A little bit about Raleigh real estate values

This post was originally featured on my blog Raleigh Real Estate News at http://www.gravesrealtyassociates.com/raleigh-real-estate-news-blog/

Did you know...

1. The annual, average appreciateion rate for a detached, single family home in Raleigh is about 3%? Line that statistic up against other parts of the country we hear about in the nightly news and we should feel fortunate.
2. The current average list price of a single family home in Wake County is approximately $356,000. That reflects a 3% drop from last year.
3. The average selling price is down about 10% to $245,000.
4. North Hills continues to be a driving force for the residential real estate community commanding nearly 11% appreciation annually. The great thing about North Hills is that is still under construction and will continue to increase in value for several more years to come.

Of course you will find the numbers will vary based on specific locations and home details but this should provide you a general picture of the Raleigh market. Our fastest appreciation comes from detached homes. Townhomes will normally appreciate a little bit slower and condos are the slowest. Inlike other markets, we have not seen major depreciation in home values. Over the past 12 months we have seen home prices slip about 10%.