Raleigh’s hot housing market is shifting away from the city and out to the suburbs for the first time in years.
REPORTING 78 COVID PATIENTS COMPARED TO 55 IN APRIL. >> RALEIGH’S HOT HOUSING MARKET IS SHIFTING AWAY FROM THE CITY AND OUT TO THE SUBURBS FOR THE FIRST TIME IN YEARS. OVER THE PAST YEAR, THE TYPICAL SUBURBAN HOME GAME, NEARLY $10,000 MORE IN VALUE THAN THE TYPICAL URBAN HOME IN RALEIGH. THAT’S ACCORDING TO NEW ANALYSIS FROM ZILLOW WR AS MATT TALHELM IS LIVE IN NEARBY. CARRY WITH WHAT THIS MEANS FOR THE HOUSING MARKET ACROSS THE TRIANGLE THAT. WELL, GERALD, THAT MEANS FIERCER COMPETITION FOR BUYERS WHO ARE LOOKING TO THE SUBURBS, TRYING TO HOME THAT’S WITHIN THEIR BUDGET. >> THIS IS ZIP CODE WEST. KERRY, 2, 7, 5, 1, 9, THE HOME VALUES ARE UP. 39% IN A YEAR. AND FOR THE FIRST TIME IN MORE THAN A DECADE, ZILLOW SAYS THOSE HOME VALUES HERE IN THE SUBURBS ARE MOVING HIGHER AND FASTER. THEN INSIDE THE BELTLINE. THE GRANTS BECAME GREENER. BIDEN JUST BECAME AN URBAN AND OVERNIGHT WHO’S NOW SUBURBANITES WITH ELIZABETH TYSON. ANDERSON, GOT TO HOLD THE SOLD A SIGN ON THE HOUSE SHE BOUGHT IN GARNER. GARNER, OFFERED THE OPPORTUNITY FOR ME TO HAVE A HOUSE TO HAVE A YARD TO HAVE COMMUNITY TIES AND WHAT IT AWAY FROM CITY LIFE AFTER RELOCATING FROM CHICAGO TO GET ENOUGH HUSTLE AND BUSTLE EVERY DAY AND COMMUTING TO WORK. >> SO IT’S JUST NICE TO GO HOME AND RELAX. MOVING TO THE SUBURBS WAS ALSO MORE AFFORDABLE FOR HER FAMILY’S BUDGET. I GOT IN RIGHT BEFORE PRICES LIKE ESCALATED TO THE POINT, I MAY NOT HAVE BEEN ABLE TO AFFORD THE HOUSE. I HAVE NOW ZILLOW ANALYSIS SHOWS HOME VALUES IN THE SUBURBS ARE SOARING AT A FASTER PACE THAN URBAN RALEIGH. THE 5 ZIP CODES WITH THE FASTEST GROWING HOME VALUES ARE ALL IN MORRISVILLE. CARY, APEX AND NORTHEAST RALEIGH. THEY’VE SEEN VALUES SOARED MORE THAN 39% OVER THE LAST YEAR. HOME VALUES IN THE CITY ARE STILL UP, BUT NOT BY AS MUCH AS THE BURBS. >> 4 OF THE ZIP CODES. ZILLOW TRACKED WITH THE SLOWEST GROWTH IN VALUE ARE INSIDE AND ALONG THE BELTLINE ARE SEEING THIS PREFERENCE SHIFT TOWARDS THE SUBURBS TO LITTLE ECONOMISTS. NICOLE, THE SHOW SAYS THAT CLOSING THE AFFORDABILITY GAP BETWEEN CITY LIVING AND THE SUBURBS. TYPICALLY URBAN AREAS ARE MORE EXPENSIVE THAN OUR SAY. THAT TRADEOFF IS A LITTLE LESS SO AS OR AS THE SUBURBS ARE REALLY PICKING UP STEAM AGAIN, VALUE A LOT MORE QUICKLY. SO I THINK MAYBE THERE’S A LITTLE BIT OF THAT THIS MORNING. KIND OF A SMALL TOWN BY REALTOR ELLEN PITTS SAYS FAMILIES ARE FINDING THE LARGER LOTS AND OPEN SPACE. THEY CRAVE. >> WITHOUT HAVING TO WORRY ABOUT MEETING DOWNTOWN FOR WORK IN PLACES THAT PEOPLE NEED TO COMMUTE TO ARE BECOMING MUCH MORE SPREAD OUT. AND SO PEOPLE DON’T NEED TO BE GATHERED AROUND THAT CENTRAL FOR WHICH IS HONESTLY FANTASTIC FOR HOUSING PRICES OVER TIME. >> AND REMOTE WORK PLAYS INTO ALL OF THIS. ACTUALLY TALKED TO A TECH WORKER WHOSE RELOCATING HIS FAMILY FROM SEATTLE TO HERE. AND HE’S ONLY LOOKING FOR HOMES IN THE SUBURBS BECAUSE YOU CAN GET A BIGGER HOME WITH SPACE FOR AN OFFICE. ALL THE TALKED TO SAY THAT THE SUBURBS ARE REALLY ATTRACTIVE TO PEOPLE WHO ARE LOOKING FOR THAT OPEN SPACE AND HOMES THAT ARE CLOSE.
