Data comes from: Zillow sales/rental rates

Wake County Home Sales

  1. What have been the overall trends in Wake County Home Values?
    • Overall the trends have been positive.
  2. There were dips in home values in the past 20 years. What years did these occur?
    • There were two dips in the values the first was 1997 through 1998 and the second was from 2009 through 2012. The most recent dip occurred in 2020 and recovered in 2023
  3. Based on the analysis, where would be the least expensive area to purchase home? Most expensive area?
    • Zebulon was the least expensive area.
    • New Hill was the most expensive in 2018, but is no longer in Wake County so Cary is the most expensive now.
  4. Are any area home values trending down? Is there one area that stands out compared to others?
    • I do not see any regions that are declining in value within Wake County after the most recent dips.

NC Rental Market

  1. What has been the overall trend in the rental market around the state? Are there any cities that have not followed this trend?
    • The overall trend has been an increase in the rental costs in the evaluated cities.
  2. Where is the most expensive city to rent in? Least expensive?
    • Currently the most expensive city to rent in is Asheville while the least expensive is Fayetteville.
  3. You are trying decide between Wilmington and Asheville. Which market has the lowest rent?
    • Wilmington has lower rent than Asheville in 2017.

Home Values in Selected Rental Markets

  1. According to the results, which market has the lowest median price (represented as horizontal bar in box plot)?
    • Charlotte had the lowest median price.
  2. The violin plot will show density meaning the wider the plot is, the more observations occur within that area. Which market has the most density around the median value of homes?
    • Charlotte has the largest density around the median value in that metro area.

Relocation Home Value Comparison

  1. Based on your analysis, which city’s housing is most affordable? Least affordable?
    • Houston appears to be the most affordable, and New York are the least affordable.
  2. Which cities saw the largest change in prices over the past 5 years? Which city has remained more consistent (i.e., no huge swings up or down in home values)?
    • During the past 5 years New York, and Denver saw the largest change in prices.
    • Houston has the most consistent housing market since 1996, and Chicago has had the most consistent housing market during over the past 5 years.
  3. During the market downturn in 2012, which cities were most impacted? Which cities have recovered?
    • New York and Chicago were the most effected by the 2012 downturn.
    • All the cities have recovered since the 2012 market downturn.

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