The boom is not stopping! Raleigh, North Carolina is seeing tremendous growth in real estate values over the past year. This is true, even beyond COVID-19. In the past decade, there have been countless jumps in the values of houses in Raleigh.
Landlords and homeowners are feeling it in all different directions. The locals are beginning to feel like they are getting squeezed out of their homes and neighborhoods. Prices continue to rise, and rents are following suit.
We interviewed several local Raleigh homeowners to uncover what they are experiencing through these moments.
“I can’t believe this. Housing is crazy. Worse than the many years past. My house in Cameron Village is now doubled in price since I bought it a few years ago. However, the taxes are now up and the rents around me are up too. New construction is all you hear in the air nowadays. It’s terrible. I feel bad for some of my friends that have lived in Raleigh for many years and now cannot afford the rents. It is sad and I hope things go back to normal soon.” – Janet Gorthy, Raleigh resident
People will be continue to fight against inflation and rising real estate values for years to come. It’s a tough thing to watch. However, all we can do is support these people as best we can. Once the pandemic completely flattens out, we expect huge shifts in the Raleigh real estate market.
Tenants will be scrambling to new places. Evictions will be flooding in. Once that happens, sales will likely increase. If you have ever thought that I need to sell my house fast in Raleigh, here’s your chance. Home sales will occur extremely quickly. Currently, the demand for properties from home buyers is overflowing. The changes to come will be monumental.