What's the buzz: Economic impact of Fort Bragg is as powerful in real estate
This article originally appeared in the Fayetteville Observer on April 6, 2019
There is always a “buzz” when the national news media comments on the state of the real estate market nationwide, as if that was a meaningful data point. After all, do you pay attention to a “national” weather forecast?
Of course not. Real estate, like the weather, is intensely local – sometimes down to the focus of a few blocks or a single street.
Nationally, there is growing speculation that we may be getting close to another market correction. It does not appear to be the case here, though.
When someone wants to know about the state of the real estate market, it is important to look at trends over time. A snapshot of a single week or even a single month can give a distorted perspective.
The upward trend in sales reported in the Longleaf Pines Multiple Listing Service continues. For the past 6 consecutive years, we have seen closed residential sales increase every year, beginning with 6,731 units in 2013, to 8,871 units in 2018.
During that same time period, we have also seen the median list price increase substantially, from a low of $136,156 in November of 2014, to its current level of $172,000.
Obviously, some of this can be attributed to inflation, but the economic impact of Fort Bragg is as powerful in real estate as it is in other business segments of the region.
That impact is not limited to just Fayetteville. Military buyers, along with their contractor counterparts, are making their presence felt in neighboring counties and towns like Raeford, Aberdeen and Southern Pines.
What this means to homeowners is validation that home ownership continues to be one of the best hedges against inflation available. It is also turning more and more people to consider real estate brokerage as a career.
The NC Real Estate Commission estimates that roughly 9,800 individual license applications will be received during calendar 2019, with more than 8,400 licenses issued. The current pace is seeing almost 1,000 people per month trying to become real estate agents.
If you have questions about real estate, contact a Realtor. Not everyone with a license is a Realtor. Make sure you get the most professional help you can.
Allan Nanney is Broker in Charge and one of the owners of Towering Pines Real Estate