Incomes and cost of living

hostilecarrot · 02-16-2022, 12:12 PM

Bought my house pretty much exactly a year and a half ago. Got in at $263k and Zillow estimates at $348k which means it would probably sell the day it went on the market at $375k. So, appreciation in the range of 33+% over the course of 18 months. Our house was a totally remodeled foreclosure, 1550 square feet with full garage, no HOA, and a relatively private half acre.

Within two months of buying our house, two neighboring houses, slightly larger but not at all updated since built in the 80's sold for a bit over $300k.

There is no way I would have ever contemplated paying that much for this house a year and a half ago.

Considering this is one of the nicer places to live in NC by most measures, and I can be at two of the nicest beaches in the state in 10-15 minutes, I think the uptrend in prices is more of a correction than necessarily being tied to inflation. However, the prices have definitely been affected by remote workers flocking to a relatively inexpensive beach community. As an example, Raleigh, NC is still more expensive and one of the selling points for moving to Raleigh is they can take day trips to Wilmington.

02-16-2022, 12:12 PM	#11
hostilecarrot Member Join Date: Aug 2017 Location: Wilmington, NC Posts: 1,381	Bought my house pretty much exactly a year and a half ago. Got in at $263k and Zillow estimates at $348k which means it would probably sell the day it went on the market at $375k. So, appreciation in the range of 33+% over the course of 18 months. Our house was a totally remodeled foreclosure, 1550 square feet with full garage, no HOA, and a relatively private half acre. Within two months of buying our house, two neighboring houses, slightly larger but not at all updated since built in the 80's sold for a bit over $300k. There is no way I would have ever contemplated paying that much for this house a year and a half ago. Considering this is one of the nicer places to live in NC by most measures, and I can be at two of the nicest beaches in the state in 10-15 minutes, I think the uptrend in prices is more of a correction than necessarily being tied to inflation. However, the prices have definitely been affected by remote workers flocking to a relatively inexpensive beach community. As an example, Raleigh, NC is still more expensive and one of the selling points for moving to Raleigh is they can take day trips to Wilmington. Last edited by hostilecarrot; 02-16-2022 at 12:15 PM.