Cary makes national list as strongest real estate market for 2011

Posted on 03/07/11 No Comments

MacGregor Downs in Cary, NCCary and Raleigh have landed at the top of Builder Magazine’s list of most healthy housing markets in the country. Not only that, Charlotte, Chapel Hill, Wilmington and Durham all made the top 20. Pretty impressive.

The reasons for our area’s relative stability are not hard to uncover. In short, prices here were never that far out of whack, to turn a technical phrase.

The magazine noted a building permit increase of 85 percent in Raleigh and Cary during 2010.

During the most swollen times of the recent bubble, appreciation did climb in some sub-markets, like in pockets of Cary and inside Raleigh’s Beltline, to more than 10 percent per year. That’s fairly unsustainable. However, six percent per year in those same communities is not. Most of Cary and the more historic areas of Raleigh are always in demand.

The magazine’s editors also cited a significant increase in building permits and steady job growth as real estate market drivers. We’ve heard from a number of colleagues that the phones are starting to ring more often and if further evidence is needed, consider that mortgage interest rates have also inched upward, further signifying signs of improved market health. (Nevertheless, 30-year mortgage rates remain enticingly low.) 305 Ravenstone Drive in Cary, NC

305 Ravenstone in Cary, pictured left, is currently one of our featured listings.

Any area surrounded by such an impressive collection of academic institutions is going to always remain somewhat more stable than markets less academically-oriented. However, what makes the Triangle even more unique in that respect is that geographically speaking, it’s not a large area, making the concentration of educated professionals dense enough to stand out on a national basis.

Beyond the collective brain power of the graduates they produce, NC State, UNC-Chapel Hill and Duke are economic engines themselves, drawing people from around the country into the area. There are other terrific schools here too, like Meredith, NC Central and Peace College.

This was certainly a warming article to come across and its timing with Spring couldn’t be better. It’s house hunting season …

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