In dark contrast to many other areas of the country, the Raleigh-Cary metro area's median home price has not changed drastically in the past few years. In 2010, the area's median sales price for existing homes was $217,600, according to the National Association of Realtors, 2.6 percent below the median in 2008. During that same period, the median sales price in the South overall fell 9.3 percent while the median for the U.S. as a whole fell 11.9 percent. More recently, the median sales price was down 0.5 percent year-over-year in the first quarter in Wake County, where Raleigh and its surrounding areas are located. Raleigh did not completely escape the downturn, however. Home sales in Wake County started to drop in the fourth quarter of 2007. In 2008, sales plunged 30.5 percent compared to 2007. In 2009, that rate of decline slowed -- closed sales fell 13.4 percent compared to 2008. By 2010, sales were down 8.3 percent compared to the year before. In first-quarter 2011, closed sales decreased 10.6 percent year-over-year. The estimated supply of homes for sale was 9.6 months in March, up slightly on a year-over-year basis. A supply of six months is considered to be a rough equilibrium between a buyer's market and a seller's market, with a larger supply tilting toward a buyer's market. Sellers in the Raleigh-Durham real estate market were among the most stubborn in the country in terms of pricing their homes, according to a report by Trulia. The site found that the market's sellers waited an average 71 days before making a first-price reduction -- seventh longest among the 50 largest cities nationwide. According to the Bureau of Labor Statistics, the non-seasonally adjusted unemployment rate for the Raleigh-Cary metro area in February was 8 percent, compared to 8.9 percent nationally. Raleigh is the capital of North Carolina and one corner of what is known as the Research Triangle region. The city's major employers are the state of North Carolina, the Wake County public school system, North Carolina State University, Wake Med Health & Hospitals, Rex Healthcare, Progress Energy, Wake County government, and the city of Raleigh. Research Triangle Park, one of the oldest and largest research parks in North America, is the region's main economic driver. Established in 1959 by government, university and business leaders, the park is home to more than 170 companies and more than 38,000 full-time workers. In the Research Triangle region as a whole, the major employers are Duke University & Medical Center, the University of North Carolina, IBM, GlaxoSmithKline, SAS Institute, Durham Public Schools, and Blue Cross & Blue Shield of North Carolina. North Carolina saw the fourth-highest jump in population among all 50 states between 2000-10, up 18.5 percent to 9.5 million, according to 2010 census results. It was one of only six states to see its population grow by more than 1 million people during that period. During the same period, the Raleigh-Cary metro area's population grew 41.8 percent, to 1.1 million people, making it the fourth fastest growing metro area in the nation. Fortune Magazine recently named Raleigh-Cary, NC the #1 fastest growing city in the South. The predominance of universities and technology companies in the area translate to a highly educated population. In 2009, 42.2 percent of people 25 and up in the Raleigh-Cary metro area had a bachelor's degree or higher, compared to 27.9 percent in the nation as a whole, according to the U.S. Census Bureau. The median household income for the metro area in 2009 was $59,316, compared to $50,221 at the national level. The metro area's median age in 2009 was 34.3, compared to 36.5 for the nation as a whole. At the city level, Raleigh's median age is 31.9. Young singles tend to dominate among homebuyers in the area, according to local real estate professionals. That particular demographic is especially interested in living in Raleigh's downtown area, which the city has been revitalizing for the past few years. The downtown area has about 40,000 workers. About 5,000 people live downtown and cite walking proximity to work as their main reason for doing so, according to the Downtown Raleigh Alliance, an organization that manages and promotes the city center. Hanley Wood's Builder Market Health Index recently ranked Raleigh as the country's healthiest housing market, with overall building permits rising 85 percent last year. Investors snap up foreclosure properties in the area. The Raleigh-Cary metro area has one of the lowest foreclosure rates in the nation. One in every 368 housing units in the Raleigh-Cary metro area received a foreclosure filing in first-quarter 2011, compared to one in 191 units in the U.S. as a whole. The area was ranked 145th in foreclosure activity among 211 metro areas covered by RealtyTrac. The area also had one of the lowest delinquency rates in the nation in November 2010, 4.3 percent. Nonetheless, there is a rising market share of distressed properties. They made up 17.3 percent of home sales in the Raleigh metro area in November 2010, compared to 8.9 percent in November 2009. Raleigh-Durham real estate market buoyed by the young | Inman News Raleigh-Durham Real Estate The Mooney-Jones Team / FM Realty919.443.5152
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