Homebuyers in the Raleigh, NC, metro area are being squeezed by the supply-and-demand vise. Demand for homes is spiking as the region’s population is rising, but the supply isn’t big enough to meet the demand.
That supply-and-demand imbalance is reflected in home prices in the Raleigh area. In just one year, from the fourth quarter of 2014 to the fourth quarter of 2015, the median sale price of an existing single-family home in the Raleigh area climbed 10.6 percent, according to the National Association of Realtors. According to RaleighRealtyHomes.com, the average home price in Raleigh is nearly $600,000.
“Even with slightly cooling demand, the unshakeable trend of inadequate supply in relation to the overall pool of prospective buyers inflicted upward pressure on home prices in several metro areas [including Raleigh],” says Lawrence Yun, chief economist at the Realtors association.
He adds: “Without a significant ramp-up in new home construction and more homeowners listing their homes for sale, buyers are likely to see little relief in the form of slowing price growth in the months ahead.”
For the foreseeable future, that’ll be the scenario in the Raleigh area. To get a handle on Raleigh’s red-hot home market, LawnStarter created this infographic with 17 facts you should know.
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