Realtors across the South are getting a taste of what real estate can be like, after a boom in the value of properties in the region over the past year.
The number of units sold in the metro area rose 15.5 percent in the second quarter from the same period in 2016, the U.S. Department of Housing and Urban Development reported Thursday.
The average price of a unit sold in North Carolina rose 6.7 percent from the year before, according to the report.
The report also showed that South Carolina experienced a sharp increase in home prices, from a median of $180,000 to $215,000, and North Carolina saw a 3.5-percent increase in median home prices.
That is a jump from $158,000 for the same time period last year.
Overall, North Carolina has the highest home price growth of any state in the nation, the report said.
“It’s very, very exciting,” said David Siegel, managing director of real estate analytics company NPD Group.
“The housing market in North Carolinas is very, extremely, very strong.”
The region, with a population of about 23 million, is also seeing a surge in the number of people moving into the region.
The U.K. has been seeing a huge surge in people moving to the country over the last two decades, but the numbers have remained relatively flat for the past decade.
But, he added, “I don’t think that’s necessarily a bad thing.” “
We’re not going to see the U.,” Siegel said.
But, he added, “I don’t think that’s necessarily a bad thing.”
North Carolina was one of several states that saw home prices increase in 2017, according the report, with the median price in Raleigh up about 6 percent to $315,000.
In the metro areas of Wilmington, Wilmington, Charlotte and Raleigh-Durham, prices rose 6 percent each.
The median price of an apartment in the four metro areas rose 1.3 percent.
The region also saw a rise in the median income, with median income for a Raleigh-based household of $61,500 increasing 8.1 percent from a year ago to $63,700.
That was slightly higher than the national median income of $62,500, which rose 10.3 million, according an analysis by real estate site Zillow.
In all, the median household income rose 3.2 percent to about $51,900 in the South.
The metro areas with the biggest increase were in Florida, which increased 7.2 million to $61.9 million, and New Jersey, which jumped 9.4 million to an estimated $68.6 million.
The states with the smallest increase were Georgia, which decreased 3.6 percent to just $17,700, and South Carolina, which grew 3.3.
The national median wage for a worker was $27,000 in 2018, which was a 4.2-percent gain from a decade ago, according Zillowing.
The overall average price in the United States rose 1 percent last year to an average of $315 and the median home price in 2018 was $229,000 — a 12.5 percentage-point increase, according data from the National Association of Realtor.
“If you’re looking for a house, you want the lowest possible price and you want it in the best location,” Siegel added.
“In the South, there are no real estate agents that will show you the best place to buy.”