While the wake county real estate market has been super hot in Raleigh this year, that heat has definitely not been evenly distributed. Some subdivisions saw exceptionally higher property value increases than others. And some subdivisions even saw depreciation!
Keep in mind when looking at these numbers that any subdivisions that didn’t have enough qualifying resales were eliminated. So if your neighborhood didn’t make the list, it may be that there weren’t enough sales to provide an accurate data analysis*.
Mordecai Place is located Inside the Beltline (ITB), just north of Peace College and East of Capital Blvd. Prices range from the mid $200k’s, for about 800 square feet, to just under a million for around 4000 square feet. The average closed sale price is about $450k. The average home appreciation in Mordecai Place was 6.5% over the last 13 months.
Mordecai place is a mixture of historic early and midcentury homes with an occasional modern new construction thrown into the mix. The neighborhood’s streets are tree lined and walkable with abundant sidewalks.
Quail Hollow is an established North Raleigh neighborhood, near Wake Forest Road and Millbrook Road. Property prices range from the low $200k’s to just under $500k for homes 2000-3000 square feet. The average closed sale price was $263,000 over the last 13 months. Average home appreciation in Mordecai Place was 6.47%.
Quail Hollow homes were mostly built in the 1960’s and early 1970’s. Only two of the 20 homes listed in Quail Hollow this year did not have some remodeling done. This walkable neighborhood provides easy walking access to both Eastgate Park and Lakemont Swim Club. There are no HOA fees in Quail Hollow, but Lakemont Swim Club membership is available for anyone who wants those amenities for a fee.
Hayes Barton is another ITB gem, located a short walk from the trendy Five Points area. These homes range from the mid-$400k’s to just under $2 million. The average sale price for a home in Hayes Barton this year was $624,000 and the average appreciation was 5.45%.
Like Mordecai Place, Hayes Barton is also a combination of historic early to mid-century homes mixed with newer homes, including quite a bit of new construction.
Bloomsbury is really a sister neighborhood to Hayes Barton with the majority of properties residing on the east side of Glenwood avenue rather than the west side. The homes are smaller, however, with the median size being under 1700 square feet. These homes are your quintessential historic bungalows, with all the architectural interest and detail you would expect from Old Raleigh of this time period.
Homes in Bloomsbury range from the low $400k’s to the $600K’s. The average sale price of a home in Bloomsbury was around $515k. The average appreciation over the last 13 months was 5.43%.
What would a conversation about home appreciation in Raleigh be without a discussion of North Hills? North Hills homes range in size from 1600 square feet to 5000 square feet, with the average being around 2500 SF, although there is currently one outlier on the market at 9000 square feet with an indoor lap pool! Prices range from $300k to about $1 million, with those on the higher end of the spectrum being new construction. In many cases the properties at the lower end are being sold for lot value (so not much in the way of updates) and torn down for new construction. The average sale price of a North Hills home was $340k and the average property value increase was 5.42%.
North Hills is incredibly popular with it’s proximity to Crabtree shopping as well as parks and greenways that are missing from those ITB subdivisions, but still close to downtown and very close to highways making it convenient to places other than downtown Raleigh.
Buying in a top appreciating subdivision can be a great choice if you’re an investor or if you think you may sell sooner rather than later. There were 16 subdivisions in Raleigh that had appreciations of 4% or above. You can find all the homes currently listed in in those subdivisions below!
*All data taken from the T.A.R.R. Report
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Ellen is the founder of Harmony Realty, a socially conscious realty company. Ellen believes in empowering her clients through education and open communication. Ellen is a number-cruncher at heart and takes great pleasure in following and analyzing the trends of the housing industry. She loves communicating the big picture to her clients and helping them to understand how the market affects their sale or purchase. Her honest and down-to-earth approach allows her clients to make informed and intelligent decisions to get the most out of their offers and negotiations.