In this Cary Spotlight Issue…

💭Spotlight Hook Trivia

🔥 Meme of the Day

🏡 Cary Real Estate: Properties Sold in Cary Last Week

💡 What factors affect property prices?

This is the Real Estate Edition: local news and events will be back on Tuesday.

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Properties Sold in Cary, NC for Week of 13 October 2024 (Data source: Redfin)

Property Type: Single Family Residential.

There were 13 properties sold in Cary, NC during the past week. Please note that we exclude land sales and townhouses. Here are a few statistics based on the sales from this past week(short week because of 4th of July Holidays):

The average price for all properties sold is $835,154

The average size in square feet for houses sold is 2,655

The average price per square foot for houses that sold is $310

The number of homes sold by Postal Code:

• 27511: 2 homes

• 27513: 6 homes

• 27518: 1 homes

• 27519: 4 homes

• 27539: 0 homes

Just curious…

The properties are listed from highest SOLD PRICE to lowest:

 Click on the address to view listing.

Address: 103 Declair Ct, Cary, NC 27513, Sold Price: $2,100,000, Beds: 4, Baths: 4.0, Size: 3,619 sq ft

Address: 207 Versailles Dr, Cary, NC 27511, Sold Price: $1,250,000, Beds: 4, Baths: 3.5, Size: 3,755 sq ft

Address: 1905 Prucha Pl, Cary, NC 27519, Sold Price: $1,035,000, Beds: 5, Baths: 4.0, Size: 2,984 sq ft

Address: 2802 Cameron Pond Dr, Cary, NC 27519, Sold Price: $820,000, Beds: 4, Baths: 3.5, Size: 3,000 sq ft

Address: 105 Park York Ln, Cary, NC 27519, Sold Price: $805,000, Beds: 4, Baths: 2.5, Size: 3,339 sq ft

Address: 135 Abbey View Way, Cary, NC 27519, Sold Price: $767,000, Beds: 3, Baths: 3.0, Size: 2,460 sq ft

Address: 114 Crosswaite Way, Cary, NC 27518, Sold Price: $755,000, Beds: 4, Baths: 2.5, Size: 3,015 sq ft

Address: 103 Corral Ct, Cary, NC 27513, Sold Price: $722,000, Beds: 4, Baths: 2.5, Size: 2,423 sq ft

Address: 207 Wagon Trail Dr, Cary, NC 27513, Sold Price: $594,000, Beds: 3, Baths: 2.5, Size: 1,755 sq ft

Address: 110 Foscoe Ln, Cary, NC 27513, Sold Price: $522,000, Beds: 4, Baths: 2.5, Size: 2,571 sq ft

Address: 103 Wintermist Dr, Cary, NC 27513, Sold Price: $505,000, Beds: 3, Baths: 2.5, Size: 2,030 sq ft

Address: 301 Silvercliff Trl, Cary, NC 27513, Sold Price: $492,000, Beds: 4, Baths: 2.5, Size: 2,300 sq ft

Address: 519 Ryan Rd, Cary, NC 27511, Sold Price: $490,000, Beds: 3, Baths: 2.0, Size: 1,270 sq ft

Click Here For the Full List of All Properties Sold Last Week

What factors affect property prices?

Several factors influence property prices. These factors can be broadly categorized into location-based, economic, property-specific, and market-driven elements. Here are the key ones:

1. Location-Based Factors

• Neighborhood Quality: Proximity to good schools, parks, and low crime rates increase prices.

• Access to Amenities: Closeness to restaurants, shopping centers, public transportation, and hospitals boosts property value.

• Proximity to Work Areas: Properties closer to business hubs or city centers generally command higher prices.

• Zoning and Development: Properties in areas with ongoing infrastructure projects or urban development plans tend to appreciate.

2. Economic Factors

• Interest Rates: Low mortgage rates increase affordability, driving demand and raising prices.

• Local Economy & Employment: A strong job market attracts people to the area, increasing demand and home prices.

• Inflation: Higher inflation often results in property price appreciation, as real estate serves as a hedge against inflation.

• Supply and Demand: Limited housing supply with high demand leads to price increases.

3. Property-Specific Factors

• Size (Square Footage): Larger properties generally command higher prices.

• Number of Bedrooms and Bathrooms: More rooms often add value, especially for larger families.

• Age and Condition: Newer or well-maintained homes sell for more. Renovations (kitchens, bathrooms, flooring) boost value.

• Energy Efficiency & Smart Technology: Properties with modern appliances, solar panels, or smart-home technology can attract higher offers.

• Curb Appeal: Landscaping, exterior aesthetics, and how the property looks from the street impact perceived value.

4. Market-Driven Factors

• Real Estate Market Trends: In a seller's market, where demand exceeds supply, prices rise. In a buyer's market, prices may decline.

• Seasonality: Prices tend to be higher in spring and summer when demand increases.

• Comparable Sales (Comps): Recent sales in the area set a benchmark for property values.

• Government Regulations and Taxes: Policies like property taxes, incentives, and subsidies affect buyer behavior and prices.

5. External Factors

• Natural Disasters or Environmental Risks: Properties in flood zones, near fault lines, or with other risks may have lower prices or require insurance premiums.

• Pandemics or Crises: Events like COVID-19 have influenced remote work and increased demand in suburban and rural areas.

• Interest from Investors or Foreign Buyers: Investment trends or influxes of foreign buyers can drive up prices, especially in desirable locations.

These factors often interact, and the importance of each can vary depending on the local market. For example, a property near an elite school district may fetch a higher price even if it’s smaller, whereas in rural areas, larger lots might matter more.

If you have specific questions about buying or selling property in Cary, NC, please consult a trusted real estate advisor for up-to-date market insights.

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