Update on the Triangle Real Estate Market

The “Spring Market” for residential real estate has started a bit early, and fortunately, the market is much more stable than it has been in the last 3 years.

The pandemic sent the real estate market on a rollercoaster ride, beginning in March 2020. Most homeowners found that their homes appreciated significantly as low inventory from delayed building during the pandemic and high demand created pressures on prices.

Sellers listened to the market in 2021 and the beginning of 2022. They knew buyers were willing to compete for homes that were in good condition and in desirable areas, driving up prices and appreciations. Recently, the market has become more stable, especially in our area.

The national housing market has fluctuated since the start of the pandemic, but the market here has continued to grow thanks to strong market fundamentals anchored by a few key factors.

People continue to move here, driving up housing demand and increasing home prices. We have a wide range of well-paying jobs, especially in the information sector. The Wall Street Journal and Moody’s Analytics ranked Raleigh as the third-hottest job market in the country in 2022 (looking at factors like the unemployment rate, wage growth and workforce growth).

Many prominent companies have opened headquarters and regional offices here. Research Triangle Park was created as a home for companies that wanted to hire graduates from the area’s universities, and it continues to attract employers that are looking to tap into the area’s talented graduates and employees. Compared to other cities with many large companies, like San Francisco, our area has a much lower cost-of-living.

People tend to stay in or return to the area due to the high quality of life. We are relatively affordable (lower costs & taxes than other comparable places), have mild weather for most of the year, easy access to the mountains and coast, and plenty of outdoor activities nearby.

Homes continue to sell quickly, if priced correctly and in good condition. In most segments, it is still a sellers’ market, but not a sellers’ market “on steroids,” like before. Our “Spring market” often starts as early as February.

While the area continues to grow, driving up demand, we are also seeing an increase in housing inventory. Builders are catching up to the supply shortages that were at their peak during the height of the pandemic. Further, we have a great variety of inventory, including detached homes, townhouses, condos, etc.. and a variety of price ranges and locations.

Overall, it’s a great time for sellers and buyers, and as always, the Triangle is a great place to live!