Carolinas Real Estate Still Strong
The National Association of Realtors just released its annual report showing both housing appreciation and depreciation in major metropolitan areas across the United States. This report compares values from the fourth quarter of 2006 to the fourth quarter of 2005. Two cities in North Carolina were featured in this report of the top 25 biggest gainers in the United States. In sixth place in the entire United States was Raleigh, North Carolina with 14.5% appreciation and a median sales price of $226,000. The Charlotte area came in at 20th place with an 8% appreciation and a median price of $198,000.
No cities and South Carolina were ranked in the biggest gainers or the biggest losers between 2005 and 2006. However, because of our close proximity to Charlotte, many upstate real estate markets tend to mirror the Charlotte market very closely. A recent article in Fortune forecasted the South Carolina real estate values, particularly in Greenville, to appreciate between five and 6% in 2007.
Time will tell.