I was reading a Realtor.com article recently titled “How Big a Home Can You Afford?” The gist of the article was to offer a comparison of how big a home a buyer could purchase at $123 per square in various markets across the US. That’s the average price per square foot Americans spend on their home.
TL;DR
Here’s a quick summary of this post.
- Homes are more affordable in Clayton than in Raleigh
- First time buyers in Raleigh are frustrated with the lack of new homes
- Home buyers have a much wider selection of affordable homes in Clayton
- Buyers are more apt to get a larger lot with their Clayton home than a home in Raleigh
- Where ever you choose – love where you live!
- Raleigh property taxes are higher due to the recent reevaluation
- January builder incentives will stretch your home buying power
Because our team primarily serves the Johnston County real estate market, we wanted to compare a town like Clayton and how big a new home you could buy versus the size of a new home in the Raleigh real estate market.
Location-Location-Location
Yes, one of the key drivers of home values is based on the desirability of that area. Raleigh is constantly in the news for being a hot destination for home buyers. And location drives value. If you work in Raleigh and you are willing to commute from your new home in Clayton, your home buying options are huge. Especially if affordability is important to you.
Granted, commute times can be a challenge when you live in Johnston County and travel at peak times to work in Wake County.
Here’s a bit of good news! The construction of the South leg of I-540 should help make those commute times shorter along with the current I-40 widening project.
The appeal of owning a home on a bigger lot with more elbow room is often a strong attraction and a compelling reason to buy a new home in Johnston County.
Love Where You Live!
I admit it. I’m biased. I’ve lived in Raleigh, and I live in Clayton. It’s our home. Clayton is my sweet little “Red, White and Blue” town. It’s vitally important to love where you live!
Real Estate by the Numbers
Let’s take a look at these numbers!
- There are a total of 5 brand new single family detached homes for sale in Raleigh priced under $250,000 on the Triangle Multiple Listing Service (TMLS) as of today (1/21/2020).
- The average square footage for these new homes in Raleigh is 1,380 square feet.
- There are a total of 89 brand new single family detached homes for sale in Clayton priced under $250,000 on the Triangle Multiple Listing Service (TMLS) (1/21/2020).
- The average square footage for these new homes in Clayton is about 1,882 square feet. That’s a huge difference!
There is a significant amount of raw land for new construction in Johnston County, however that’s not the case in Raleigh. Remember, scarcity drives up home values.
Lot Size Comparison
Here’s another fact. New single family detached homes in Raleigh priced at $250K (and below) come with smaller lot sizes. We are talking lot sizes from .10 to about .25 of an acre.
In Clayton, lot sizes vary from .10 of an acre to a half acre of land. Granted, more homes are being built on .20 – .25 acres.
Conclusion?
Home buyers in Raleigh have to be frustrated at the lack of affordable new homes. Based on the numbers, it’s obvious, there are far more affordable homes in Clayton than in Raleigh.
Homes are simply more affordable in Johnston County versus Wake County. This is equally true when we look at the existing single family detached home market.
Prices Continue to Rise
If you are thinking home prices are going to change, you are correct! They are going up! And that goes for the Raleigh market and the Clayton market.
Most Local Buyers Get It!
In most cases, local home buyers understand home values are typically more affordable in Clayton. And buyers have more affordable new homes to choose from in Johnston County.
Those relocating from out of state, not so much. It’s an educational process for home buyers relocating to our area.
Based on our website traffic, buyers are thinking about relocating to Clayton from Georgia, Virginia, South Carolina, and from the northeastern states of New York, New Jersey, Pennsylvania, Connecticut, and Massachusetts. The team at Jaclyn Smith Properties is up to the challenge to help educate these out of town buyers.
Stretching Your Home Buying Dollars
Everyone wants to stretch their home buying dollars. That means homes in Johnston County simply offer more bang for the buck!
Did You See the Recent Our State Magazine Article on Clayton?
As if you needed even more reasons to move to Johnston County, we recommend you pick up the latest issue of Our State Magazine. There’s a terrific article on the town of Clayton highlighting some of our favorite businesses and venues.
Another Reason to Choose JOCO!
This is another reason to consider real estate in Johnston County over Wake. Take a look at the Wake County Property Taxes. Homeowners in Wake County just went through a reevaluation and they are paying more for their property taxes.
JOCO Home Builder Promos Make it Even More Affordable!
If you are thinking about buying a new home in Clayton, be sure to take a look at our “New Year – New Home” sales promo! With this sales event you can take advantage of up to $8,000 to use as you choose for move-in ready homes in locations all over Johnston County! Terms and conditions apply.
Have questions about moving to Clayton? Leave us a comment or send us a text to (919) 813-0123.