Cary NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Cary, NC Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Cary Housing Market Information

With 168,160 people, 61,548 houses or apartments, and a median cost of homes of $411,580, Cary house prices are not only among the most expensive in North Carolina, Cary real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Cary, accounting for 60.92% of the town's housing units. Other types of housing that are prevalent in Cary include large apartment complexes or high rise apartments ( 22.20%), row houses and other attached homes ( 13.27%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.47%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cary. Owner-occupied housing accounts for 68.72% of Cary's homes, and 59.31% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Cary built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Cary built between 2000 and later ( 39.71%). A lesser amount of the housing stock also hails from between 1940-1969 ( 4.12%).

Cary Home Appreciation Rates

In the last 10 years, Cary has experienced some of the highest home appreciation rates of any community in the nation. Cary real estate appreciated 42.57% over the last ten years, which is an average annual home appreciation rate of 3.61%, putting Cary in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Cary definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Cary that despite a nationwide downturn in the housing market, Cary real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Cary appreciation rates continue to be some of the highest in America, at 5.56%, which is higher than appreciation rates in 80.04% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Cary. Cary appreciation rates in the latest quarter were at 1.30%, which equates to an annual appreciation rate of 5.30%.

Relative to North Carolina, our data show that Cary's latest annual appreciation rate is higher than 70% of the other cities and towns in North Carolina.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Cary differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cary - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Cary real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$411,580

Cary, NC HOME PRICES

Value Range
> $1,212,000 1.0
$909,001 - $1,212,000 2.4
$606,001 - $909,000 13.4
$485,001 - $606,000 14.2
$363,001 - $485,000 24.4
$242,001 - $363,000 27.0
$121,001 - $242,000 14.5
$61,001 - $121,000 1.3
$0 - $61,000 1.8

Very High for NC
Very High for Nation

Value Relative to Nation Value Relative to State
10.9605839416058 3.98550724637681

Number Of Homes And Apartments:
61,548

Cary Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2019 Q3 - 2019 Q4
Last 12 Months:
2018 Q4 - 2019 Q4
Last 2 Years:
2017 Q4 - 2019 Q4
Last 5 Years:
2014 Q4 - 2019 Q4
Last 10 Years:
2009 Q4 - 2019 Q4
Since 2000:
2000 Q1 - 2019 Q4
85.18% 3.13%
10
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,796 / per month

Homeownership Rate

Homeownership
Owners 68.72
Renters 31.28
Vacant 4.49

Housing Market Details

 

Age of Homes

AGE OF Cary HOMES
2000 or Newer 39.7
1970 - 1999 55.6
1940 - 1969 4.1
1939 or Older 0.6

Types of Homes

TYPE OF Cary HOMES
Single-Family 60.9
Townhomes 13.3
Small Apt. Buildings 2.5
Apt. Complexes 22.2
Mobile Homes 1.1
Other 0.1

Home Size

SIZE OF Cary HOMES
No Bedroom 0.44
1 Bedroom 8.52
2 Bedrooms 20.20
3 Bedrooms 31.94
4 Bedrooms 27.37
5 or more bedrooms 11.54