Raleigh/Cary makes the list of the top 10 real estate markets to watch in 2012
Inman News, one of the premier news sites for the real estate industry, has published its list of the Top Ten markets to watch in 2012, and “Raleigh/Cary” is #1.
Evidently in 2003 the Office of Management and Budget
redefined the Federal Statistical Areas and dismantled what had been for decades the Raleigh-Durham-Chapel Hill, MSA and split them into two separate MSAs, even though the region still functions as a single metropolitan area. This resulted in the formation of the Raleigh-Cary, NC MSA and the Durham-Chapel Hill, NC MSA.
The Research Triangle region encompasses the U.S. Census Bureau’s Combined Statistical Area (CSA) of Raleigh-Durham-Cary in the central Piedmont region of North Carolina. As of Census 2010 the population of the Raleigh-Durham-Cary CSA was 1,749,525. The Raleigh-Cary Metropolitan Statistical Area (MSA) as of Census 2010 was 1,130,490.
I confess I was shocked to see that the population of Raleigh and Cary, which includes the surrounding suburbs of Wake Forest, Garner, Holly Springs, Fuquay, etc., has climbed to 1,130,490. But I digress…
According to this article, third quarter 2011 sales prices in Raleigh/Cary climbed 7.3% from third quarter sales in 2010. I wasn’t able to verify this figure through the MLS but across the Triangle we did see a drop in the number of listings on the market, which meant a smaller pool of homes for buyers to choose from. When the supply equals the demand, prices don’t fall like they do in markets where an avalanche of foreclosures and desperate sellers saturate the market.
Evidently the Raleigh/Cary area is expected to grow another 35.7 percent by 2020. It’s funny to me that this article states that the economy is bolstered by jobs in the public sector, since the legislature terminated a large number of public sector jobs between 2007 and 2011, the leading cause of a rise in unemployment in the state.
But it’s good to see that our area will continue its 30+ year pattern of continued economic health, and that the housing market will continue to strengthen and create new opportunities for sellers and buyers alike.
Searching for homes in Raleigh-Cary? Use our convenient MLS search. For help with Raleigh-Cary real estate, contact Dene Lee, our Wake County expert.
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