Tuesday, January 31, 2012
Raleigh-Durham-Chapel Hill was identified by Inman News as one of 10 housing markets to watch in 2012. This is based on evaluating housing, economic and demographic data. The 10 areas show the following strengths:
- A “flourishing job market;
- A high rate of sales in proportion to the population;
- Strong home affordability;
- Low foreclosure activity;
- Below average percentage of distressed sales; and
- Low vacancy rates.
The report touts Raleigh-Durham-Chapel Hill as having 7.3% price appreciation in 2011. It states that we also have the highest median sales price ($224,300) of the 10 metro areas; were the only market with a median sales price above the US median; and the affordability rate is also above the National rate.
The other 9 markets to watch are: Wichita, KS; Rochester, NY; Des Moines, IA; Chattanooga, TN; Peoria, IL; Amarillo, TX; Binghamton, NY; Waterloo Cedar Falls, IA; and Bloomington, IL.
Economists are predicting that 2012 will be a transitional year for real estate. They are stating the market will fall another 2-4% before bottoming out which will be soon.
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