Home buyers are finally catching a break in 2022. While the year started off white hot, with record high prices and competition, the market is showing signs of cooling in summer and fall.
Home buyers are starting to put reasonable offers on homes. There’s a larger inventory of homes in most markets. If you’re planning to buy in 2022, now might be the time – especially if you’re interested in the Raleigh market.
Real estate in Raleigh experienced the same high prices as the rest of the country. But more and more Americans are discovering the gem of the Southeast and are looking to make a move here.
Keep reading below to discover the most important real estate trends in Raleigh to see if this market makes sense for you.
1. Low Inventory, Higher Prices
No surprise here. In 2022, there has been a very low inventory in Wake County (Raliegh). Coupled with more Americans moving into the region means that the average home price has shot up from last year.
Prices in 2021 averaged in the 300s, while the median home price in Raleigh this year is over $400,000, and is quickly approaching $500,000. The number of houses selling each month is much fewer than the previous year, yet the time spent on the market is much shorter.
While the market is showing signs of cooling, many areas in Raleigh are still hot. The best homes are still getting multiple offers and many buyers are waiving contingencies.
Houses in the best neighborhoods are likely to sell a bit over the asking price as well.
2. Real Estate in Raleigh Remains Steady
As summer comes to a close, many metro areas are experiencing rapid cooldowns. Thanks to the recent interest rate hike, borrowers in certain areas have slowed down dramatically.
Home prices in hot metro areas like San Francisco and Austin are dropping. But prices in Raleigh are remaining steady and even increased compared to the national average.
Raleigh is still positioned as a seller’s market, but buyers are finding more and more deals than in the past two years.
3. Raleigh as a Tech Hub
Part of the reason that Raleigh is continuing to grow and experience higher prices is the number of people moving to the area for high-paying jobs.
While not as famous as other tech hubs like the Bay Area or New York City, Raleigh has been quietly amassing a large number of major tech corporations.
Back in the 1950s, a group of schools came up with a geographical area, comprised of nine counties, and called it the “Research Triangle.” Today, you’ll hear it referred to as “the triangle.”
The triangle connects three major metro areas in the state; Raleigh, Durham, and Chapel Hill. While the city of Raleigh is home to half a million people, the triangle is home to more than two million.
You’ve got some of the most esteemed universities in the triangle, such as Duke. And some of the most esteemed tech companies are making their home here.
This includes Epic Games, which recently moved its massive headquarters here. And in 2021, Apple announced that it was establishing a new HQ in the triangle.
This move along will bring 3,000 high-paying jobs to the city. Oh, and Google might be doing something in the area as well.
With more tech companies moving into this hub, countless high-paying workers will be buying real estate in Raleigh, helping to drive the market up.
4. Diverse Economy
Tech aside, one of the reasons Raliegh is such a steady market is that the economy is so diverse. A diverse economy gives the city promise of growth for decades to come.
This is good news for homeowners and landlords, as home prices and rents will continue to appreciate over the coming years.
Yes, the tech industry will continue to grow. Thanks to the infrastructure in Wake County, tech giants are finding it suitable to set up their HQ or additional campuses in the area. We can expect more of this to happen over the coming years.
But even before today’s tech giants, the area has been known as a research hub. There are countless research jobs available in the area, with more expected to come in the future.
Green technology is a booming industry in Raleigh. From clean water to renewable energy, the technology coming out of Raliegh will shape our country in the coming decades.
Healthcare and life sciences are other top industries in the area. Duke Universities Health System is one of the top employers in the area.
5. Very Livable City
For the past few years, Raleigh has been one of the fastest-growing metro areas in the country. Thanks to its location in the Southeast, Raleigh combines a high quality of life, with a lower cost of living than many other areas.
Many new residents are moving from the Northeast and the Midwest to Raleigh to escape harsh winters. Though Raleigh does get snow, the average winter day is around 50 degrees, which sure beats 10 degrees.
And with access to amazing jobs, tons of green space, and a world-class transportation system, people are moving from expensive cities like Chicago and San Franciso to enjoy a much more affordable lifestyle.
This is pushing more and more people into the area who want to purchase homes, since doing so in larger cities is still out of reach. This will keep the residential market hot on a consistent basis.
Navigating the Raleigh NC Real Estate Market
If you’re planning to sell your Raleigh home, there has never been a better time. Prices are on the rise and buyers are plenty.
And if you’re home is in pristine condition, selling real estate in Raleigh can likely fetch more than the asking price. But if it’s not, you might sit on the market longer than expected.
In this case, check out cash buyers like mikeotranto.com. No home updates are needed, so staging, and no waiting. With buyers like this in the Raleigh area, you can sell and move on fast.
On the other side of the equation, buyers have a lot of work to do. Navigating a market that is rising while others are falling can be challenging. The best thing you can do is work with a top agent who can show you new listings as soon as possible.
You’ll need to get the upper hand on other buyers when trying to get a home in this market.
Buying Your Raleigh Home
Real estate in Raleigh is all over the place. In some ways, the market is cooling off. But with so much going for Raleigh right now, including the tech boom, countless new jobs, and a very liveable city, it’s growing faster than the national average.
The market is still very competitive, but now might be the best time to get in.
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