How much have Homes in Raleigh Appreciated In The Last 5 Years
August 02nd, 2018
Home Appreciation in Raleigh, North Carolina Area
This data compares home appreciation from the timeframe of July 2012-2013 to the timeframe of July 2017-2018
In Raleigh, homes have appreciated by 32% over the last 5 years. The average sales price between July 2012-2013 was $243,489 and five years later (July 2017-2018) it's $321,715. This represents a total appreciation of $78,226 for homeowners in Raleigh over the last five years.
The average days on market in Raleigh has decreased from 88 to 35. This is a significant decrease and only shows just how much buyer demand has increased locally.
Cary is largely a similar story to Raleigh in the fact that homes have appreciated by 26% over the last five years. While this percentage increase is not as much as Raleigh it's important to remember that Cary's home prices are higher than Raleigh. In fact, the average sales price of homes in Cary jumped from $316,886 to $399,804
Average days on market followed a very similar path as Raleigh decreasing from 74 days to sell all the way down to 35 days to sell. This means homes are selling on average within 5 weeks and most of us locally expect them to sell faster than that!
Ranked by Time magazine as the best place to live in the United States in 2015, Apex home appreciation has jumped 38% over the last five years! The average sales price of a home in Apex increased from $284,290 all the way to $392,184 putting the town of Apex right in line with Cary prices! When you consider the total dollar amount of appreciation, Apex homeowners saw a $107,894 increase over the last five years on average.
Apex is a much smaller town than Cary or Raleigh and that is why you will notice the average days on market being significantly higher. This also takes into account all the new construction homes that are for sale (they list homes before they build them) that sit on the market for months while they are being built.
One of the more popular towns in the Raleigh area is Holly Springs. The appreciation of homes in Holly Springs reflects just how popular the town has become with a 37% increase. Homes in Holly Springs went from an average sale price of $271,978 to $372,42 an increase of $100,464!
Holly Springs has seen a lot of new construction over the last five years as the city's population grows. This is in large part reflected in the average days on market being over 40. Almost every home in Holly Sprunderudner $250,000 is selling in the first couple of weeks!
The fastest home appreciation of any city in the Raleigh area is, Fuquay-Varina with an average appreciation of 42% citywide! This represents an increase in home value of $85,480 over the last five years. For many of the town's residents, this comes as no surprise. The downtown Fuquay scene is blowing up with craft breweries and local restaurants.
Homes in Fuquay-Varina have been selling much, much faster than they did five years ago with an average days on market decreasing from 96 to 42.
Homes in Garner have appreciated by $70,981 in the last five years. This number represents an increase of 41% in average sale price up from $172,313 to $243,294. Garner is an increasingly popular place to live as it's directly south and east of Raleigh and you can be downtown in under 15 minutes in a lot of parts!
The latest news in Garner is that Amazon is building a distribution center here bringing in thousands of new jobs. This announcement is a huge win for Garner which is likely to continue it's strong growth with new plans to finish off the highway I-540 allowing for easier commutes around the Triangle.
Clayton's appreciation is far slower than other parts of the Triangle with an average total appreciation of $55,383. This represents a 30% increase in appreciation of average sale price sold which is up from $186,901 to $242,284.
The average days on market for homes in Clayton is down to 47 days from 110 days five years ago. This is a considerable decrease in average days on market for one of Raleigh's fastest growing suburbs.
Morrisville is a fantastic location right next to the airport and the Research Triangle Park. As such, homes have appreciated by $92,754 over the last five years. This number represents a 38% increase in the average appreciation of home sales which are up from $246,021 to $338,775.
Homes in Morrisville don't stay on the market long. In fact, they are selling in 31 days on average. This is a huge decrease from the 69 day average of five years ago.
Durham is exploding with growth and thus homes in Durham have appreciated by $79,475 over the last five years. This number represents a 42% increase in the average appreciation of homes with an average sales price increasing from $191,489 to $270,964.
Homes in Durham would spend months on the market five years ago, with an average days on market of 93. This number has been reduced dramatically. Today, homes in Durham are selling on average, within 31 days of being listed.
Chapel Hill is one of the more popular spots in the Triangle and the price of homes reflects that. It's the most expensive city in the Raleigh area with an average home sale of $431,183 which is up from five years ago when it was $380,222! This represents an increase of $50,961 for homeowners in Chapel Hill. An increase of 13.4%.
The average days on market in Chapel Hill went from 118 days five years ago to 55 days. Homes are selling much faster than they were five years ago.
Wake Forest has seen an average home appreciation of $62,898 over the last five years. Homes sold with an average sales price of $348,787 which is up from $285,898, a 22% average appreciation of home prices.
Homes in Wake Forest are selling on average in 56 days. The average days on market for homes in Wake Forest five years ago was 97.
This data is brought to you by the Raleigh Regional Association of Realtors as well as the Triangle Multiple Listing Service. We took residential home sales and compared the data to eleven of the most popular cities in the Triangle! Drop us a note in the comments section below and let us know what you think!