“It’s not just home prices that are increasing at blistering rates. The price of rent is increasing, as well, and a new report finds that in the Raleigh area, the median monthly price of renting an apartment has increased by 23.1% in the last year.”
WRAL TechWire’s recent blog post takes a look at the market right now and according to their findings, rental and home prices will not be going down anytime soon—for a lot of reasons.
One of the main reasons for the high prices is there is a supply challenge across the board. The lack of homes for sale and for rent is driving the prices way up.
According to data from the Triangle Multiple Listing Service, inventory was 2,093 across the entire region in March 2022, enough for just two weeks of housing market activity.
The reports from TMLS show just 774 homes in Wake County, nearly 40% lower than at this time last year.
And prices were up, with a median price of homes in Wake County in March 2022 at $450,000. That’s up nearly $90,000 from the prior year.
The Triangle has also seen an influx of people moving to the area and not enough housing is being built to keep up.
One in five homes in Durham are bought by investors and one in four homes in Raleigh are bought by investors, a recent analysis found.
The housing market has turned into an asset class that attracts larger investment flows. Many times, aspiring homeowners are now bidding against people that bring a different level of financial resources to the table making it even harder to purchase a home.
Source: WRAL TechWire
What Does All This Mean?
I am not sharing this article to try to scare you away from wanting to purchase a home. I instead want to let you know that the market may not see relief anytime soon and if you are searching for a new home, you need someone with experience on your side. I can help you navigate through Wake County’s aggressive real estate market and find you your next home.
Lastly, if you have been thinking of selling your home, now is the time to do it! As I noted earlier, there is a huge demand for houses which means I can help you get top dollar for yours.