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Main takeaway here is this: "Home sales prices have increased across the Triangle, as well. In looking at the entire Triangle Region, the average sales price topped $300,000 for the first time ever in June, according to the Triangle Multiple Listing Service. The sharp increases come in large part because of the influx of people to Wake County."
Clink on the link if you want to see an interactive map about increases of median sales prices by zip code in Wake County too.
I follow a blog from where we lived in Manhattan years ago. Prices are starting to fall because the place is just not worth the money.
This needs to happen here. With QOL dropping and taxes rising, this area is set up for a sharp correction.
Everyone agrees a market correction will happen at some time. It's the simple reality of a cyclical market. No one knows exactly when it will happen, and it's impossible to know the depth. Until it hits, sellers in Raleigh are going to continue to ride the current wave.
I follow a blog from where we lived in Manhattan years ago. Prices are starting to fall because the place is just not worth the money.
This needs to happen here. With QOL dropping and taxes rising, this area is set up for a sharp correction.
Everyone agrees a market correction will happen at some time. It's the simple reality of a cyclical market. No one knows exactly when it will happen, and it's impossible to know the depth. Until it hits, sellers in Raleigh are going to continue to ride the current wave.
Hogwash.
If you have ever travelled outside the area, or talked to people who have relocated here, you might recognize that QOL and Taxes are relative items, and relative to many other areas, we are superior on both counts.
Supply and demand. Will supply increase? Will demand decrease?
There is little evidence either will happen any time soon.
I believe the new and old housing stock will rationalize.
We can essentially build unconstrained. The inflated prices of new shouldn't hold when they go to resale if there is still new available.
I'm no capitalblvd but are we seriously acting like prices can go up forever? Was 2007 that long ago?
I dunno.
I think the availability of developable land is overestimated.
Cary, for example, is 85% built out.
Running out of land, and so you see expensive infill and teardown. Gentrification, not unlike much of Raleigh. Proximity to downtown areas will continue to be desired. Price will deter many buyers, but the buyers who want 2 acres close to conveniences are going to be the ones with real sticker shock.
Can prices go up "forever?"
Who would say they can increase unabated and in a straight line? Of course they will not and never have.
But, over time the trend is unmistakable. Prices HAVE gone up historically.
2007 had different, and similar aspects.
But, what we did learn is that demand was merely postponed. Population growth in a high QOL and affordable area has continued and will continue. They have to live somewhere.
Is the apartment market saturated and overbuilty yet? That is an interesting topic to me...
My old realtor told me prices are always going "up! Up! Up!" when I questioned her about a high listing price (close to 30k over) for a neighborhood off capitol that won't likely have good resell in a couple years. I remember feeling sooooo uncomfortable with her mindset, because it wasn't that long ago everyone was thinking prices would always increase. We actually ended up dropping her, because I couldn't trust her judgement after that. Bad thing is we still haven't found a house because of the tight competition lol but at least we haven't overspent yet
My old realtor told me prices are always going "up! Up! Up!" when I questioned her about a high listing price (close to 30k over) for a neighborhood off capitol that won't likely have good resell in a couple years. I remember feeling sooooo uncomfortable with her mindset, because it wasn't that long ago everyone was thinking prices would always increase. We actually ended up dropping her, because I couldn't trust her judgement after that. Bad thing is we still haven't found a house because of the tight competition lol but at least we haven't overspent yet
Yeah, anytime someone says, "...always...," caution is advised.
I dunno.
I think the availability of developable land is overestimated.
Cary, for example, is 85% built out.
Running out of land, and so you see expensive infill and teardown. Gentrification, not unlike much of Raleigh. Proximity to downtown areas will continue to be desired. Price will deter many buyers, but the buyers who want 2 acres close to conveniences are going to be the ones with real sticker shock.
Can prices go up "forever?"
Who would say they can increase unabated and in a straight line? Of course they will not and never have.
But, over time the trend is unmistakable. Prices HAVE gone up historically.
2007 had different, and similar aspects.
But, what we did learn is that demand was merely postponed. Population growth in a high QOL and affordable area has continued and will continue. They have to live somewhere.
Is the apartment market saturated and overbuilty yet? That is an interesting topic to me...
you are sort of implying the issue here
the only contraint is a magical line called "wake county" that keeps people in. Once people figure out there is an acceptable life and lower entry fee into homes outside of that magical line you would expect downward pressure, no?
It's the same story of how people saw Durham for the past two decades...
If wake county was an island yes we would run out of space but it's not. It's surrounded by developable land
I dunno.
I think the availability of developable land is overestimated.
Cary, for example, is 85% built out.
Running out of land, and so you see expensive infill and teardown. Gentrification, not unlike much of Raleigh. Proximity to downtown areas will continue to be desired. Price will deter many buyers, but the buyers who want 2 acres close to conveniences are going to be the ones with real sticker shock.
Can prices go up "forever?"
Who would say they can increase unabated and in a straight line? Of course they will not and never have.
But, over time the trend is unmistakable. Prices HAVE gone up historically.
2007 had different, and similar aspects.
But, what we did learn is that demand was merely postponed. Population growth in a high QOL and affordable area has continued and will continue. They have to live somewhere.
Is the apartment market saturated and overbuilty yet? That is an interesting topic to me...
This.
The rest of the country is seeing the same increases, and this is typical for real estate. It's not specific to the Triangle. There will be a downturn as expected, but what will differ between some areas of the country during a downturn is how much you're affected by it. The most desirable areas see a minor dip (if any) during a downturn with faster recovery, while more undesirable places see a greater dip with slower recovery. One thing that history has always proven is that real estate trends upward long term.
As much as Capitalblvd wants the Triangle to self implode, it is never going to happen. May my home equity keep increasing and increasing!
the only contraint is a magical line called "wake county" that keeps people in. Once people figure out there is an acceptable life and lower entry fee into homes outside of that magical line you would expect downward pressure, no?
It's the same story of how people saw Durham for the past two decades...
If wake county was an island yes we would run out of space but it's not. It's surrounded by developable land
I imply much less than you do.
The doom and gloom hopefulness for an impending sharp correction is hardly supported by expansion to other counties.
Before that becomes critical to Wake County, the commercial developers are going to have to buy in at a much higher density.
Live/work balance factors will have to be tilted to favor exurban living.
I see more people desiring walkability and convenience than willing to move to rural areas without competitive commercial infrastructure.
Let's see how Chatham Park does, as they are starting to build residential units.
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