The Raleigh - Cary NC real estate market attracts skilled workers in the medical, business, academic and technology fields, to name a few. With Duke, The University of North Carolina and North Carolina State University all within 20 minutes and a stable housing market, there’s a slim chance of a housing downturn. While many real estate regions fight to stay afloat, people buy in and stay in Cary NC real estate.
The median home price in the Cary NC real estate market hovers at $256,900 – which is slightly less than the average of other CNN Money Magazine “Best Places To Live” ($259,566). The home price gain from 2004 to 2005 was 4.8% but from 2005 to 2006 jumped up to 14.5%!
According to the most recent census data, there were approximately 36,850 housing units, although that number is probably very inflated in lieu of recent development projects. Sixty-nine percent of the market was occupied at the time, as of the big housing boom in 1999. The monthly cost of a mortgage was, on average, $1,493 for a seven room house with a median asking price of $193,500.
Renters accounted for 25% of those units and paid an average of $730 / month, with the average going rate for vacant units up to $767. There were approximately 487 rental units that had utilities included in the monthly rent.
There are neighborhoods for everyone in the Cary NC real estate market. Buyers who love the historic charm of a late 1800s Neo-classical mansion with its giant Greek pillars and ornate archways, will love the Historic Oakwood neighborhood! You can’t miss the Queen Anne Victorian mansions with rounded additions, contrasting textures and elevations, as well as romantic décor or the elaborate, geometrical Roman and Greek-influenced Neo-classical Revival. There are some architectural features that make Cary NC real estate unique. For instance, all the houses were built specifically for the South, so 90% of the houses have at least one porch. Roofs have a deep pitch to accommodate large attics, detailed latticework can be found along back porches and lower frames to facilitate air flow during those sweltering summer months. Low stone walls demarcate properties in the Historic Oakwood neighborhood, many porches have retained their blue ceilings to imitate the sky (and scare the flies away!) and transoms reflected the earlier methods of lighting the home before electricity was readily available.
For the new buyers, the new Downing Village offers the lowest prices in Cary NC real estate with homes starting at $145,000 for a three bedroom, two storey. With distinctive brick faces and a variety of floor plans to choose from, this neighborhood makes a great first buy! Similarly priced, Cary Park Townhomes offer three-bedroom, three-bathroom luxury homes that include dishwasher and garbage disposal equipped kitchens, quality finishes on the cupboards and 21st Century electrical wiring. Its close location to area universities, the airport and the Research Triangle Park make this a much-sought-after yet affordable hotspot.
For the mid-range home buyers looking for a sense of community, the Amberly town-homes are much like a resort with planned natural space, retail outlets, swimming pools, greenway trails, a gymnasium and child’s play center, a fitness center and common areas. The Bluffs of Kildaire offer more secluded family living from the $200-300’s, just steps off the nature preserve.
Tucked away in the woods, the Birklands is comprised of 25 luxury estates on 1.75 acres each. With prices starting at $1.5 Million, this is the ultimate destination for opulence and prestige in the Cary, North Carolina region. Located near the Lochmere private golf club, the Birklands is home to the richest of the North Carolina rich. Another lavish neighborhood in East Cary NC real estate is Regency Park, lining Ederlee Drive and Regency Parkway with monolithic structures ranging from the $750’s to $4.5 Million. Renaissance at Regency is a new development sprouting up nearby that will sell from $1.4 Million upwards. Right around the corner, residents enjoy restaurants, parks, the Regency Lake and Amphitheatre, highway access and on-premise sports like swimming and tennis.
Michael McLaughlin
(919) 741-1441
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