The numbers do not lie. More homes are being sold at higher prices within the confines of Interstate 440 and beyond.
You may or may not be familiar with the acronym ITB, which stands for “Inside The Beltline.” This refers to the area of Raleigh that is surrounded by the smaller of two beltlines around Raleigh: Interstate 440. This area has shown exciting growth patterns in real estate that are similar to the greater Raleigh area. According to the Triangle Real Estate Journal, there have been 71 homes sold in this prestigious area in 2013. This is 41 homes more than in 2012, or the equivalent of a 122 percent increase.
There are a number of other reasons to move inside the beltline of I-440. For starters, this area is conveniently located near the downtown, letting residents easily enjoy exciting restaurants, music, art and more. While the housing is often older, the values ITB can make renovations a great investment. Statistics show that Raleigh is on the top of the list of U.S cities making a comeback since the recession, and real estate inside the Raleigh beltline has always been a popular choice.
Though the ITB area is experiencing rapid growth, the greater Raleigh area is not lagging behind. The first quarter of 2013 showed a 17.7 percent increase in home construction from 2012. According to the Metro Study Report, the current inventory available in Raleigh is equivalent to the area’s historic average since 1999. With numbers like these, it is no wonder Raleigh is one of the quickest cities to have recovered after the burst of the housing bubble.
Whether you are relocating to the area or trying to sell your home now is a great time to jump on a flourishing housing market in Raleigh, NC. For more information on Raleigh real estate, click here.