Are the prices in North Carolina still going up?

[PDXnative]

I have noticed that North Carolina has cheaper real estate compared to the westcoast. I have also heard that a lot of people from NY and NJ have discovered this and are moving there. Is this driving the housing costs up throughout the state, or is this just in local areas?

Also, how is the coastal region? Other than hurricanes, how is the weather and how is life there?

[RodFarlee]

CNN/Money reports 3Q 2006 median home sales prices in major metro markets:
Virginia Beach-Norfolk-Newport News $243,800, up 16.9% over 1 year ago
Durham $176,000, up 12.5%
Raleigh-Cary $213,500 up 7.9%
Charlotte-Gastonia-Concord $198,300 up 4.5%
Greensboro-High Point $151,900 up 0.7%
So although sales volumes are off, and prices have stabilized, they haven't dropped.

CNN/Money also reports prices for comparable "2,200-square-foot house with 4 bedrooms, 2 1/2 bathrooms, a family room and a two-car garage. The neighborhood - a more subjective measure - is one 'typical for corporate middle-management transferees.'"
Greensboro $181,166
Fayetteville $190,000
Charlotte $204,336
Winston-Salem $205,440
Raleigh $228,785
Wilmington $286,650
A comparable home in Portland OR is $304,650 and in Seattle is $386,600.

So North Carolina remains relatively affordable, except perhaps for areas on the beach.

Also note that homeowner's insurance in coastal counties is less available as some companies have withdrawn from the market, and rates have jumped up. This has affected inland areas to some extent, as well.

[thecuban]

Originally Posted by RodFarlee

CNN/Money reports 3Q 2006 median home sales prices in major metro markets:
Virginia Beach-Norfolk-Newport News $243,800, up 16.9% over 1 year ago
Durham $176,000, up 12.5%
Raleigh-Cary $213,500 up 7.9%
Charlotte-Gastonia-Concord $198,300 up 4.5%
Greensboro-High Point $151,900 up 0.7%
So although sales volumes are off, and prices have stabilized, they haven't dropped.

CNN/Money also reports prices for comparable "2,200-square-foot house with 4 bedrooms, 2 1/2 bathrooms, a family room and a two-car garage. The neighborhood - a more subjective measure - is one 'typical for corporate middle-management transferees.'"
Greensboro $181,166
Fayetteville $190,000
Charlotte $204,336
Winston-Salem $205,440
Raleigh $228,785
Wilmington $286,650
A comparable home in Portland OR is $304,650 and in Seattle is $386,600.

So North Carolina remains relatively affordable, except perhaps for areas on the beach.

Also note that homeowner's insurance in coastal counties is less available as some companies have withdrawn from the market, and rates have jumped up. This has affected inland areas to some extent, as well.

Do you know the square feet they estimate those numbers with?

[thecuban]

Originally Posted by thecuban

Do you know the square feet they estimate those numbers with?

Forget my bad! I see you wrote it on there!

[Sekretgardengal]

The NY and NJ people are running to the next best thing after Florida.
I still say there's no place like home. After awhile they will get lonely and miss their families.

[whitney]

Originally Posted by RodFarlee

So North Carolina remains relatively affordable, except perhaps for areas on the beach.

Also note that homeowner's insurance in coastal counties is less available as some companies have withdrawn from the market, and rates have jumped up. This has affected inland areas to some extent, as well.

I read in the paper Sunday that homeowners' insurance on the coast will jump 25% this year and I believe it is 2-5% elsewhere (not sure but will find out in March ) We're considering putting our house at the coast on the market this spring...just don't use it enough for the expense and the worry during hurricane season. Hard decision to make since we enjoyed it so much when the kids were small. Property taxes took a pretty good leap a few years ago. Ours is not quite as high even with the amount of land we have since we are outside city limits. Here in NC you pay county tax + city tax if you are in the city limits. Since many people have been surprised at this on "that other forum" I assume most states don't do that.
NC has been growing quickly to say the least. We can't build schools fast enough to keep up with the growth.
And right now it is COLD and has been for the last week or so. Snow maybe tomorrow and then another blast of even colder air next week. High for tomorrow is 34, today it was a balmy 36!!

[a1m1700]

Originally Posted by whitney

I read in the paper Sunday that homeowners' insurance on the coast will jump 25% this year and I believe it is 2-5% elsewhere (not sure but will find out in March ) We're considering putting our house at the coast on the market this spring...just don't use it enough for the expense and the worry during hurricane season. Hard decision to make since we enjoyed it so much when the kids were small. Property taxes took a pretty good leap a few years ago. Ours is not quite as high even with the amount of land we have since we are outside city limits. Here in NC you pay county tax + city tax if you are in the city limits. Since many people have been surprised at this on "that other forum" I assume most states don't do that.
NC has been growing quickly to say the least. We can't build schools fast enough to keep up with the growth.
And right now it is COLD and has been for the last week or so. Snow maybe tomorrow and then another blast of even colder air next week. High for tomorrow is 34, today it was a balmy 36!!

Yes that's a bummer I have chosen to live in Huntersville which is in Mecklenberg county so I get hit with the extra city tax, but Huntersville is very convienent.

All I can say is I had 37 houses saved in my research from the last 3 months and they are all sold. The price range was 250,000-300,000 2700 sqft and up. The search was in Huntersville, Mooresville, Davidson, Cornelius. All sold!!
I's say the market was healthy.

[whitney]

Wish you were here now to enjoy this "cool" weather with us!
Welcome to NC and you are now part of the healthy economy here!

[mothermayi]

Originally Posted by PDXnative

I have noticed that North Carolina has cheaper real estate compared to the westcoast. I have also heard that a lot of people from NY and NJ have discovered this and are moving there. Is this driving the housing costs up throughout the state, or is this just in local areas?

Also, how is the coastal region? Other than hurricanes, how is the weather and how is life there?

Oh what a difference a year makes.

It really depends on what part of North Carolina you are speaking about. There are some towns that have been really hard hit by the textile industries leaving, along with other mfg. companies closing.

But such areas as Charlotte, or the Triad region saw a large amount of growth in the last few years.

Home prices did rise in NC but not to the degree that was seen out on the West Coast. Now the prices are dropping, and the influx of transplants have decreased (as many are not able to sell their homes from other locals).

I can't speak for the Triad region but you will find quite a few folks from NY and NJ (Long Island) in and around the Charlotte area. While many fell in love with the weather and scenery many more from NY/NJ moved to the area for the very reason you stated (lower home prices and the attraction of new McMansions, and property taxes were lower compared to NY/NJ). You will find a high concentration of NY/NJ transplants in Union County (example: Weddington, Waxhaw, Marvin). These areas had wide open spaces, and at the time they had the lowest property taxes around (course that was due to nothing being out there a few years back as it had previously been farms/horse ranches) - the area has since changed dramatically in the last 4 years.

Now that's not to say that NY/NJ were the only places people were coming, as you will also find many that came from CA, OH, WI, and FL too.

Regarding coastal regions (I am more familiar with the SC coast) but I find it amazing that some of coastal regions in NC can only be accessed by 4WD. Even more shocking to me was No one wears wet suits! :)