Raleigh and Charlotte just topped a new national list. The North Carolina cities are first and third, respectively, for large US cities with the most recently built homes for sale.
Strong population growth is the main factor in the rankings.
The median age of a housing unit in the United States is 42 years, a figure that’s steadily risen over the past 20 years, according to a new report by the Inspection Support Network. Older homes are typically in spots where population growth is flat or slower than other parts of the country.
Raleigh and Charlotte certainly have no issues with slow population growth. Raleigh has seen nearly a 23% population increase in the last 10 years, and Charlotte has seen nearly a 24% increase, the report says.
Newer homes are more expensive to buy and rent, the report says, as they have more sought-after amenities and materials. But older homes can get expensive to maintain with time, and they’re more likely to have used more dangerous materials like asbestos, lead paint or radon.
Rachel Eberhard is a real estate developer with CASA, an affordable housing organization in the Triangle that develops and manages rental communities. She says the key to ensuring inclusive growth in an area is to build a wide range of housing types that can serve as more affordable options for households.
“CASA believes that the solution to homelessness is housing, so building more is a good thing in our role as a housing provider,” she said.
“Since the region is continuing to grow exponentially, we are seeing pressure on naturally occurring affordable housing (i.e. older housing stock) where the land becomes more valuable than the structure that occupies it. This is one factor contributing to the younger housing stock, particularly near amenities and services.”
Here’s more on Raleigh and Charlotte real estate.
Raleigh: Most recently built homes for sale in US
Raleigh was ranked #1 for the large city with the newest homes for sale, Inspection Support Network published.
Here are the findings:
27 years: Median residential home age
7.9%: Share of housing units built in 2014 or later
16,237: Total housing units built in 2014 or later
+22.7%: Change in population in the last 10 years
This analysis was conducted using Census data from 2020 and by calculating median residential home ages as of 2020, which was the most recent data available, the report says. Locations with lower home ages ranked higher on the list.
The inventory of homes for sale in Raleigh from this July was 942 — up from 660 homes for sale in July 2021, said Jay Nelson, Raleigh Regional Association of Realtors’ senior director of marketing and communications. The average sales price of a home in Raleigh has increased 19% to $527, 000.
In the Triangle, median home sales price increased 18.3% from this time last year to $420,000, Nelson said.
Charlotte: Third-most recently built homes in US
Charlotte came in at #3 for the large city with the newest homes for sale, Inspection Support Network published.
Here are the findings:
29 years: Median residential home age
6.8%: Share of housing units built in 2014 or later
24,990: Total housing units built in 2014 or later
+23.8%: Change in population in the last 10 years
New real estate listings in Raleigh
July 2022 had the highest number of new real estate listings in Raleigh since January 2020, according to Zillow data.
There were more than 2,100 new listings in Raleigh in July 2022. This is more than double the number of new listings in February 2022 – 1,013 – the lowest number of new listings in this time period, per Zillow.
The Triangle’s housing stock is continuing to rebound after hitting historic lows earlier this year, The N&O reported earlier this month.
There were over 2,400 homes for sale in July in Wake County, which was nearly twice the number available last summer. The greater inventory could be attributed to new construction and higher interest rates, said John Wood, a Realtor with Re/Max United in Cary.
New real estate listings in Charlotte
August 2021 had the highest number of new real estate listings in Charlotte since January 2020, according to Zillow data.
There were more than 4,800 new listings in Charlotte in August 2021. This is more than double the number of new listings in February 2022 – 2,402 – the lowest number of listings in this time period, per Zillow.
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