Study sees Raleigh-Durham real estate appreciation among highest in US (Cary: sales, rent)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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This came out of Triangle Business Journal on Wednesday:
A study released Tuesday predicts that the Raleigh - Durham area will post one of the nation's five highest home value appreciation rates over the next 12 months.
Research released by Veros Real Estate Solutions projects that home prices in Raleigh and Durham will rise about 8% over the next year, typing Tampa, FL, for the fourth highest rate.
Seattle is the only market expected to hit double digit growth, at about 11%. San Bernandino, Calif. and Jacksonvile, FL follow with home appreciation rates pegged at 9%.
Rounding out the top for growth in home values are Riverside, LA and Oakland, Calif., Tucson, Ariz. and Nashville Tenn at 7%.
In contract, Rochester, NY is expected to top the list of 10 markets with the most home value DEPRECIATION, 4%.
Other markets projected to see a decline in home values are Worcester, MA, Sacramento, CA, Memphis, TN, Dayton, OH. Also in the bottom 10 are Grand Rapids, MI, Boston, Cleveland, Detroit and Falls River, MA. Home values in those areas re predicted to remain flat.
In contract, Rochester, NY is expected to top the list of 10 markets with the most home value DEPRECIATION, 4%.
In contract huh? Not in contrast? I find that hard to believe. The Democrat&Chonicle reviews the real estate sales every month for the area' and prices have been rising every month continualy since 2000. Only the expensive upscale suburb of Pittsford has seen it's prices go down. Actually; Rochester is in the top 10 most stable markets according to Money Magazine. I wonder what they base it on. There are other areas who are already depreciating at an accelerating rate. I find it hard to believe a moderat-turnover market like Rochester that is appreciating currently would slip to the fastest depreciating in such a short period. It hasn't been a "hot market"; which would be the only explanation. Raleigh's home values have been skyrocketing the past few years so that part wouldn't surprise me though. Where is the link to that page?
In contract huh? Not in contrast? I find that hard to believe. The Democrat&Chonicle reviews the real estate sales every month for the area' and prices have been rising every month continualy since 2000. Only the expensive upscale suburb of Pittsford has seen it's prices go down. Actually; Rochester is in the top 10 most stable markets according to Money Magazine. I wonder what they base it on. There are other areas who are already depreciating at an accelerating rate. I find it hard to believe a moderat-turnover market like Rochester that is appreciating currently would slip to the fastest depreciating in such a short period. It hasn't been a "hot market"; which would be the only explanation. Raleigh's home values have been skyrocketing the past few years so that part wouldn't surprise me though. Where is the link to that page?
Interesting article! Now I am curious.......how do the folks that already live in Raleigh and Durham feel about this price hike? As most people know, FL experienced a RE price hike a few years ago (thank God we bought just in the nick of time!) and now people have mixed feelings on it. Some of my friends are stuck in their little 1300 SF starter home because they can not afford to move anywhere else in FL. Also, people's income remained the same here, but home value rapidly increased. wondering how Raleigh/Durham people feel about this RE prediction?
I currently rent in Apex so it doesn't really affect me. If Rochester does depreciate (which they forcasted to happen already by now, and still hasn't) I guess it would be good news for me. You never know. I don't think Raleigh will escalate to the outragous prices seen in Fl (yet) though.
We are very used to constant but stable appreciation so this wave will catch alot of people offguard, I'm sure. I'm already seeing it in certain neighborhoods. I've sold two homes that the appraiser had to go back and re do his appraisal, to show the higher price. We'll see. Vicki
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