NAVIGATING THE RALEIGH TRIANGLE HOUSING MARKET
A 2023 RECAP AND 2024 OUTLOOK
By Rob Campbell | Principal & Assoc. Broker
Reflecting on the past, the Raleigh Triangle housing market in 2023 posed challenges that demanded resilience and adaptability from both buyers and sellers. This overview explores the highs in property values, the brisk pace of days on the market, and the evolving dynamics of the townhome sector in Raleigh, Cary, and Durham.
Single-family homes, the crown jewels of the Triangle, showcased notable surges in Raleigh with a remarkable 7.2% increase, reaching an average home price of $649,541. Cary experienced a sophisticated 1.5% uptick, gracefully ascending to $759,321, while Durham echoed its unique cultural rhythm with a cool 4.0% rise, reaching $490,741.
The average dollars per square foot demonstrated a smart uptick in Raleigh to $253/sq ft, a solid 1.2% increase. Cary mirrored finesse with a 1.5% uptick to $267/sq ft, and Durham confidently rose to $246/sq ft, keeping pace with its urban beat with a 2.1% increase.
Days on market (DOM) became a testament to the allure of these Triangle cities. Raleigh's homes were swiftly snapped up in a brisk 23 days, showcasing a notable 76.9% acceleration. Cary saw properties change hands in just 17 days, a 54.5% faster pace—a testament to its undeniable allure. Durham averaged a sprightly 21 days on the market, 40% quicker than the year prior.
However, the townhome sector had its dynamics, with Raleigh embracing a cozy 1.2% increase to $371,727, affirming its desirability. Cary commanded an impressive average of $491,094, up by 1.8%, while Durham took a modest step back to $374,104, down by 2.7%, with a promise of resurgence.
CHALLENGES AND TRIUMPHS IN 2023:
Despite successes, the Triangle faced ebb and flow in closed sales, with Raleigh experiencing a 22.4% decrease, echoing a pause in its steady rhythm. Cary and Durham mirrored this trend with 18.8% and 23.7% dips, respectively, representing a moment of recalibration in the market. Townhome sales hinted at a poised comeback.
The real estate market dynamics in 2023 served as a masterclass. Homeowners witnessed asset growth, while buyers and investors navigated the vibrant yet intricate market dance. Historically low housing stock continued to challenge homeownership, particularly for first-time buyers, more pessimistic than ever about affording a home.
LOOKING AHEAD TO 2024: A GLIMPSE INTO THE FUTURE
As we turn to 2024, there's hope for an eased real estate landscape. A promising sign is the gradual decline in mortgage rates, reaching 6.69% for the week ending January 25, reported by Freddie Mac. Although easing, rates remain elevated, compounded by high home prices and historically low housing stock.
Prospective homebuyers, especially first-timers, face the ongoing challenge of balancing aspirations with market realities. 2024 is expected to maintain a sellers' market, with interest rates providing reassurance and stability.
Expectations for 2024:
Eased mortgage rates offer potential opportunities for buyers.
A continued sellers' market provides stability.
Robust buyer activity signals promising market engagement.
Anticipated high demand for properties with modern appeal and prime locations.
A renaissance in new constructions fueled by stable interest rates.
NAVIGATING THE FUTURE WITH RESILIENCE:
As we transition from the vibrant past of 2023 to the promising future of 2024, the North Carolina Raleigh Triangle real estate market stands as a beacon of opportunity, resilience, and growth. Whether you're selling, buying, or savoring the market's dynamics, our community is a mosaic of opportunity, ready to welcome you to your perfect place.
Stay informed about the ever-evolving Triangle real estate market. Our team at RJ Collective is here to guide you with personalized insights and expertise, ensuring you make informed decisions in 2024.
Seize the opportunity to explore your perfect place in the Triangle. Contact RJ Collective for a tailored consultation and unlock the potential of the Raleigh Triangle real estate market. Your dream home awaits—let's make it a reality together!
Here's to a future brimming with potential in our ever-evolving Triangle!
If you’re thinking about making a move in Raleigh, North Carolina; Contact Us today and we’ll help SELL. BUY. DESIGN™ or schedule a 20-Minute call with us!
If you’re thinking about making a move in Raleigh, North Carolina; Contact Us today and we’ll help SELL. BUY. DESIGN™ or schedule a 20-Minute call with us!
About The Author
Rob Campbell began his career in real estate more than 20 years ago. Having sold over $150M in real estate and facilitating hundreds of successful transactions, he has an extensive network of local business contacts, including upscale clientele, that continues to grow. Upon relocating to Raleigh he continues to work alongside his wife as the co-founder of LINEN + ORCHID interior design studio, bringing their unique full service real estate centric brand to life with their SELL.BUY.DESIGN™ focus.
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