House Prices and Population in Raleigh Skyrocket


Carolina Demography

This graph shows the largest growing metro areas in the United States, with Raleigh being in second place.

  Recent growth in population and real estate costs have led to Raleigh’s landing as the second-fastest growing metropolitan area in the United States.

   According to the Carolina Demography, Raleigh experienced a 23 percent increase in population between the beginning of 2010 and the end of 2019, which is almost 3 times the national average of 8 percent.  The site added that 69 percent of this growth was due to people relocating rather than natural population growth, which means that Raleigh and surrounding areas appeal as a desirable metropolitan area to those outside the area.

  Proof of this population boom in Raleigh is in the vast amount of public schools being built in the metro area. Many new additions to the Wake County Public School System such as Apex Friendship High School, South Garner High School, Pine Hollow Middle School, and Alston Ridge Middle School illustrate the accommodations being made to support the growing population.

  As a result of the growing population, real estate sales in the Raleigh-metro area came out to a whopping $1.9 billion in December alone, according to the Triangle Business Journal. Although this is a hefty statistic, it is not unprecedented, as December 2019 saw $1.8 billion in revenue from real estate sales. 

  New Raleigh resident, junior Gabriela Glickstein remarked about her move to Raleigh, “The first noticeable difference other than the beautiful weather was the price of the houses,” the Crossroads Flex student continued “Although the housing prices are continuing to rise as the population grows, they are mass amounts less than houses in New York.”

  Glickstein’s observations are not wrong. According to one of the top Raleigh real estate firms Fonville Morisey, over the past 5 years, home values in Raleigh have increased 33 percent, as home prices have increased by about 40 percent. This is accompanied by an average appreciation rate of 11 percent, which is quite high in comparison with the rest of the country. 

  “In the U.S we tear down older buildings to build something new,” stated Chapel Hill resident and Sanderson German teacher Jochen Wachter. “The look of a new town/city does constantly change and you can easily feel like a ‘stranger in your own home’.”

    Even though Wachter’s opinion may seem rather uncommon, many could argue that Raleigh’s growing population has resulted in a “new” Raleigh. Examples of this are the many new communities, mixed-use buildings, and various outdoor shopping malls built across Raleigh and its suburbs.

     Lifelong resident, sophomore Jordan Davis voiced her opinions on Raleigh’s growth, “I do like the direction Raleigh is going because Raleigh has made many accommodations to support its growing population especially in the downtown area,” the Sanderson High School student expressed. “But as the population grows there is a potential for real estate and the cost of living to increase which could be a potential problem.”

  Although there are many upsides to living in the second largest growing metro area in the United States, rising real estate prices and changing environments can lead to issues down the road. For better or for worse, Raleigh is heading towards a big city feel both physically and financially.