Land Prices Decline Nationally — In Raleigh Real Estate Market Land Prices up 12%
Much of the National statistics have been concentrating on housing prices in the real estate boom, then recent slowdown, and not much information has been published about land prices, until recently. Statistics say National land prices have taken an even wilder ride with residential lot prices in many areas of the country plummeting in the past year as much as 29%. Thankfully, not all markets are experiencing the same event – the Raleigh-Durham real estate market being one of them. In the Raleigh Cary area, larger tracts of land (for residential development) have increased in value from 10 to 15% annually since the late 1990 (according to estimates by Wake County revenue director Emmett Curl.) And, Mr. Curl expects appreciation to continue at a comparable rate in the Wake County (Raleigh, Cary, Apex, Holly Springs area) “for the foreseeable future.” Raleigh real estate is certainly impacted by the national economy — primarily when those who want to move to our area cannot do so until they sell their current home. Raleigh Durham economy continues to thrive with new jobs continuing to flow into our area and many new families moving here daily, which creates more demand for housing, and makes for a great climate for appreciation. Raleigh and Wake County — A great place to live, work and play.
