Two of America’s Hottest Neighborhoods – North Hills in Raleigh NC – Part I

Key Highlights

• North Hills in Raleigh NC – Part I
• North Winton Village in Rochester NY – Part II

Emerging Class of Bright Spot Neighborhoods in Secondary Cities

We all know that the COVID pandemic has accelerated the emergence of affordable and animated secondary cities.

Standout neighborhoods located within these secondary cities are primarily, but not entirely, found in the South and Midwest.  This two-part series looks at two of these neighborhoods…North Hills in Raleigh NC  is Part I and North Winton Village in Rochester NC  is Part II.

North Hills in Raleigh NC

Raleigh is part of North Carolina’s threesome cities with Durham and Chapel Hill that forms the highly sought after “The Triangle.”

Every thing about and in Raleigh is booming…outdoor adventures with more than a thousand miles of hiking and/or biking trails, kayaking, rock climbing and zip lining to great food halls and restaurants to beer pubs and gardens to festivals.  With a net inflow of more than 60 people a day, Raleigh is expected to double in size over the coming 15 years

Demographics

North Hills is located in the heart of Midtown Raleigh.  Latest data from the US Census Bureau indicates that Midtown Raleigh has some 33,575 residents with an average age of 38 years. Those average residents earn $62,536/year.  The neighborhood itself covers just 11.2 square miles.

One of Four Midtown Neighborhoods

North Hills is one of four neighborhoods and the smallest district within Midtown.  (The other three are Crabtree Valley, Cameron Village and Five Points.) The site of the upcoming $1B Innovation District, North Hills is home to apartment complexes, plazas, 15-story buildings and an abundance of restaurants and shopping

Home and Rental Prices

The median listing price for a single-family home floats at approximately $300,000 with multiple brokers estimating the area’s price growth to range between 6.8% and 11.1%.  However, current listings include a townhouse for $340,000, a 14-year old condo for $410,000, a range-style home for $599,000 and few modern mansions at +$1M.  In the North Hills neighborhood, low-end prices start at $450,000 to $500,000 and go up beyond $1M.

Having a listing stay on the market for only 10 days is not a surprise in North Hills, according to Bill Banfield, Rocket Mortgage’s executive vice president of capital markets.  Neither are the increasing numbers of cash offers and/or bidding wars.

Rental prices in North Hills range from $1,745 to $3,500/month.

Thanks to Inman.

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