More Institutional Investors Scoop Up Homes In Raleigh
The Raleigh housing market continues at a white hot pace, driven partly by institutional investors. Real estate analysts with Attom Data Solutions crunched the numbers, and they noticed an interesting trend.
Attom's Darren Blomquist said outside investors have turned their eyes on Raleigh. These groups buy up homes with cash.
"Raleigh was one of the top markets in the country for cash buyers, with 57 percent of all sales in the second quarter going to all cash buyers," Blomquist said.
That influx of interest has driven up the housing market. Homebuyers in Raleigh are duking it out, and sellers are reaping the rewards.
The median sales price for the second quarter was $240,000, and sellers made an average $42,000 profit on their homes.
"Raleigh is one of 47 markets where in the second quarter we reached a new all-time high," Blomquist said.