There’s no denying that North Carolina is among the best states to live in. Given the livability, mild weather, and healthy wage increases, building a home here doesn’t sound so bad. Moreover, real estate investors also have eye properties in the state because of its low mortgage rate and increased home and rental values. However, since we’re looking at Sanford real estate, there are a few things we may need to look into.
That said, let’s go over the trends in the Sanford real estate market and how they can work for you.
Sanford Real Estate Trends to Discuss
· Population and Livability
· Market Affordability
· Buyer’s Market
· Rental Rates
Population and Livability
Before buying property in Sanford, one thing to keep in mind is that it is a city most suitable for family life and retirement. In addition to that, there are several accessible educational institutions within the city. While the median age of Sanford residents is 35, Sanford offers excellent accessibility to recreational places that most old people will enjoy – like, golf courts and fine dining restaurants.
The housing market in Sanford is far from overwhelming. In fact, the cost of living in this city is lower than that of the national average by 14%. In comparison to the median home value of North Carolina, which is $208,001, the median home value in Sanford goes as low as $179,554.
Then again, it bears noting that the Sanford real estate market has grown competitively over time, and median prices hiked up to $234,000 in early 2021.
The supply of properties for homes and rentals in the Sanford real estate market is significantly greater than the demand. With that, it was ruled out that in 2021, Sanford tilts its housing market in favor of buyers. In this case, now is a good time to invest in some property in the area. If you’re looking to sell your property in Sanford, it would be best to wait it out.
In the market, homeowners comprise 51.6%, while renters follow at 48.4%; thus, the former exceeds the latter in Sanford properties by a meager percentage. The rest of the 9.8% of properties are vacated. That said, single-family dwellings take up the Sanford real estate market by 64.9%. This is followed by mainly rentable structures like apartment buildings at 13.5% and complexes at 17.1%.
As of now, the average cost of renting a 1 bedroom apartment in Sanford is currently at $780, which was a 7% increase from last year’s pricing. In comparison, a 2 bedroom apartment may cost you up to $800, which was lower by 8% from last year’s average rent. Moreover, for larger families that occupy 4 bedroom units, the cost can reach $2500.
As a city with a well-preserved historical element, Sanford attracts a considerable amount of tourists during the peak months. The city was even dubbed as the “Brick Capital of the USA” for its known trade. In connection to the real estate market, most of the homes and properties in Sanford date a few decades back. Almost 44% of the properties were built way back in 1970 – 1999, and 28.2% go way back to 1940 – 1969. With that, only 23.8% of the homes in the city were built after the 2000s.
Conclusively, it is safe to say that Sanford, North Carolina is indeed a wonderful place to live – whether you’re starting a family or looking to retire. Furthermore, we can be confident that you can get a good deal from the current standing of the Sanford real estate market. While your other costs may come in the form of renovations and repairs, having a reliable community around you comes as a great consolation.
These real estate trends in Sanford may tend to change within a year, given that it was also severely affected by the Covid-19 pandemic. Still, we hope that this article gives you the insight you need to navigate the market. Good luck!