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Has the Triangle caught up with Asheville for home prices? At least we have the jobs here to support these prices. I tend to agree that the Triangle was undervalued and is catching up.
OK just to clarify my original post wasnt really comparing North Carolina, Raleigh area to California. I realize that was a bit a stretch...I just meant I feel like we’re heading that direction. The market here might be hot, and everybody might be cheering because their home values have went up significantly but it’s abysmal overall. If you’re trying to find a house, good luck. Get in line as they say. Lol that’s why I said “sentiment”. Buying a house in North Carolina used to be fun because there was a lot to pick from and prices were affordable for pretty much everyone in the area. Those days are over. A year ago you could go on Zillow and put 200,000 in the search engine and all kinds of creative unique properties would come up. Now maybe one crappy ready to fail rundown condo in a poor area of town .
And they’ll still fight for that one too. I know a few realtors and they personally hate this market. Not enough inventory.
And if your house value has went up from 180,000 to 320,000 or whatever, it’s not like you can reap the benefits. Unless you’re moving to some poor area of the country. You’re gonna have to buy something else and fight everyone else for it. It’s not like you can go out an upgrade because there’s very little to upgrade to.
With the cost of building a new home almost doubling as well do the supply shortages I don’t see any relief anytime soon.
Bottom line : Triangle housing prices were very cheap in the past and it is just re-adjusting with housing prices in other cities if the country.
With Apple, google and so many biotechs coming here housing here is still relatively cheaper than other cities such as Denver.
Go to Northern Virginia and an ugly looking old townhome sells for $650k. Here in triangle , you’ll still get a brand new townhome for much cheaper. Salary range is not much different in Northern VA vs Triangle.
I do not see blousing prices coming down drastically anymore. It may see slight pullback but is going to pick up again as big companies continue to come in the area.
Got lots of family members who are "waiting for the fall" for more inventory and prices to decrease. I told them, it may help SOME but this is here to stay. Might as well keep looking and don't stop your search.
Our plan after we got settled in here was to come back to Raleigh part time…probably buy a condo. Things have changed in four years, and we’re not sure we want to jump in the current frenzy. We’re not even sure we want to come back to Raleigh period
Location: River's Edge Inn, Todd NC, and Lorgues France
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Quote:
Originally Posted by pierretong1991
Not sure if this is true or not but I saw someone claim that if the price of houses had risen at the same rate as median income in this country, then a house in 2021 would cost an average of $61,000
OK just to clarify my original post wasnt really comparing North Carolina, Raleigh area to California. I realize that was a bit a stretch...I just meant I feel like we’re heading that direction. The market here might be hot, and everybody might be cheering because their home values have went up significantly but it’s abysmal overall. If you’re trying to find a house, good luck. Get in line as they say. Lol that’s why I said “sentiment”. Buying a house in North Carolina used to be fun because there was a lot to pick from and prices were affordable for pretty much everyone in the area. Those days are over. A year ago you could go on Zillow and put 200,000 in the search engine and all kinds of creative unique properties would come up. Now maybe one crappy ready to fail rundown condo in a poor area of town .
And they’ll still fight for that one too. I know a few realtors and they personally hate this market. Not enough inventory.
And if your house value has went up from 180,000 to 320,000 or whatever, it’s not like you can reap the benefits. Unless you’re moving to some poor area of the country. You’re gonna have to buy something else and fight everyone else for it. It’s not like you can go out an upgrade because there’s very little to upgrade to.
With the cost of building a new home almost doubling as well do the supply shortages I don’t see any relief anytime soon.
There are still lots of smaller cities in NC where you can buy a home for well less than 200k.
Location, location, location. The Triangle is considered a very desirable place to live nationwide.
I'd knock $30k off the price of that house just for the fact that the Realtor is SCREAMING at me in the marketing remarks.
Calm down Janet.
But seriously that is a beautiful home and New Bern is a very desirable little town especially for Eastern NC. Great vacation/retirement area or "slow pace of life" option....but the reason the prices aren't the same as they are here is just as you said; the concentration of high-paying jobs/career opportunities and the "big-ish" city amenities.
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Not sure where pierre’s number was from. The analysis I saw that sounds similar is “If home prices grew at the rate of inflation since 1950, the median home would be $85,000. Instead it's $363,000.”
It was analysis comparing median home price increases vis a vis inflation vs income increases vis a vis inflation.
Here’s a much newer home in Jacksonville, a half hour drive from N. Topsail. On half an acre, and a 2 car garage! 200k can buy a lot in some smaller cities of NC. https://www.zillow.com/homedetails/1...ource=txtshare
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