of decision criteria.

Welcome ,,,

Frank

[nogard13]

Originally Posted by Sweetpea1107

Thanks. We are hoping to stay in the $300k range. The area that we are looking in is still up in the air, but folks on this forum have previously suggested Hillsborough or parts of Durham as areas to consider.

Do you know where your husband will be working (the location of the job site, unless he'll be working at home or traveling)?

You will probably want to live close to this location, maybe 15-20 minutes away, so that will probably also dictate how the real estate is doing in those areas.

Just to give you an idea, my wife and I just purchased our house in July. We paid $275,000 for a 2050 sq. ft. home in a very nice neighborhood in an area close to many convenient shops/fwy access in Durham (less than a mile south of Southpoint Mall, if you know the area). We purchased it from a couple who owned it for two years. They purchased it for $260,000 from the original owners, who had bought it new in 2002 for $206,000. We bough it for a reasonable price in that area (the houses were selling anywhere from $130-140 a square foot, we paid about $134 and change) and our house appraised higher than what we paid for it.

I don't know if you have school-aged children and will be looking for better schools. We don't have kids yet so the school district played little part in our decision.

Good luck finding what you're looking for. My suggestion is to come down to Durham and spend a few days (at least 3-4) driving around the neighborhoods where you would like to live and seeing what traffic is like at different times. You also want to see what is offered in different communities and how close they are to things you like to do (like shopping, parks, entertainment venues, restaurants, dog parks, etc).

[CHTransplant]

Some data is available here:

HousingTracker.net | Median Home Asking Price & Inventory Data for Raleigh, North Carolina

[leighbhe]

This area has definitely seen houses sitting on the market longer than in the past, but it certainly has not taken a hit like many parts of the country. I would echo the fact that homes in the 400 and under range have not seen as much of a dip in the market. Homes in the 500 plus range are spending much much more time on the market.

So, in the 300 range, the prices have stayed competitive, and houses in that range seem to move relatively quickly. Of course it all depends on the neighborhood, how good the house has been maintained, etc.

Leigh

[VickiR]

Before the "slowdown", prices in desirable areas appreciated about 5% to 6% per year. Although this wasn't as much appreciation as places like California, Florida and Phoenix, it was stable and we just expected it.

When the slowdown came, our prices that hadn't been inflated much just didn't go down that much.

I would say that I have seen homes go back to prices about 2 years ago. HOWEVER, that really does depend on the area and the neighborhood and the price range.

The $300K price range is still selling well but because of less buyers, prices have gone down just a bit and have now stabilized.

The good news is that if the prices had not stabilized, they would have appreciated so...you will still save a bit. Instead of a $300K house costing you $320K, it may cost you $290, so you should feel a bit better!

Vicki

[wjsluvskaz]

Triangle home prices projected to fall 3% in next year - Triangle Business Journal:

Interesting article However, I usually put more stock in people who have first hand information on this subject ie. the realtors on this board.

[SaucyAussie]

I would not be at all surprised to see prices drop a little over the next year. The high unemployment in NC has to take its toll. And prices may be being held up right now with the help of the tax credit which expires in a couple of months.

Try going to the county website and you can find out exactly how much houses are selling for.