It will only be a few short weeks before the temperatures start to rise, the Forsythia and Jasmine will be showing off their bright yellow buds, then the Azalea's will start to bloom. So, let's get ready for the Spring Market.  

You must be prepared because right now inventory is still very low and prices continue to clime. We are often asked why prices seem so high in Durham as of late and it is true that they have risen quite a bit, Zillow is reporting a 7.7% increase for 2016. Durham is a great place to live, with a good job market, great research and medical facilities, outstanding restaurants, arts, and recreation so it is no wonder prices are high right? However, if you take a deeper look, prices really aren't that high...

If you compare Durham and the Triangle in general with other similar East Coast possibilities, we look pretty good. If we look at the median asking price of homes currently on the market we find the following data:

               
      The Triangle Asking Price      
      Durham Metro $296,500      
      Chapel Hill $462,500      
      Cary $408,245      
      Apex $440,445      
      Morrisville $297,580      
               

I then took a look at some other areas that I know our buyers consider as well when looking at relocating. Areas like the DC, Atlanta, New York and Boston:

               
DC Area Asking Price   Atlanta Asking Price   NY/CT/MA Asking Price
Arlington $600,000   Sandy Springs $550,000   Westchester $485,000
Alexandria $469,900   Marietta $315,000   Nassau $545,000
Silver Springs $379,500   Alpharetta $469,948   Fairfield $520,000
Manasas $349,999   Decatur $565,000   Boston $640,750
               

So as you can see, even though Chapel Hill and Cary are starting to push it they are by no means the highest amongst our competition. Durham quite honestly looks downright cheap. You want to really get excited then you need to look at average price per square foot. We are clear winners on that front meaning you get a lot more house for your money here in the Triangle than you do in these other metro areas.

               
      The Triangle Price/Foot      
      Durham Metro $135      
      Chapel Hill $174      
      Cary $151      
      Apex $144      
      Morrisville $143      
               

The only one close to us are the Atlanta suburbs:

               
DC Area Price/Foot   Atlanta Price/Foot   NY/CT/MA Price/Foot
Arlington $449   Sandy Springs $196   Westchester $275
Alexandria $335   Marietta $135   Nassau $331
Silver Springs $232   Alpharetta $158   Fairfield $247
Manasas $181   Decatur $289   Boston $576
               

Now granted these numbers change daily and this is just a snapshot in time and places from data I pulled from various internet source. However, one thing is clear, when you are getting ready for the Spring Market, the Triangle in general, and Durham particularly, is a great place to start your search for a good home at a good price, and it's a great place to live to boot.

See you this spring!

Posted by Andrew Palumbo on
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