The Raleigh real estate market has begun the long road towards an eventual recovery, at least according to the most recent statistics drawn from various sources. Raleigh is still reeling in some respects from the economic recession that began with the collapse of the sub-prime mortgage crisis towards the end of the year 2008. Overall, though, it seems that Raleigh real estate may have finally turned the corner from catastrophic collapse to slow, begrudging recovery. There are some difficulties in determining what signs mean exactly what - oftentimes some components of the real estate market confound other measures of the Raleigh real estate market. A conglomerate of experts, however, representing a majority of the relevant real estate professionals, feel that Raleigh is become increasingly desirable.
A July 18, 2009 article in the News Observer - a Raleigh area newspaper - found that “The Triangle housing market continued to soften last month. But important signs of stability are lurking...And the June total represented a big jump from the previous month. While there are typically more homes sold in June than in May, the month-to-month increase was 22 percent this year, compared with the average 13 percent jump over the previous decade. This could indicate a boost in confidence from buyers, if not relenting from sellers.” Realtor Ross Phudy of Ammons Pittman GMAC Real Estate cautions, however, that while activity is increasing, it has not yet reached optimal levels. He also went on to say that while he believes that the worst has passed, the impending recovery will not be rapid.
A July 23, 2009 article in the New York Times cited the Raleigh real estate market as one of the parts of the American south that is showing significant recovery. Website builderonline.com indicated that Raleigh real estate is the sixth best market for new building in the United States, partially as a result of a considerable number of new jobs and population growth. Hanley Wood Market Intelligence ranked Raleigh as the sixth strongest residential real estate market in the United States, and the strongest residential real estate market outside of Texas.