Real Estate Sales in Raleigh North Carolina Skyrocket : The Real Estate Bloggers

Real Estate Sales in Raleigh North Carolina Skyrocket

December 22nd, 2005 • Related • Filed Under

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The Raleigh North Carolina housing market is booming, as are many others in the Southeast, and people looking to relocate from areas that the housing prices have peaked look to move to more affordable areas.

The hot housing market is starting to cool off in parts of the country. But in the Triangle area, all indications are that the boom will continue.

If you want to know how healthy the Triangle housing market is, look no further than Joan and Phil Pappas. They just moved from New Jersey, and they say the Triangle has everything they want.

“I think the No. 1 reason is the weather,” said Phil Pappas.

Coastal areas across the U.S. have reported slowdowns. Boston, D.C., Miami, and L.A. are all showing signs of leveling off. But in the Triangle, third-quarter home sales were up 13 percent.

“We’ve seen steady sales for January and it has not slowed down,” said developer Tom Keenan.

Keenan built 20 homes in all of last year. He will reach half that total next month alone. He and others think that it’s just the right time for the area.

“I think what it comes down to is affordable housing,” said real estate agent Lisa Ellis. “Our sales are up 30 percent from last year, and a lot of that is from folks moving from California and other markets.”

Ellis said families from California, New York, New Jersey, and D.C. are moving to the Triangle to get more space for less money. But with every success comes a price, and for the Triangle it may be explosive growth.

Wake County schools are bursting at the seams, the recent drought exposed limits to the water supply, and the area’s road system will see increased traffic. WRAL.com

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There Is 1 Response So Far. »

  1. Comment by bill endress on 23 December 2005:

    Sold my Clinton Township House last summer and moved into a cheaper house in the same town.
    Can’t cash out completely just yet, so I figured I’d by down to put less equity at risk.

    We own several lots in costal NC and I’m planning on retiring there in 3 to 4 years, but still need to live in this town until my son finishes HS this spring.

    I remember 1988 and how long the RE market took to recover from that down turn. I don’t have the time to wait out another hit like that. I only hope I bought down enough and that the NJ market only flattens. At least so I can keep most of what I still have tied up in this current house.

    I still wonder about the southeast as a continuing potential RE hot market. That market seems driven more by Baby Boomer’s, from all over the US, buying into areas they want to live in during their retirement. I currently have quite a bit of my NJ equity $ invested in this theory.

    So far it has been working.

    What’s your opinion?

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