For those not familiar with the Triangle it borders three key cities, Raleigh, Durham and Chapel Hill, and three universities. The universities included within the boundaries are Duke University in Durham, the University of Carolina at Chapel Hill, and North Carolina State University in Raleigh. The Research Triangle Park and Raleigh-Durham International Airport is also prominently located in the area.
This tri-city area is luring new residents every day which is reflective of the strong job growth and a high quality of life.
What is Research Triangle Park?
The Research Triangle Park (RTP) was originally founded in 1959. It encompasses 7,000 acres and is home to over 200 research/tech companies. Some of the names include IBM, Cisco Systems, Microsoft, Glaxo, and Lenovo. More tech and research companies have been established over the last few years to plant roots in RTP.
Job Market in the Triangle Area
In June 2018 the job openings in the Information Technology profession was 23,145. This was mainly concentrated in the Triangle area. The figure represents a 20% increase over June of 2017. In addition to technology jobs, employment continues to grow in the research arena within the established colleges and the healthcare system of hospitals, many of them connected to the universities.
Employment opportunities for many other professions correspondingly have increased to include the need for educators, construction workers, and retail management and the service industry. A strong and diverse employment hub lends to home appreciation.
The average appreciation for homes across the US published by Zillow research is between 3% and 5% per year. In comparison the Triangle estimated appreciation is 25% , significantly higher than the national average. Considering the growth in the area, the Triangle area remains an affordable place to buy a home.
Realtor.com also released their national housing forecast that includes great news for the Raleigh-Cary and Durham-Chapel Hill real estate markets. The report indicates home prices and sales are expected to rise across the country this year by 3.9% and 1.9% respectively. The Triangle is predicted to see increases across its housing market.
The article suggests that Raleigh in particular may see home prices rise 4.16% with an estimated growth of 7.6% in home sales, accordingly, this could make them one of the 10 strongest real estate economies in the nation next year.
The report ranks Durham –Chapel Hill just a few spots behind Raleigh, with an expected increase of 2.55% in home prices and 8.95% in sales.
Ready to Build or Purchase a New Home in the Triangle?
As you consider a new home purchase it’s understood this endeavor is an important investment. When you are ready to begin your new home search, find a community, review house plans and home designs visit the Robuck Homes Design Boutique. The Design Boutique include timeless floor plans, an array of options in home exteriors, matched with quality craftmanship and energy-saving features.
Robuck Homes is here to help, contact us today.