Have Home Prices in Clayton, North Carolina Gone Up?
There is no question that activity around Clayton, NC in the home building and home selling market is up over last year and certainly over 2012. Everywhere you go you see homes being built on lots that have been empty for a few years. The lumber trucks are full of trees taken from future home sites and the convoys of dump trucks hauling dirt are a common sight these days. Demand for certain homes in certain neighborhoods is stronger than it has been for a while. With all this activity how does it relate to home prices in Clayton and the surrounding area of Johnston County, Flowers, Archer Lodge, 40/42.
Price Increases Of Homes Sold In Clayton, NC
Below is a graph that shows home sales by price point for the month of September for the years 2012, 2013 and 2014. This is a rolling average over six months and breaks the price categories out by four different price points and then shows the average of all the home sales in Clayton, NC. You can see the average home price of all the homes sold increased from $191,302 in 2012 to $195,632 in 2013 a 2.3 % increase and to $208,912 in 2014 a 6.8% increase. In each category there were mostly increases albeit minor with some slight decreases.
All Homes Sold For Last 3 Years
The following graph shows a more dramatic picture of homes sold in Clayton, NC for the same period. Double digit increases in home sales across all price categories which shows the pent up demand from the tail end of the recession to the ongoing recovery of today. A combination of homeowners putting their houses back on the market, banks loosening loans to builders, allowing them to start more homes and a better job market all contributed to the increase of homes sold.
Compare Home Prices Throughout The Triangle
Another factor which I believe will feature prominently in the future Johnston County real estate market is the fact that prices in neighboring communities like Cary, Apex and Holly Springs continue to increase much higher than Clayton, Flowers and Archer Lodge. In many price points there just aren’t many homes and certainly no new homes, the ones that do come on the market are snapped up quickly. If you compare the average sales price using the same criteria for Clayton as seen above here are the average home prices for those towns…
- Clayton Average Home Price $208,912
- Apex Average Home Price $335,239
- Cary Average Home Price $381,600
- Holly Springs Average Home Price $306,467
All Real Estate Is Local
I always tell clients and home buyers that all real estate is local, and you have to hone in on certain neighborhoods to get exact numbers if that’s the subdivision you want to live in. If it’s a popular subdivision such as Adams Point or Flowers Plantation that has lots of recent activity of both new construction and resales it’s fairly easy to figure out. To figure out other neighborhoods while very popular but without a lot of recent home sales it’s a little harder and you may have to look at a couple of similar neighborhoods to get a clearer picture of the market. Subdivisions like Edenton, Tafton, Southwick Farm are very popular but there’s not such a steady supply of homes as they are almost finished. The following graph shows the home sales for Flowers Plantation for the same period.
Price Category Of Homes Sold
The price category has a big role to play in how home prices go up as the demand in certain price points is stronger than in others. Homes for sale in Clayton, NC between $165,000 and $225,000 are popular and equally popular are homes for sale between $225,000 and $300,000. Homes for sale less than $165,000 are available and we are starting to see more new subdivisions in this price range in areas east of Clayton. The graphs used in this post are from the Triangle Multiple Listing Service and so they only reflect homes sold through the service.
If you would like a detailed history of home prices for your neighborhood or a neighborhood you are thinking of buying a home in, contact David at (919) 601-2268 or email email@example.com