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Raleigh’s growth puts a strain on the housing market

House with for sale sign

Photo by Pexels

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Raleigh is cheap but not in a bad way. SmartAsset determined that Wake County is No.1 in the state for the most favorable cost of living.

The research firm concluded that people living in Wake County have the ability to buy more things, like a house, due to the area’s higher purchasing power index. That number was calculated using the cost of living + the median income for the area ($80,591).

However, with ~64 people moving to Raleigh every day, buying a house is becoming harder + harder.

Supply is low, but demand is high — and 31% of homes in Raleigh were sold above their listing price in Dec., according to Zillow.

The pandemic is adding to the strain on the housing market, with people wanting a more comfortable place to work from home.

It also brought more people to the area that we affectionately like to call “Zoomers.” They came here when life transitioned to being virtual for the warmer weather + lower costs of living. Welcome, y’all.

If the housing market is stressing you out now, take a deep breath because Raleigh is only going to continue to grow. City leaders predict the population will reach ~600,000 by 2030.

Wanna see what is still available in the market?

Front of a house

Front of house | Triangle MLS, Inc.

This house may not look like anything special from the outside, but it actually has a spiral staircase, a library, a full wine cellar, and 11 bathrooms. No wonder it’s listed for $5.5 million.