5 YR RENTAL TREND + FORECAST - 2, 3, 4 BD SFR
AVG RENTAL PRICE SFR 2 BD AVG PRICE, ACTUAL SFR 2 BD AVG PRICE, ESTIMATE SFR 3 BD AVG PRICE, ACTUAL SFR 3 BD AVG PRICE, ESTIMATE SFR 4 BD AVG PRICE, ACTUAL SFR 4 BD AVG PRICE, ESTIMATE
2000 1900 1800 1700 1600 1500 1400 1300 1200 1100 1000
900 800
Month + Forecast
hosts 1.36M residents. The metro added nearly 28,000 residents between 2017 and 2018, a two percent rise. Between 2010 and 2018, Raleigh’s 19.8 percent population growth ranks as the third fastest growing metro area by percentage growth, following Austin, TX and Orlando, FL. Net inward migration contributed to a 69 percent share of population growth. Solid job growth in high-paying jobs with a reasonable cost of living continues to draw new residents to the area. RENTAND HOME PRICE METRICS The median home value in the Raleigh MSA was $285,000 in the last month of 2019, up 4.5 percent percent year-over-year. Home price appreciation has downshifted in the last year versus a five- year average of six percent growth, or 30 percent appreciation in the 5-year period. Raleigh experienced approximately a nine percent drop from 2008 highs, hitting a low point in mid-2012 and recovering appreciation losses by early 2015. The 10-year overall home price appreciation is only slightly higher at 36 percent. Home prices in nearby Charlotte are also up 30 percent from the pre-recession peak, but lost nearly double that
many technology companies from other areas due to relatively low commercial and residential housing cost, favorable tax rates and talent coming from local universities such as UNC Chapel Hill, Duke and N.C. State. The concentration of high-paying industries in the Raleigh MSA provides a median household income of just over $75,000 according to the 2018 ACS data, ranking the metro 35th in the country. This is also considerably above the statewide median household income of $53,855, and over the national median income of $63,688. Metro area incomes have enjoyed a four percent increase from 2017 ($72,297), and up showed a 14.3 percent increase over 2015 household income of $65,778. According to the BLS unemployment report, the unemployment rate for the Raleigh MSA was a low 2.9 percent as of December 2019. That is lower than the national average of 3.5 percent, and down considerably from five years ago at 4.4 percent. *All information stated in the Job Growth section is from the BLS Job Report.
POPULATION According to the 2018 Census ACS data, the Raleigh MSA
thinkrealty . com | 83
Made with FlippingBook Online newsletter