Raleigh is the capital of North Carolina, as well as the state’s second largest city with a population of 404,000. Raleigh was ranked as the third most educated city in the United States by Time Magazine in 2011, based on the large percentage of residents who hold college degrees. The city has several nearby universities including N.C State University, Duke University, UNC – Chapel Hill, Wake Technical Community College, Meredith College, Shaw University, William Peace University, Strayer University, and ECPI College of Technology.
Raleigh’s major economic drivers include banking/financial services, electrical, medical, electronic, and telecommunications equipment, clothing and apparel, food processing, paper products, and pharmaceuticals. Raleigh is also a part of the North Carolina Research Triangle, a major center for technology and biotech research as well as advanced textile development. Raleigh has consistently ranked among the nation’s best economies, largely due to the area’s thriving government, education, and healthcare industries, which are virtually recession proof.
The Raleigh real estate market has been remarkably stable through the recent economic crisis. From 2000 to 2012, there have been no large spikes or declines in property values, as the area’s median sales price has remained consistent within the $155,000 to $197,000 range. The fact that the median sales price has remained within a $42,000 range over 12 years demonstrates just how stable the housing market is in Raleigh. This data suggests that prospective buyers shouldn’t expect a massive increase in value on a purchased property, but also demonstrates that they have little to worry about when it comes to their property value declining.