For the city of Cary, North Carolina, the house value median is $358,800. The value of Cary houses has increased 4.2 percent in the last year. There is the prediction that the value of houses in Cary will increase by 3.2 percent in the following year.
In Cary, NC, per square foot, the list cost median is $159. The Raleigh Metro area per square foot list cost median is lower. It is $136.
$419,250 is the presently listed house cost median in Cary. $349,300 is the house cost median of houses that have sold.
Cary has a rent cost median of $1,682. Raleigh Metro area has a lower rent cost median of $1,495.
The rate of foreclosures for any particular area is an economic factor for that area. It is very simple – The lower the foreclosure rate for any particular area, the higher the home values for that area.
In the process of foreclosure, there exists the first step. It is called mortgage delinquency. What is a delinquent mortgage? A delinquent mortgage occurs when an owner of a house fails to make good on a payment on their mortgage for their home.
Cary, North Carolina has a low percentage of delinquent mortgages. It is 0.3 percent. In contrast, the United States has a much higher mortgage delinquency rate of 1.6 percent.
The 2008 recession had a devastating effect on the housing market. The worth of houses dropped a greater amount than 20 percent on a national level. As a result, quite a few owners of houses are presently experiencing being underwater regarding their mortgages.
Being underwater on a mortgage is defined as having a mortgage debt that is higher than the worth of the home. This is a difficult and discouraging place to be, especially if a home owner owes money instead of makes money on the sale of their house.
In Cary, the percent of owners of houses underwater is 5.8 percent. This is lower than the metro area of Raleigh which has an underwater rate of 6.8 percent.
The Median annual household income in the city of Cary, NC is pretty high at $94,617.