Home News Vacant homes are rare in Triangle, across NC – and most are owned by investors

Vacant homes are rare in Triangle, across NC – and most are owned by investors

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RALEIGH – According to the report, nearly 34,500 homes in North Carolina are vacant. New report From ATTOM Data Solutions to track foreclosures, pre-foreclosures, and vacancies across the country. And 80% of them, or four for every five properties, are owned by investors, the report said.

About 1.1% of the approximately 3.49 million residential properties in the state are vacant. It’s a 34,999 home. And the dataset shows that 30,802 of those homes are investor-owned. ATTOM tracks that a total of 1,166,216 of the state’s housing assets are owned by investors. Therefore, the vacancy rate for investor-owned homes is 2.64%, which is 2.4 times the overall vacancy rate.

The report pays more attention to housing problems in the state: housing shortages and rising prices.

North Carolina Budget and Tax Center executives said the state was facing earlier this year. 900,000 shortage Additional housing units by 2030. And last month, an economist and professor at the University of North Carolina at Charlotte Buy a house In North Carolina, costs continue to increase and you need to do that right away.

“The median home prices across the country rose only 3% from the third quarter of last year to the first quarter of this year, and home seller profits declined in 2022,” said a statement from ATTOM Data Solutions. “At the same time, the return on investment of speculators turning real estate has reached its lowest level since 2008.”

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Triangle real estate is still hot

But Triangle Investors Still Want Buy your home to turn over WRAL TechWire reported earlier this year that it was the process of buying a home, remodeling it and reselling it to new buyers. These types of homes are vacant as long as they are owned by the home flipper.

Other vacant homes include instant buyers or homes owned by iBuyers such as Opendoor, Offerpad, RedfinNow, and homes currently partially owned. Institutional investor Those who have not yet placed a renter in their house.

Other homes not owned by investors are vacant, including foreclosure procedures and pre-foreclosure homes, according to ATTOM.

However, Charlotte and Raleigh’s housing market shows low overall vacancy rates, especially for non-investor-owned homes, ATTOM adds.

Executives warn that North Carolina is facing a housing shortage of 900,000 homes by 2030

Raleigh in Wake County has the lowest vacancy rate

The region with the lowest residential vacancy rate is the Raleigh Metropolitan Statistical Area, which has a vacancy rate of only 0.44%, with 1,964 units at the time data for 442,040 homes in the region were collected. The house is vacant.

Vacancy rates in Wake County are even lower, at 0.41%, with 1,527 vacant homes out of the 370,003 homes tracked in the dataset.

Of these properties, 1,116 units, or 73% of all vacancies, are designated as “empty investment properties” in the ATTOM dataset. With 67,288 investor-owned properties in Wake County, the vacancy rate is 1.66%, more than four times the vacancy rate for the region as a whole.

in the meantime Foreclosure increased by 182% in Wake CountyRaleigh’s homes have added an estimated $ 50 billion in value since the outbreak of the pandemic, and it is now considered that more than half of the owners of mortgages in real estate are stock-rich. .. According to Rick Sharga, Executive Vice President of Market Intelligence at ATTOM, owners of vacant properties can have a “relatively soft landing” if their home is seized.

According to the ATTOM dataset, Dallam County has 91,507 residential properties, 20,927 are investor-owned. There are a total of 1,194 vacancies in the county, of which 878 are owned by investors. The vacancy rate for investor-owned homes in Dallam County is 4.2%, while the overall vacancy rate for all properties is 1.3%.

Investors are driving a larger share of Raleigh’s home sales.Full cash sales surge to 33% of transactions

Charlotte has the most vacant residential properties

According to the dataset, about 7,100 of the state’s vacant properties are in Charlotte’s metropolitan statistical area, of which 5,276 are owned by investors.

Despite that number, Charlotte’s housing vacancy rates are the highest in the state at 0.84%, the highest in the country on some scale. This is a measure of the lowest rate of vacant properties in the county with at least 500 pre-foreclosure procedures. In Mecklenburg County, the rate is 0.5%, the fourth best in the country.

However, for investor-owned properties, the dataset shows that the vacancy rate in the region is 2.5%, almost three times the overall vacancy rate. It’s in MSA. Mecklenburg County has 79,366 investor-owned properties out of 335,047 total residential properties in the county, with 1,461 investor-owned properties vacant in the county, with a vacancy rate of 1.84%.

Foreclosures have increased by 182% on wakes, but high equity and high demand mean that most endangered people will sell their homes rather than lose them altogether.

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