Over the last 12-18 months, Raleigh and Durham have seen growth in the housing market, and it’s related to a growing industry in the Triangle area: Tech market.
Did you know that second to Silicon Valley in California, Raleigh and Durham are emerging as a hub for the technology industry? High tech incubators are not only bringing jobs to the Triangle, these start ups are also enhancing the value around them, including retail and real estate.
Recently, the Chamber of Wake County listed Raleigh as the #1 Hot Spot for Tech Startups Outside Silicon Valley (Raleigh, NC) noted by Selfstorage.com, March 2015. In addition, Builder Magazine listed Raleigh in the Top 5 Hottest U.S. Housing Market Builder, also in March 2015.
It is no coincidence that these two pieces of data are linked; as more jobs are created in new industries, employees need housing.
In addition, access to North Carolina’s cluster of colleges including Duke University, University of NC, and NC State, among many other private colleges, has boosted interest in the tech industry.
Looking at research of tech-hub housing costs, rising housing markets are in-line across the country, housing rates can be more expensive, and much depends on local construction for new housing.
Quoted from the Durham Chamber of Commerce,“In fact, the sector has not only stimulated real estate recovery and expansion, but it is also helping drive new construction. The top 12 markets tracked in JLL’s report account for almost 50 percent, more than 23 million square feet of new construction. At number nine, Raleigh-Durham currently has a total of 300,000 square feet of office space under construction.”
Even with the debate on affordability in Silicon Valley, Raleigh has been able to keep housing costs relatively affordable as the technology industry expands.
How does this impact your ability to find a new or existing residential home? Contact me to find out.
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Tags: Raleigh housing market, residential housing, residential real estate, tech hub, tech startups