Hot streak: There appears to be no slowing down the heated home market, although constructors are having issues There is no shortage of buzz surrounding the RaleighDurham region, especially as the biotechnology and life sciences industries kick into high gear. The area was awarded second place behind only Boulder, Colorado, in U.S. News & World’s 2021 ranking of best places to live in the United States. Also this year, Raleigh took third place in a Men’s Health ranking of Happiest Cities in America, WalletHub called it the 11th best-run city and the Milken Institute said Raleigh’s economy is the fifth-best performing in the country. Commensurate with all the accolades over the past year, the housing market in the Triangle area has picked up steam. In fact, it is steaming hot. Raleigh is an example. As of July 2021, the city is recording the second-fewest days on the market for houses, and homes are going for tens of thousands over asking prices, according to Zillow. The average price of a home in Raleigh is now $333,255, just under the U.S. average of $350,000. And there is no shortage of qualified buyers. Charlotte-based mortgage firm Lending Tree said the market is the third-most competitive in the country in terms of real estate. With an average of 20.39% down payment and over 70% of buyers having a credit score of 720 or more, the situation is ripe for more than a few bidding wars. 82
“The market is very strong, with an imbalance in terms of high buyer demand. The challenge is providing inventory to meet that demand, both in the resale market as well as new construction, which has historically represented about 45% of our market,” David Jones, CEO of Coldwell Banker Howard Perry and Walston, told Invest:. Landscape So why is the region the darling of the moment? Lifestyle has a lot to do with it. The region ranks highly among young professionals and retirees alike because, as well as offering access to a booming job market in the cities of Raleigh and Durham, housing is affordable, schools are nationally ranked and there are plenty of activities and events taking place. Raleigh is one of the nation’s fastest-growing cities but it still offers residents a smalltown feel. And there is food and drink aplenty. Raleigh is now home to the largest beer garden in the world (even beating Germany) with the Raleigh Beer Garden and has over 1,200 restaurants to choose from. Residents in the Triangle area are within easy access of beaches, mountains, sports, nightlife, art and live music. But one of the biggest wow factors for the region is ( )
| Invest: Raleigh-Durham 2021 | RESIDENTIAL REAL ESTATE & CONSTRUCTION
