New Study Reveals Raleigh’s Tough Starter Home Market

TL/DR –

A report by Construction Coverage has found Raleigh, North Carolina, to be one of the most difficult metropolitan areas in the US for purchasing a starter home, ranking 45th out of 55 large cities. The report found issues such as a lack of inventory and high costs were major factors in Raleigh’s ranking. Despite these challenges, there are still more affordable housing options in suburban areas, according to Gretchen Coley, founder of the Coley Group.

Finding Your First Home in Raleigh: A Tough Task

Securing a starter home in the Triangle, particularly Raleigh, NC, is turning out to be a daunting task. A new report ranks Raleigh as one of the toughest metropolitan regions in the nation for first-time homebuyers.

Despite the population surge, homeownership in Raleigh remains a tough nut to crack. “The escalating prices are making it increasingly tricky for the first-time buyer,” says Gretchen Coley, the founder of the Coley Group.

The Construction Coverage report ranks the Triangle area 45th out of 55 large metros based on factors like inventory and cost. The study sees Pittsburgh, Pennsylvania as the ideal market for a starter home, while San Jose, California proves the most challenging.

According to Coley, supply and demand imbalance is the biggest hurdle. “We have more interested buyers than great listings. This issue, compounded with new construction constraints, has been a long-standing problem in Raleigh,” she explains.

Latest data from Triangle Multiple Listing Services reveals an increase in new listings over the past year. However, there’s a significant drop in inventory and affordability index. “The market is heavily tilted towards sellers,” Coley adds.

Despite these hurdles, Coley prompts anyone with sufficient financial resources to take the plunge. “Homeownership is a fundamental aspect of the American dream and a proven wealth creation method,” she emphasizes.

Finding a budget-friendly home in Raleigh’s heart may be hard, but suburban communities offer more affordable single-family and townhome listings priced between the high $200’s to mid $300’s.

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