WJTV News Channel 12 - Triangle home prices continue to spike

Triangle home prices continue to spike

Posted: Updated:
Average prices now top $250,000 in The Triangle. Average prices now top $250,000 in The Triangle.
CARY, N.C. -

Home prices in the Triangle are the highest they have been in six years, according to the latest figures from the Triangle Multiple Listing Service.

Prices across the triangle rose 2.9 percent in July 2014, compared to July 2013. The average home now sells for just over $250,000.

Strong demand in Wake, Durham and Johnston Counties drove the growth, while prices actually slipped almost 13 percent in Orange County.

Wake County's average home price was around $280,000, with homes in Durham averaging around $220,000. Johnston County had the cheapest homes in the region at $190,000. Orange County was the most expensive, with the average sale price topping $300,000 in July.

Realtor Sharon Kowitz says developers are not keeping up with strong demand, driven by growth near Research Triangle Park and good school systems. She says northwest Cary is one of the most desirable locations in the area right now.

"You've got Green Hope High School, Panther Creek High School, high scores. Those drive home sales," Kowitz said. "Wherever the target is, you know the growth is coming."

Kowitz said if prices rise too quickly, the market runs the risk of hitting another bubble, like the one that took down the economy in 2008. She says right now, prospective home buyers can find some of the best deals in northeastern Durham County and parts of Johnston County near Clayton.

Copyright WNCN 2014. All rights reserved.

Derick Waller

Derick is a reporter for WNCN covering crime, education, politics and just about everything in between. He has a knack for adapting to any story and consistently delivers information quickly across multiple platforms. More>>

  • Trending StoriesMore>>

  • Report: Nearly 4M fewer people uninsured since Obamacare

    Report: Nearly 4M fewer people uninsured since Obamacare

    Tuesday, September 16 2014 3:51 PM EDT2014-09-16 19:51:53 GMT

    The first official government report shows 3.8 million fewer people are uninsured after Obamacare kicks in.

    The first official government report shows 3.8 million fewer people are uninsured after Obamacare kicks in.

  • Letter found with body of App State student, police say

    Letter found with body of App State student, police say

    Monday, September 15 2014 5:16 PM EDT2014-09-15 21:16:12 GMT
    The body of Anna Smith was discovered in a heavily wooded area in Boone.The body of Anna Smith was discovered in a heavily wooded area in Boone.
    The Boone Police Department said a letter was discovered with the body of an Appalachian State University student, indicating her death may have been a suicide.
    The Boone Police Department said a letter was discovered with the body of an Appalachian State University student, indicating her death may have been a suicide.
  • 3 Panther Creek students injured in Cary crash identified

    3 Panther Creek students injured in Cary crash identified

    Tuesday, September 16 2014 3:02 PM EDT2014-09-16 19:02:29 GMT
    Three students from Panther Creek High School were injured Tuesday in an accident involving a SUV and a dump truck.
    Three students from Panther Creek High School were injured Tuesday in an accident involving a SUV and a dump truck.
  • Trending Stories on WNCN.com

Powered by WorldNow

1820 TV Road
Jackson, MS 39204

Telephone: 601.372.6311
Fax: 804.819.5569
Email: wjtvnews@wjtv.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.