Raleigh home values have been steadily increasing , but homeowners still aren’t listing their properties. As a result, Wake County had an 8.4 percent year-to-year drop in inventory for the month of February.
This isn’t a new trend for the area. As the following chart shows, the Wake County housing inventory has been falling for some time now.
Rising home prices should eventually lead to more listings, though these figures have also been rising steadily during the last year. The median sale price in Wake County rose to $223,875 in February from $218,000 the previous month, showing a 14.8 percent year-to-year gain.
Housing inventory gets even more scarce when you look at affordable housing and rentals. Gregg Warren, president of DHIC, a nonprofit housing organization, says that DHIC owns nearly 1,700 affordable apartments in the area and has waiting lists for each one.
Rentals have seen a 2.4 percent price increase from January 2013 to 2014, with the median rent for a two-bedroom apartment sitting at $1,000. “There is definitely a shortage of affordable rental housing in Raleigh and in the Triangle as a whole,” Warren said. “Many families pay more than the accepted standard of 30 percent of income for rent and utilities. In fact, a significant number pay more that 40 percent or 50 percent.”
Bottom Line: It’s a great time to be a homeowner in the Triangle who’s in the market to sell!