Raleigh, N.C. — With the Apple campus bringing jobs to Research Triangle Park, many people have noticed the “the Apple effect” on local real estate prices.
WRAL News traced the direct impact of Apple’s announcement on the price and availability of homes in the Triangle during the past 12 months.
Many realtors now use the phrases “before Apple” and “since Apple” — but do the metrics really back up the idea of the Apple effect?
Research shows that real numbers do back up the effect.
For example: Zillow estimated the value of a house in the Breckenridge subdivision – right across the street from Apple’s property.
- Last April, it was $289,000.
- The value jumped $23,000 the month after Apple’s announcement.
- Today, it’s listed at $415,000.
WRAL News compared home sales in the ZIP codes closest to Apple’s RTP campus in the three months leading up to the April announcement last year to the same three months this year.
The median sales price for homes that share the same ZIP code as Apple skyrocketed 53% in a year.
There’s also been a Triangle-wide increase of 24.2%.
Cary resident sees increase of $200,000
Ritwik Pavan moved into a townhome in Cary just a few months before Apple announced plans to become a neighbor up the road.
This young tech entrepreneur is seeing the Apple impact of that proximity: His property value has shot up $200,000 since he bought it.
He’s holding on to the home that’s no longer just a place to live – but an investment.
“I don’t see the values of the homes in Cary going down too much just because of these tech companies coming in,” Pavan said.
It all comes back to Apple, according to realtor Chris Morton, who compares the tech giant to the high school quarterback.
“Everyone wants to be his friend,” Morton said. “Everybody wants to hang in his circle.”
That presence is attracting other companies and their people.
“What we’re getting right now isn’t even the Apple crowd,” Morton said. “It’s the periphery of Apple — so imagine when Apple comes.”
Julie Kopetsky and Nancy Harner with Coldwell Banker HPW says they’ve relocated more than 1,000 families into the area in the past year.
“Many of these corporations are coming from areas that are much more expensive,” Kotepsky said.
They can’t say which companies they work with because of confidentiality — but they see no sign of the influx ending.
“Some of the big companies are coming here, and the ancillary businesses now want to be here as well, so we don’t look to be slowing down any time soon,” Kotepsky said.
That team says they’ve seen a 20% increase in relocations compared to five years ago.
It’s not just affecting the housing market in these nearby ZIP codes. Many of these jobs allow people to work from home. That’s sending people to buy homes in surrounding counties.
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