Raleigh NC Average Home Price Increased
Raleigh has consistently been one of the fastest growing Real Estate markets for decades. It's consistency makes it a great place to invest in Real Estate. One thing local leaders have in common is they want to keep it as one of the best places to live as well as the fastest growing. The new year is no different.
For 2023, Raleigh has been predicted to be the 2nd fastest growing metro area in the Nation.
For those of us who live in Raleigh, it's really no surprise. Raleigh and growth seem to be synonymous.
People are predicting a recession and for home prices to drop. That may happen but some areas are more likely to be insulated. The most recent release from Raleigh's Wake County list the average home price as $465k which is a $12k increase since November of 2022.
Considering North Carolina is listed as the State of the Year for Economic Growth, we'll likely see more growth in the months and years to come.
What does that mean for homebuyers? The Metro Raleigh area still has room for growth and it is a good time to purchase a home. Yes, interest rates are up. However, keep in mind they're closer to normal than you might think. Low interest rates may have been the normal for the millennial generation but not for previous generations. For people who purchased homes prior to 2010, they were not finding rates in the 2-3% range.
Check out this graph from GoBankingRates.com and you'll see a correlation of lower interest rates toward the end of the previous recession. The purpose of the lower interest rates was to pull folks out of the slumping economy and encourage millennials to buy a home. It's surprising how long the low interest rates remained.
For folks who purchased homes prior to 2010, the norm was to refinance whenever the interest rates dropped. The longer you've owned your home, the more times you've probably refinanced to get a better interest rate or shorter term. Ultimately, you had a home or real estate investments that were gaining equity.
I wouldn't expect a repeat of 2021-2022 just yet. And who knows if the interest rates will ever dip as low as they did?
One thing I can tell you about the Real Estate market that is constant is change. 2021-2022 was a surprise for many. It was an anomaly that hadn't been experienced before. Coming off a market like we had in 2021 and 2022 is new to us as well. We're experiencing another kind of change in 2023-2024 and the prediction being made might be correct or we might all be surprised.
So far, 2023 has been an interesting year in the Metro Raleigh area. Let's hope it continues to be a good one.
If you're interested in selling your Metro Raleigh-Cary home or looking to purchase a home, please reach out to Carla.
Same here Nina. Sometimes people move to NC and aren't sure which area is best for them, they graduate collage and move, move closer to family, or just have a job change. I agree, we're in the best NC areas with the most growth.