Recently the National Association of Realtors released a study showing the average age of homes across America. And the average U.S. house age? 20-years-old.
So that got us wondering about the average age of Cary homes, as well homes in the surrounding communities. So we did a little digging to find out they compare with the rest of the nation, and here’s what we found.
Average Home Age
• Morrisville: 7-years-old / average built in 2007
• Holly Springs: 8-years-old / average built in 2006
• Apex: 11-years-old / average built in 2003
• Cary: 17-years-old / average built in 1997
Why So Young?
So why is our area so full of young housing? Because of new construction and the growth our area continues to experience.
When the real estate market began taking a downturn in 2008, the decline of Cary home values was not as significant as many parts of the country because of its new construction numbers. For many years leading up to 2008, more than 50% of the homes for sale in the Cary area were new construction. And all that new construction created a glass ceiling on home price appreciation. Because new construction plays a vital role in home values, it directly impacts the pricing of a resale home.
Think of it this way. If a homeowner decides to sell their 3-year-old home in a neighborhood where new homes are still being built and, all things being equal (floor plan, etc.), what would motivate a buyer to choose a 3-year-old home over a brand new one in the same neighborhood? Unless the 3-year-old home offers a significant price reduction or other incentive(s), most buyers will choose a new home every time.
It was that type of scenario that accounted for a large component of the Cary areas blue chip/conservative appreciation rate of 3 to 5% a year. Of course, when the market declined, new construction in Cary fell dramatically as well, with only about 13% of all homes for sale being new construction.
New Construction YTD
You’ve probably noticed new home construction is back on the rise. However, as Cary begins to run out of available open land for development, it’s obvious where the shift in new construction is occurring. This positively impacts the value of resale homes in Cary because of less direct competition with new construction.
Currently, the percentages of new construction homes for sale in our area include:
• Cary — 18%
• Apex — 29%
• Holly Springs — 32%
• Morrisville — 41%
So what about you? If you’re a homeowner, how does your home measure up against the ages of other homes in our region? What about nationally?
And if you’re considering selling your home—or buying a home—in Cary or one of its surrounding communities, we hope you’ll consider letting us help. We’re specialists in this region and we’d love to share all we know with you.
If you’re curious about what your current home is worth, we can assist with that as well.
In the meantime, feel free to check out current area new construction homes for sale in: