Raleigh, North Carolina — With the Apple Campus bringing jobs to Research Triangle Park, many people have noticed the “Apple Effect” on local real estate prices.
WRAL News traced the direct impact of Apple’s announcement on the price and availability of homes in the Triangle over the past 12 months.
Many real estate agents now use the phrases ‘before Apple’ and ‘since Apple’ – but do the metrics really back up the idea of the Apple effect?
Research shows that real numbers confirm the effect.
For example: Zillow estimated the value of a house in the Breckenridge subdivision – directly across from Apple’s property.
- Last April it was $289,000.
- The value jumped $23,000 the month after Apple’s announcement.
- Today it is listed at $415,000.
WRAL News compared home sales in the zip codes closest to Apple’s RTP campus in the three months prior to last year’s April announcement to the same three months this year.
The median sale price of homes sharing the same ZIP code as Apple has soared 53% in one year.
There was also a 24.2% increase across the Triangle.
Cary resident sees $200,000 raise
Ritwik Pavan moved into a townhouse in Cary just months before Apple announced plans to become a neighbor down the road.
This young tech entrepreneur sees the Apple impact of this proximity: the value of his property has gone up by $200,000 since he bought it.
He clings to the house, which is no longer just a place to live, but an investment.
“I don’t see Cary’s home values dropping too much just because of these tech companies coming in,” Pavan said.
It all comes down to Apple, according to real estate agent Chris Morton, who likens the tech giant to a high school quarterback.
“Everyone wants to be his friend,” Morton said. “Everyone wants to hang out in their circle.”
This presence attracts other companies and their employees.
“What we’re getting right now isn’t even the Apple crowd,” Morton said. “It’s the periphery of Apple – so imagine when Apple arrives.”
Julie Kopetsky and Nancy Harner of Coldwell Banker HPW say they have moved more than 1,000 families to the area in the past year.
“A lot of these companies come from much more expensive regions,” Kotepsky said.
They can’t say which companies they work with for confidentiality reasons, but they see no sign of the influx ending.
“Some of the big companies are coming here, and the ancillary companies now want to be here too, so we’re not looking to slow down anytime soon,” Kotepsky said.
This team claims to have seen a 20% increase in relocations compared to five years ago.
It doesn’t just affect the housing market in those nearby postcodes. Many of these jobs allow people to work from home. This sends people to buy houses in surrounding counties.