Raleigh is a cosmopolitan city in North Carolina, located along the shores of Lake Raleigh. Real estate here is expensive, but the amenities and culture found here make it a desirable place to live. This is also the home of the Tar Heel State University. In this article, we’ll take a look at what attracts people to Raleigh homes and the factors that affect the real estate prices here.
There are 1,596 homes for sale in Raleigh, NC currently. See current updates to Raleigh real estate inventory here. Use any of the keywords you can to sort through them by price, neighborhood, square footage, building age or overall building type. You can also utilize any specific terms you might like to narrow down your search even further.
While last February was a particularly busy month for home sales in the Triangle, homes are still selling well overall. Homebuyers have some wiggle room to negotiate and offer more in terms of down payment and interest rate. February was the third-busiest month on record for home sales in the Triangle. This could change, however, after winter passes and spring looms. Regardless of the current climate, we expect a slow but steady increase in home sales over the coming months.
The three areas of the Triangle that saw the largest increase in home sales over the last few months were Wake County, North Raleigh and Carrboro. The top appreciating subdivisions in the Triangle include those in the City of Raleigh, Pine Ridge and Fuquay. Wake County led the way with an 8% increase. The counties mentioned had strong incentives available to help homebuyers purchase property.
The average price for homes in the Raleigh area is above the national average. Wake Forest came in at number five, while Raleigh was number seven. The average price of homes in Carrboro fell three points to eight. North Raleigh saw a three-point drop in the average price of homes while Wake Forest saw a four-point rise.
Realtors attribute the drop in prices to a lack of supply and demand. This is probably influenced by pandemic issues. Because of the Triangle’s popularity, it is likely that more homebuyers than usual have bypassed this area, giving the sellers a greater sense of urgency. For these reasons, listings in Raleigh will probably be more aggressive this winter. If you live in the Raleigh area and are looking for a home, now is a great time to contact a trusted real estate listing company. A good realtor will be able to search the Triangle with extreme ease and bring you listings of homes that are priced to move.
Due to the influx of new construction, both demand and supply of homes are stronger than ever. Raleigh still has plenty of room to grow, so homes in the Raleigh area are still going to be higher than the average sale price. However, the Triangle is no longer considered the home for construction. Homes are available now at a lower cost, and builders are competing more intensely for new construction homes.
One of the top appreciating subdivisions right now is in the hills of southwest Raleigh. This community has excellent access to light rail and shopping, as well as a convenient location. Several universities are located in this area, and several colleges are renovating campus housing. In addition to the many positive attributes of the Triangle, there are several areas that are simply not being touched by new home construction. These include Cabarrus and East Wake counties, and Pine Mountain and Wilson counties.