A prospering economy? Check. Vast career opportunities? Check. A low cost of living? Check. The Triangle area is an ideal place to call home and Realtor.com® agrees. The trusted real estate resource just announced its 2017 Housing Forecast spotlighting Raleigh-Cary and Durham-Chapel Hill among the nation’s hottest real estate markets for 2017.
Realtor.com analyzed the country’s 100 largest metros to determine future growth potential based on price and home sales gains—Raleigh ranked 8th on its list with Durham following closely behind in 11th position.
According to the research report:
“The top 10 markets all benefit from strong growth dynamics: population, jobs, and households,” says Jonathan Smoke, Realtor.com’s chief economist. … “They all have low unemployment that’s heading lower, which buoys consumer confidence.”
… But whatever their location, all the top markets have in common relatively affordable rental prices, low unemployment, large populations of millennials and baby boomers, as well as a high number of listing views on Realtor.com. The top 10 are forecast to see average price gains of 5.8% and sales growth of 6.3%, exceeding next year’s anticipated national growth of 3.9% and 1.9%, respectively.”
The national report indicates that Raleigh might see a 4.16% gain in average home price and a 7.55% increase in home sales in the New Year. Durham’s home prices are forecasted to grow by 2.55%, and home sales could see an 8.95% increase as well.
“The Triangle real estate market was very strong in 2016, and current indicators show a continuation of that trend into 2017,” said David Jones, Coldwell Banker Howard Perry and Walston President and COO. “Over the last decade, this area has become a prominent hub for global pharma and tech companies and budding start-ups that have elevated our workforce. We draw in and retain highly educated talent who appreciate the career advancement opportunities and vibrant culture the Triangle affords.”
Learn more about the real estate markets in our Triangle cities and towns by watching these insightful monthly market update videos.