This is a 5 month update to the real estate market data thread for Raleigh NC. Previous Post: https://www.biggerpockets.com/...
This is post 1.5 for the Raleigh Real Estate Market Data Thread.
This is a Chat GPT report from 2010-2020. If you are familiar with Chat GPT it's sound through 2021 but not later, as it has no active internet access. I am using this report as an addition to information from my previous post which was written by me from my research at the time 5 months ago. I will re-release a new post similar to that one in the next month or so, as I don't want to just put out data with tiny changes.
It's important to note not to use Chat GPT as your sole decision making device related to investing in any market, but to be utilized to gain additional data points and references of information.
Here is the produced result after many alterations and reiterations to make sure the logic was right, and relevant data pulled:
Raleigh is the capital city of North Carolina and is located in Wake County in the central part of the state. The city is known for its vibrant culture, thriving economy, and excellent quality of life. Raleigh has a humid subtropical climate, with hot summers and mild winters. The average high temperature in July, the hottest month, is around 90 degrees Fahrenheit, while the average low temperature in January, the coldest month, is around 30 degrees Fahrenheit. Raleigh receives an average of around 45 inches of rain per year.
Between 2010 and 2020, Raleigh experienced significant growth in population. The city's estimated population increased from approximately 404,000 in 2010 to 474,000 in 2020, representing a growth rate of approximately 17.3%. The Raleigh Metropolitan Statistical Area (MSA), which includes Wake, Johnston, and Franklin counties, also witnessed notable population growth during the same timeframe, with an estimated increase of around 27.8%.
Raleigh's real estate market showed positive trends between 2010 and 2020. The median home value in Raleigh increased from $196,000 in 2010 to $320,000 in 2020, indicating a percentage change of approximately 63.3%. The market witnessed substantial appreciation in home values over the decade. The city had a balanced inventory of homes for sale, and the demand for housing increased during this period. Market rents also experienced an upward trend, reflecting the growing demand for rental properties.
Raleigh's economy is diverse and driven by various industries, including technology, education, healthcare, finance, and government. The Research Triangle Park, located nearby, is one of the largest research and development parks in the United States and contributes significantly to the region's economy. The park hosts numerous high-tech companies, research institutions, and startups. Raleigh has seen consistent economic growth over the past decade, attracting new businesses and developments to the area.
Infrastructure development and transportation improvements have been a focus in Raleigh during the 2010-2020 period. The city invested in road improvements, expanded transportation networks, and enhanced public transportation options. Raleigh is well-connected by major highways, including Interstates 40 and 440, facilitating easy access to other parts of North Carolina and beyond. Raleigh-Durham International Airport serves as a significant transportation hub, offering commercial flights to various domestic and international destinations.
Raleigh's real estate market and economic growth have contributed to the city's cultural and recreational offerings. The city is home to several museums, including the North Carolina Museum of Natural Sciences, the North Carolina Museum of Art, and the Marbles Kids Museum.
The poverty rate in Raleigh has fluctuated over the years. In 2010, the poverty rate was approximately 14.7%, and by 2020, it had decreased slightly to around 12.5%. However, it's important to note that these figures are subject to change and may vary based on different data sources and calculation methods.
Raleigh has generally been considered an affordable place to live compared to national averages. The cost of living in Raleigh is relatively lower than the national average, particularly when it comes to housing, transportation, and healthcare. This affordability has been one of the factors contributing to the city's attractiveness for residents and businesses alike.
Raleigh has been a popular destination for domestic and international migration. Many individuals and families have been drawn to the city due to its strong job market, educational opportunities, and quality of life. The influx of newcomers has contributed to the city's population growth and has helped fuel its economic development.
Raleigh's economy is diverse and robust, driven by various industries including technology, education, healthcare, finance, and government. The Research Triangle Park, one of the largest research and development centers in the United States, has played a significant role in attracting high-tech companies, startups, and research institutions to the area. The city's economy has experienced steady growth, leading to increased job opportunities and a favorable business environment.
The GDP of Raleigh has shown positive growth between 2010 and 2020. While exact figures for the entire period are not available, the GDP of the Raleigh Metropolitan Statistical Area (MSA), which includes Wake, Johnston, and Franklin counties, was approximately $78 billion in 2019, according to the Bureau of Economic Analysis. This represents a growth rate of around 3.2% from the previous year. The strong GDP growth is indicative of the city's economic vitality and overall prosperity.
According to census data, the housing landscape in Raleigh between 2010 and 2020 exhibited a variety of house types. Approximately 60% of the housing units in Raleigh were single-family homes, reflecting the prevalence of traditional residential neighborhoods. Multi-family homes, including apartments and condominiums, accounted for around 25% of the housing units. The remaining 15% consisted of other types of housing, such as townhouses, duplexes, and mobile homes.
The number of households in Raleigh increased significantly during the 2010-2020 period. In 2010, there were an estimated 152,000 households in the city, and by 2020, this number had risen to approximately 190,000. The growth in households can be attributed to the city's population increase and the overall expansion of residential development.
The average commute time in Raleigh remained relatively stable from 2010 to 2020. According to census data, the average commute time for residents in 2010 was approximately 24 minutes, and by 2020, it had slightly increased to around 25 minutes. However, it's important to note that individual commute times can vary based on factors such as distance, transportation mode, and traffic conditions.
The median household income in Raleigh experienced growth between 2010 and 2020. In 2010, the median household income was approximately $54,000, and by 2020, it had increased to around $71,000. This indicates a substantial increase in household income over the decade, reflecting the city's strong economic growth and the availability of higher-paying job opportunities.
Love to hear feedback, do you think Chat GPT did a good job? It took many attempts to get this type of data outputted correctly, and is a couple of response pasted together to generate this response from Chat GPT.
Based off what I am reading and the data pulled, looks pretty solid, but always love to hear your thoughts!
