Culture, History, and Business
Raleigh is among a few states in the United States that proposed and were created specifically to serve as a capital city. The siege of New Bern, the former capital of North Carolina by the British Army, caused the relocation of the capital to Raleigh in 1788. Since then, the city has been granted a private charter.
Raleigh is a fully industrialized economy extending to many sectors like electronics and telecommunication, food processing, financial services, medical and pharmaceuticals, etc. It is a major research center and is among the nation’s biggest and best research parks. It is also an important center in biotech and high-tech research. It is an essential player in retail shipping across eastern North Carolina as well as the grocery industry’s wholesale distributor. The city has been named in the first position in the 2015 best place for businesses and careers list by Forbes. Some of the global companies with bases in Raleigh include Capitol Broadcasting Company, Golden Corral, BB&T Insurance Services, Red Hat, Carquest, etc.
During the 2007 to 2008 housing market crisis witnessed all over the United States, a lot of cities’ real estate markets endured a severe hit, chief among them Raleigh, North Carolina. However, after a decade, things have gotten better, and the city’s real estate is at the top of the list for many of the real estate investors. The average price for a home within this city in Q4 2019 is $257,000 with experts predicting a 1.95% rise by the end of Q1 2020. Raleigh’s real estate property prices are predicted to grow at a steady pace in the next 12 months. The city of Raleigh’s real estate market is considered a seller’s market, with the average price per square foot is $368, while the average rent is set at $1,500.
Rentals are also profitable in this city. This is due to the current movement of young professionals looking to work and live in the city. Over 48% 0f people residing in this city live in rented properties. Short term rentals are already reaping profits from their investments; however, the recent growth in Raleigh’s property market indicates that this is a market with long term gains.
If Raleigh is an appealing investment destination for you, then we recommend that you find out more about the city before investing. Read our subsequent articles to find out why you should invest in Raleigh and its hottest neighborhoods.