Many people would argue that location is key when it comes to buying and selling new homes. While you might be set on a certain zip code, it’s also important to consider size in comparison to its value. Contrary to popular belief, size does matter. Real estate in the United States varies greatly from city to city, but how many square feet can you get in Raleigh for $300,000?
The U.S. median home size is 1,700 square feet while the U.S. median listing price is $300,000. Looking at the top 50 cities in the country, there are major differences in what your living space will look like across the United States. For $300,000, a Manhattan studio apartment will give you 165 square feet of space. On the opposite spectrum, you can find a 4,478 square foot home in Memphis for the exact same price.
So how does Raleigh stack up? Above average. For $300,000 you’ll get 2,222 square feet of space. Out of the top 50 cities, only 19 of those will get you more square feet for the same price.
Square footage price is the most stable predictor in reflecting a home’s value in looking to gauge how much house you can get for your money in a specific location. While factors such as location, property type, amenities and other things do carry significant weight, square footage is the best way to visualize raw space when it comes to getting your money’s worth. To put things in perspective, you would get 42 times for space in Detroit than in Manhattan for the same amount of money.
The good news for the Triangle? Homes are selling no matter what the square footage looks like. In 2016, 37,196 homes were sold in the Raleigh-Durham market. That number represents a 10.7 percent increase from 2015. For the most part, homes only spent 50 days on the market, which was an 18 percent decrease from the previous year. Homes sold at an average of $278,383, representing a 5.9 percent increase from 2015. All of this means that the Triangle housing market has continued to stay steady and relevant, and is only expected to rise.
Triangle Communities with New Homes in the $300s
- Brookside by Savvy Homes in Fuquay Varina
- Avocet in Holly Springs
- Blaney Farms by Meritage in Apex
- Corbinton by Blue Heel Homes in Hillsborough
- The Estates at Chapel Ridge by Emerald Homes in Pittsboro
- Homestead at Heritage by CalAtlantic Homes in Wake Forest
- Drayton Reserve by CalAtlantic in Wake Forest
- Brighton Forest by Robuck Homes in Apex
- Stone Briar by Savvy Homes in Clayton
- Heather Glen in Raleigh