I’ve lived downtown for about 10 years now. 5 as a renter and 5 as a homeowner. During this time I’ve actively watched real estate trends and demographics shift near the city center.
Over the past 5-7 years there has been an influx of young professionals and young families buying up older/smaller Mordecai, Boylan Heights and Oakwood properties. That trend, over the past 3 years, has really shifted to East Raleigh. And in about 3 years (or less) East Raleigh’s market will likely be completely saturated.
I am trying to figure out what will happen to these types of dt Raleigh neighborhoods in the mid-term and also in the long term.
Will these families plant roots, add on to their homes and stay downtown? Or will these downtown neighborhoods become mostly high-end rentals? Also, at what price point does that shift to ‘mostly high-end rentals’ happen?
It’s hard to find cities to compare to because there are a lot of moving parts. The early 80’s millennials started a massive shift out of the 'burbs and into the cities and it’s only escalated with the next generation. So I guess you can look at Austin or Portland, but I wonder what this generation will end up doing long-term.
Any thoughts, insight or parallels on this?