Wake County’s already hot housing market expected to heat up more once Apple arrives

Wake County News

RALEIGH, N.C. (WNCN) — With Apple bringing 3,000 high-paying jobs to Wake County, there are questions rising about what that could mean for the local housing market.

“Prices are going up considerably,” said Jon Tennant, a real estate broker with the Jim Allen Group.

Tennant says the real estate market in Wake County has never been hotter.

“Sellers are getting top dollar,” said Tennant. “If you have a house to sell right now, now is the time to do it. At the same time, buyers have record low interest rates.”

Coupled with the pandemic, the cost of an average home is up to nearly $330,000 which is roughly a 10-percent increase over a year.

“Our inventory right now is what it was 30 years ago,” said Tennant. “The population 30 years ago isn’t anywhere near where it is now.”

To try and get a handle on real estate, the Wake County Board of Commissioners recently approved more than $10 million to build 625 affordable apartments.

“We have a full-court press going on with affordable housing right now,” said Matt Calabria, chairman of the Wake County Board of Commissioners. “We want to make sure that people can afford to buy their own homes, afford to rent, and afford to live here.”

“The bedroom communities around Raleigh, Cary, and Morrisville are letting us pass permits for more buildings,” said Tennant.

That could help build up the supply of homes, but if a home catches your eye Tennant says you need to act fast.

“Call up your agent and put an offer in now before you even see it,” said Tennant. “That’s the only way to get a leg up.”

Tennant said that if you’re hoping to avoid a bidding war on a home, the best thing to do is consider new construction, but it could take up to a year before your home is complete.

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