Market News
Housing Predictor
North Carolina
Article dated 1-10-2007
It’s been one of the longest lasting states to appreciate, and after appearing it was transforming into a full buyers market most of North Carolina real estate is still moving upward as the state gains more new residents than ever before.
Raleigh is one of the top10 cities in the U.S. to relocate to, which sent Raleigh’s real estate market reeling for the sky.
The median price for a home in Raleigh, the state’s largest metropolitan center is $239,000 and it is forecast to appreciate a strong 5.9% in 2007, according to Housing Predictor. Raleigh offers older neighborhoods, which are steeped in southern tradition mixed with new housing developments.
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|---|---|---|
| City | Median Price | Forecast |
| Raleigh | $ 239,000 | 5.9% |
| Charlotte | $ 235,000 | 5.2% |
| Wilmington | $ 217,000 | 6.4% |
| Durham | $ 169,000 | 4.0% |
| Newport | $ 208,000 | 5.8% |
| Greensboro | $ 145,000 | 5.1% |
Almost everywhere in North Carolina has seen its longest boom ever. Charlotte will hit 5.2% appreciation by year’s end on a median price of $235,000. But the prices in the Carolinas like so many other places won’t keep going up for good as the balance of supply and demand comes into play. Located on the Cape Fear River, Wilmington's median price is $217,000, and it will appreciate the most in the state in 2007 at 6.4%.
North Carolina housing sales are still fairly active. The state is benefiting from a national trend, gaining many new residents from colder climates. Population growth is expected to last into the next decade and the state may see its population nearly double by 2015.
Newport offers a diverse community with rural country living, old colonial style homes to waterfront properties. The median is $208,000 and Housing Predictor forecasts Newport to finish 2007 with an average appreciation of 5.8%.
The market isn’t booming like it was in North Carolina, but home sales are still comparatively strong in Chapel Hill, Wake Forest, and Durham, communities steeped in old Southern tradition that give North Carolina its colonial roots. Home to Duke University, Durham prices went up but have since slowed and will finish the year 4.0% higher. The median home in Durham is now $169,000.
In Greensboro the market is slower these days, but still relatively active. The median price is $145,000 with a projected appreciation of 5.1% in 2007. Down on the Atlantic, Carolina Beach has long been a place for vacationers and more listings have come on the market than in years, a sign that the market is changing at least in the higher end properties in North Carolina.
