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Raleigh’s Expanding Housing Market and Hot Economy Ideal Place for Buyers
Both the Raleigh and Durham areas of North Carolina tied for 7th place on the US News and World Report’s 2017 list of best places to live in the United States. These top-ranking cities offer the best combination of jobs, desirability, cost of living and quality of life.
The Raleigh/Durham metro area is home to three well-known colleges, has a low cost of living and has experienced steady population growth — Raleigh/Durham experienced a steady growth of 6.4 percent due to more people moving to the area between 2011-2015.
A Hot Housing Market
For interested buyers looking to relocate to the area, Raleigh is an excellent choice. The popular home-search website Zillow recently released a list of their hottest housing markets for 2018, and Raleigh holds the number two spot. Reasons cited include abundant job opportunities, rising home values (the predicted median home value for 2018 is $233,900), steady income growth and a low unemployment rate.
Families interested in moving to the area will find a lot to like about Raleigh. The tech industry continues to thrive, providing many job opportunities for those skilled in IT or computer science, and the city’s income levels grew by 9 percent last year across all industries. The area also offers plenty of job opportunities in healthcare, finance, education and hospitality. Raleigh provides a less-expensive, warmer and convenient alternative to pricier markets in the Northeast.
A Thriving Business Market
The Milken Institute, a California think-tank, released a list in January 2018 of the best-performing cities in America based on where jobs are created and sustained. The Raleigh Metropolitan area ranked second on this list. Raleigh has an abundance of research and development-driven industries and is a key part of the Research Triangle area, which encompasses Raleigh, Durham and Chapel Hill. It has a welcoming business climate and experienced strong job and wage growth in recent years. The city’s overall economic momentum remains strong, making it a great place for buyers or entrepreneurs to buy a business.
Raleigh’s competitive business climate has also helped it attract employers and businesses who might be looking to relocate their operations away from rising costs and rents in major cities (such as New York). In May 2017, financial giant Credit Suisse announced they would be creating 1200 new positions in Raleigh over the next several years from a combination of hiring locally and moving some of its workers from its primary New York operations.
If you’re a buyer looking to purchase an existing business in the Raleigh, NC, area, you can get started in the process with our business brokerage, LINK Business Raleigh. We understand the local economy’s strength and what companies are available for sale in the industry you may be interested in.
LINK is the authority on selling businesses and helping buyers purchase businesses worldwide. We help connect sellers with the right buyers and manage the sales process to ensure it is successful. If this sounds like something you might need assistance with, contact a LINK broker today for a consultation.