Raleigh Housing Market Trends 2020

Revisn short-term apartments takes a look at current trends in Raleigh to see how this challenging year has changed the ever-strong and vibrant housing market.

Pricing

Zillow reports that Raleigh’s current median single-family and condominium price is $297,861. The median listing price of $339,900 coupled with this sale price proves there is room for negotiation in the market. Over the past year, these home values have increased by 5% and are predicted to continue rising by 4.8% in the next year. Raleigh ranks a 6 out of 10 in home affordability according to business forecast publisher Kiplinger, meaning that while the city is one of the more expensive places to own a home in the US, it is a perfect market for the middle class and upwardly mobile. This is held steady by the largely millennial and Baby Boomer-aged workforce.

Time to buy?

Recently, the city has ranked as the second hottest real estate market in the US.

Forecasted trajectory of rising property values in Raleigh, NC. Credit: Realtor.com c/o Norada Real Estate Investments

With a population density similar to Atlanta or Austin, the Raleigh housing marketing is one of the best in the country, and considered one of the best three real estate prospects of 2020. While prices are suspected to continuously rise each year, it may be a good time now to buy a home in Raleigh. You can expect to see your property appreciate for a long time while you enjoy your new home and lifestyle in the City of Oaks. With a healthy 11.8% of home listings seeing a price adjustment last year, it may be a good time to invest in a new residence.

How COVID-19 Has Affected the Market

Surprisingly, Raleigh homes are still hot despite the COVID-19 pandemic, a trend that is currently seen nationwide. According to Zillow, homes are selling at nearly twice the projected rate for this year across the country. In June, homes were swept off the market in just one week after listing—two times faster than June 2019, and four times faster than the end of 2019. A decrease in supply saw a 15% slide from March to June in homes available for sale. With an upcoming affordable housing bond set to be voted on, and with the market still booming as of August, Revisn recommends that now is the right time to buy a home in Raleigh despite the issues COVID-19 has created.

Why Revisn?

If you are preparing to purchase a home in Raleigh, choose Revisn short-term, fully furnished apartments as your transitional housing.

Revisn not only corners the market in affordable, fully furnished short-term housing in Raleigh, but we also care about the needs of our guests. Every aspect of the Revisn experience has been designed for the 21st century traveler: the family, the solo businessperson, and the curious tourist.

At Revisn, we love pets! Every guest is welcomed to bring any pet under 40 pounds for a small deposit fee and signed pet agreement. Settle in with your furry friend without relying on a friend or boarding facility.

Advanced technology is not an afterthought at Revisn. It permeates every aspect of your stay while becoming utterly transparent. Control your stay via the Revisn smartphone app. Your smartphone becomes your building and residence access key, your connection to Revisn’s 24-hour concierge, your source for dining and shopping recommendations, and your source for controlling every aspect of your residence.

Passionate about saving the Earth? Us too! Revisn’s rooftop terrace is fitted with solar systems of 134 modules angled to maximize the amount of sunlight they will receive on its posterior roof. These panels produce 20% of our building’s power. This is equivalent of 1,086 tree seedlings planted, 92,397 pounds of carbon offset or 102,722 miles not driven. Check them out for yourself when you stay with us by enjoying some time up on the terrace.

Call Revisn today at 919-999-0160 and take that first step to becoming a North Carolinian.