If you're looking for a place to buy a home or investment property in 2022, you may want to consider the City of Oaks. According to a report by the Wall Street Journal, Raleigh, North Carolina, is one of the top 10 growing housing markets for investors and homeowners in the U.S.
Raleigh real estate prices are already at all-time highs, but they’re expected to increase rapidly this year. Whether you're a home buyer, seller, or investor, the following information can help you determine if purchasing property in Raleigh, N.C., is the right decision for you.
Average Home Values Expected To Soar
Experts expect the average home value in Raleigh to rise by more than 24% throughout 2022, bringing it to over $450,000. This is a significant increase from the current average of $391,444.
With 73 neighborhoods in Raleigh, there's no shortage of options to consider. The most popular neighborhoods among buyers include:
- North Hills
- North Raleigh
- Northwest Raleigh
- Downtown Raleigh
- Southwest Raleigh
- West Raleigh
Glenwood is the most expensive neighborhood in the city, with a median listing price of $1.3 million. Atlantic, on the other hand, offers the most affordability for buyers. Its median listing price is just $275,000.
The Triangle Is Set To Skyrocket
Much of Raleigh’s boom stems from its position within The Research Triangle of North Carolina. This area features Raleigh, Durham, and Chapel Hill, each home to one of three prestigious universities within the state.
Prices are already increasing throughout the Triangle, particularly in Wake County, where Raleigh is located. In March 2022, the median sale price of a property in the Triangle region was $394,950. This is a 24.2% increase from 12 months earlier.
Apple has also announced the opening of its first East Coast headquarters in Wake County. This will generate 3,000 new jobs and bring over $1 billion to the Research Triangle region. With Apple delivering thousands of high-paying jobs to Wake County, local property values will continue to soar. The company has also announced a new $100 million fund for schools and community projects in the Triangle and surrounding areas.
Rents on the Rise
Raleigh's residential sector is a mixture of owner-occupied (51%) and renter-occupied (49%) dwellings. This is due in part to a large student population. It is also driven by young people moving to the region for jobs.
In the past 12 months alone, rents have risen by nearly 21% and show no signs of slowing down. For instance, the average rent for a two-bedroom apartment has increased by 22% to $1,527. Meanwhile, the average rent for a one-bedroom apartment has increased by 19% to $1,195.
Explore the Raleigh Market
If you don't want to lose out on a great deal to your competition, you'll need to take advantage of tools that help you identify the best opportunities in the city — and fast. PropStream's maps, overlays, and reporting tools give you a visual look at the current market, helping you to quickly identify the next hot spots.
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