Hello Johnlewis,
I located a number of informative housing reports prepared by the Town
of Cary Planning Department that will provide you with relevant data
and information that will give you an idea of the annual price
increase of single family homes over the past few years. I will paste
short excerpts from each one; however I suggest you read each report
in its entirety.
You will also find rental information in these reports that are
relevant to your other question.
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Town of Cary Annual Housing Report
July 2004
17 pages
http://www.townofcary.org/depts/dsdept/P&Z/affordablehousing/housingreport.pdf
Excerpt from page 8
?When comparing historic housing values after adjusting for inflation,
it becomes apparent that housing values grew slowly until the 1990s.
Between 1990 and 2000, housing values increased at a rate that was
almost 40 percent higher than the rate of inflation. Median monthly
mortgage payments also rose at a higher rate than inflation between
1990 and 2000.?
See figure three on page 8: Median Home Values in Cary over Time 1970-2000
Excerpt:
?Figure Three shows the fairly modest trend in increasing median
housing values from 1970 to 1990. The value of owner-occupied houses
in Cary rose 4.6 percent in the 1970s and by 5.1 percent in the 1980s.
Then the growth in home values accelerated. In the 1990s, median home
values increased by 37 percent with housing development and investment
in homes fueled by a stable, expanding economy and a favorable
domestic and international business climate. These increases in median
home value were far greater than those experienced in the national
(+15%) and Wake County (+28%)
markets.?
From page 9
?The last full year for which data are available, 2003, reveals that
among all units sold (all types, existing and new), the median sales
price in Cary was $212,500 (Wake County: $170,000), which was about
six percent higher than the 2002 median sale price of $200,000.
Breaking down the 2003 sales data further reveals the following median
prices in Cary by type of unit:
In 2003 the median single-family house sales price (new + resale) in
Cary was $233,000. Of the 2,484 home transactions in Cary during 2003,
2,038 of them, or 82 percent, involved single-family, detached units.?
See table six: 2003 Median Residential Sales Prices in the Town of
Cary by Unit Type
Type of Housing: Single-family detached
New: $330,000
Resale: $226,000
Total (new & resale): $233,000
See Figure Five:
?Figure Five provides a distribution of 2003 Cary home sales by type
and price range. Thirty-one percent of total sales occurred in the
$200,000 to $300,000 price range. About a quarter (21.7 percent) of
all sales in 2003 were in the "starter home" price range of $150,000
or less while 41.4 percent were in the "buy-up" range of $150,000 -
$250,000. Twenty-three percent of all home sales exceeded $300,000.?
http://www.townofcary.org/depts/dsdept/P&Z/affordablehousing/housingreport.pdf
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Consolidated Housing and Community Development Plan
FY2005 ? FY2009
See page 17
TABLE EIGHT: 2002 Median Residential Sales Prices in the Town of Cary by Unit Type
http://www.townofcary.org/depts/dsdept/P&Z/affordablehousing/chcdplan.pdf
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Median Sales Price 2002
Type of Housing: Single-family detached
New $320,750
Resale $219,000
Total (new & resale) $225,750
http://www.townofcary.org/depts/dsdept/P&Z/affordablehousing/housingprices.pdf
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Town of Cary
2001 Housing Report
12 pages
http://www.townofcary.org/depts/dsdept/P&Z/affordablehousing/housingreport2001.pdf
On page 6:
TABLE 3: 2000 Median Residential Sales Prices in the Town of Cary by Unit Type
Single-family detached
New $292,000
Resale $207,000
Total (new & resale) $216,000
Source: Wake County Revenue Department and HUD
On page 7:
TABLE 4: Triangle-Area Median Sales Prices of All Homes in 2000
Wake County $164,000
Durham County $139,500
Johnston County $115,000
Orange County $209,900
Total $159,914
http://www.townofcary.org/depts/dsdept/P&Z/affordablehousing/housingreport2001.pdf
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2000 Town of Cary Housing Report
http://www.townofcary.org/depts/dsdept/P&Z/affordablehousing/hsngrpt.htm
1999 Median Residential Sales Prices in the Town of Cary by Unit Type
Single-family detached
New $280,000
Resale $195,000
Total (new & resale) $215,500
Source: Wake County Revenue Department and HUD
See Figure D:
?Figure D provides a distribution of 1998 house sales by price range
in Cary and Wake County. Most sales occurred in the $100,001 -
$150,000 range with Cary at 26.5% and Wake County at 36.1%. However,
the bar charts reveal the relatively higher cost of housing in Cary
compared to its host county. Cary?s prices trail Wake County?s in the
lower price ranges, draw almost even in the $150,001 - $200,000 range,
and then exceed Wake County?s in all ranges above $200,000.?
Residential Sales Prices: Comparisons From Around the Triangle
See table 5: Triangle-Area Changes in Average Cost of New Single-Family Houses
http://www.townofcary.org/depts/dsdept/P&Z/affordablehousing/hsngrpt.htm
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FIGURE D: 1998 House Sales by Price Range: Town of Cary and Wake County
http://www.townofcary.org/depts/dsdept/P&Z/affordablehousing/hsgrpt6.gif
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Page 6
1999 Median Residential Sales Prices in the Town of Cary by Unit Type
?Compared to county and national medians, housing is relatively
expensive in Cary: new houses prices are 57% higher than Wake County
and 54% higher than the national
median.?
http://www.townofcary.org/depts/dsdept/P&Z/affordablehousing/plancolor.pdf
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Search criteria:
Cary, NC median housing OR home values
://www.google.com/search?sourceid=navclient&ie=UTF-8&rls=GGLD,GGLD:2004-23,GGLD:en&q=Cary%2C+NC+median+housing+OR+home+values
I hope you find this information helpful!
Best regards,
Bobbie7 |
