Home News Triangle sees increased housing inventory, but higher mortgage rates lead to rising rents

Triangle sees increased housing inventory, but higher mortgage rates lead to rising rents

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Raleigh, NC (WTVD) — Triangle population boom shows no signs of slowing down as recently Job ads It is just one of the factors driving the influx of new residents.

Speaking about people moving to California from the West Coast, Annemarie Gianni, team leader at Allen Tate Realtors, said, “Part of it is that Apple moved here and it’s more tech. We’re moving to California. The prices are very reasonable,” he said. range.

While some buyers are still making all-cash offers, Janni said there has been a marked decline in investors rushing in to buy properties.

“We’re looking at lower price points, first-time homebuyers, those people. They were always competing with investors. And now they’re not. They’re just competing with each other.” We’re just going to be able to see people being able to buy homes.

Housing inventory has been a hot metric for the past few years, as low housing inventory has contributed to rising prices.

“We are in a better place than we were a few months ago, but we definitely need more housing,” Jani said.

according to Triangle MLSIn July 2022, there will be approximately 2,300 homes available for sale across the region compared to July 2021, an increase of nearly 70%.

“Now we are normalizing. We are getting back to an even market. I think we have been in a seller’s market for quite some time. ‘ said Jani.

Year-to-date, the region’s median sales price is $405,000, up 22% from 2021. New listings are up 0.5% for him, but closed sales are down 6.7% for him year-to-date.

of 30 year fixed rate mortgage The average is 5.89%, more than double from September 2021. This is one factor in him putting some potential homebuyers on the sidelines and looking for rental properties instead. However, they have noticed that prices have skyrocketed in that area as well.

a Report from Rent.com Raleigh was found to have the fifth-highest year-on-year rate of increase in one-bedroom rents, at 42.1%. Greensboro he led the nation with 74.2%. With two bedrooms, 4 North Carolina cities include Durham (3rd, 54.2%), Raleigh (6th, 44.8%), Fayetteville (8th, 43.2%), and Greensboro (9th, 43.1%). 9 cities ranked in the top 9. Raleigh and Greensboro were two of the three cities nationwide to reach the top 10 for one- and two-bedroom rent growth.

“Individuals and families have called us asking for help and assistance staying in their rental properties, which is pretty unusual for us,” said executive chair of Advocacy, a nonprofit that alleviates homelessness. says Janet Hocatt-Hairston.

Raleigh’s average one-bedroom rent was the 41st highest in the nation ($1,840) and the highest in North Carolina. Durham’s two-bedroom average rent was the 40th highest in the nation ($2,212) and the highest in North Carolina.

Hocutt-Hairston wants to increase funding for affordable housing.

“Most of the people I’ve met are hard working individuals and families. Some work two or three jobs to make ends meet for their children,” Hocutt-Hairston explained.

She also called for more public transportation, an important consideration when people choose where to live.

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