Mobile homes are also rising in value. See what $240K (or less) gets in Triangle
With house prices steadily rising across the Triangle, many would-be buyers are turning to more affordable alternatives like prefabricated homes.
The result: mobile or manufactured homes are climbing in value at some incredible rates, according to a recent study by online loan lending platform LendingTree.
In particular, North Carolina ranked among the states where mobile homes are the most expensive with a median price of around $70,600. That’s still nearly $166,300 less than the median value of a single-family home, LendingTree noted, but their value is climbing quickly — with a five-year appreciation of nearly 20% statewide.
This week’s Price Point sheds light on this trend. It features double-wide manufactured homes built after 1986 ranging from $130,000 to $240,000.
Among them is a three-bedroom, two-bathroom manufactured home in the Old Stage Estates subdivision of Raleigh. In 2014, it sold for $85,000. This July, buyers bought it for $240,000. That’s a jump of more than 182% in less than a decade.
At these prices, are manufactured homes still a good deal? You decide.
Price Point
“Price Point” is a new N&O column aimed at offering a snapshot of the local real estate market. Each week, we'll tell you about three houses on the market that are roughly the same price but located in different parts of the Triangle. It will also highlight how prices — and what you get for the money — can vary greatly across the region.
2626 Amos Circle, Raleigh, 27610
Sold: $130,000 on June 8.
Double-wide manufactured home with two bedrooms and two bathrooms on a .36-acre lot
Built in 1986, this manufactured home is on a concrete foundation in the Neuse Woods neighborhood of Raleigh. It sits in a quiet cul de sac on a flat lot, according to the listing. It’s about a 16-minute drive west to downtown Raleigh, and about a 31-minute drive northwest to Raleigh-Durham International Airport.
The 1,127-square-foot home features vinyl siding, shingle roof, concrete parking, carpet and laminate flooring, electric water. There’s also a covered front porch and ramp access. Property is connected to community water.
Price per square foot: $115
HOA fees: None
Taxes: $250 (estimated)
Last sold: Unavailable
Listed by: Jean Doody, Keller Williams Realty Cary
10937 Stage Drive, Raleigh, 27603
Sold: $240,000 on July 21
Double-wide manufactured home with three bedrooms and two bathrooms on a .72-acre lot
Built in 2002, this ranch-style manufactured home is on a brick foundation in the Old Stage Estates subdivision of Raleigh. It’s about a 25-minute drive north to downtown Raleigh, and about a 40-minute drive northwest to Raleigh-Durham International Airport.
The 1,540-square-foot home is on a permanent foundation. It features a new roof, remodeled kitchen, carpet, luxury vinyl plank, porch, and fenced backyard. Parking is on asphalt. Property includes well and septic tank.
Price per square foot: $156
HOA fees: None
Taxes: $870 (estimated)
Last sold: 2014 for $85,000
Listed by: Emilee Carraway, Compass – Raleigh
101 Wilbur Lane, Angier, NC, 27501
Sold: $208,000 on August 8
Double-wide manufactured home with two bedrooms and two bathrooms on one acre
Built in 1999, this home is on a brick foundation in Angier. It’s about a 30-minute drive north to downtown Raleigh, and about a 46-minute drive northwest to Raleigh-Durham International Airport.
The 1,357-square-foot ranch-style manufactured home features partial brick and vinyl siding. There’s also a two-car garage. Property includes septic tank and well.
Price per square foot: $153
HOA fees: None
Taxes: $742 (estimated)
Last sold: 2006 for $93,500
Listed by: Naomi Richardson, Mark Spain Real Estate
On the Market
Keep up with the latest Triangle real estate news by subscribing to On the Market, The News & Observer's free weekly real estate newsletter. Look for it in your inbox every Thursday morning. Sign up here.
