Raleigh’s real estate market remains competitive in 2021 with higher than average median home prices and low inventory. However, a strong jobs outlook is certain to increase the area’s population throughout 2022. We anticipate this growth to contribute to the area (and North Carolina) becoming an even more lucrative investment for real estate investors.
Raleigh is seeing both home prices and rental rates rising. This makes sense because Raleigh is the third most competitive housing market in the country according to LendingTree. Continued low interest rates combine with a strong jobs forecast. This could be the perfect time to make the move to a new home in the Raleigh-Durham area.
Raleigh-Durham Real Estate Market Trends
In 2021, the Raleigh-Durham home values have risen with inventory hovering below a one month supply. Home values will continue rising in the latter half of 2021 and well into 2022. The increase in median sales prices stems from continued low inventory, a strong jobs market, and higher education opportunities in the region.
- The Raleigh-Durham real estate market saw home prices increasing 17.7% in September 2021 compared to 2020. The median home price in 2020 was $365K.
- The average days on market in Raleigh is 34 days. However, some homes are snatched up after only 4 days, compared to 41 days in 2020.
- Apartment List shows the Raleigh housing rate growing at 23.5% in 2021. This makes it the third most populous metro area in the country, attracting people from all age groups from millennials to retirees.
- Raleigh-Durham ranks among the top 20 cities for job market growth. That growth is centered around the Research Triangle of Raleigh, Durham, and Chapel Hill.
- Home to North Carolina State University, Duke University, and UNC-Chapel Hill. There are plenty of education opportunities as well as research or education careers for new residents.
Wake County Trends
The median sales price of a home in Wake County in July 2021 was $407,319. House prices are now 21% higher than they were last year.
That pace will likely continue with an announcement by Apple that it will be generating 3,000 high-paying jobs. Additionally, Apple will invest more than $1 billion in the Research Triangle with the launch of its new East Coast campus. Apple says $100 million of that investment will go directly toward a fund for school and community initiatives.
Raleigh is home to North Carolina State University. Additionally, as the state capital, it’s the center for government, education, and research jobs. Employers in the Raleigh area include IBM, WakeMed Health and Hospitals, SAS Institute Inc., and Cisco Systems Inc.
Durham County Trends
The Durham real estate market has grown rapidly over the past decade with housing prices spiking due to its popularity among families looking to escape busy lifestyles. Downtown offers many opportunities for those who want access to restaurants, entertainment venues, and nightlife.
Durham County houses are competitively priced. The city itself offers quick access to other major population centers throughout the United States. In 2022, the job growth rate of the Raleigh/Durham area may increase from 3.23% to 4%.
Chatham County Trends
Chatham County ranks 8th in best places to live in America and it’s seeing rapid population growth in part because of the many new young families moving to the area, but also due to retirees choosing it as their retirement destination thanks to its great location, good schools, and property affordability compared to nearby counties such as Wake County.
The median price of homes in Chatham County is $210,000, about 20% lower than the average home prices in nearby Wake County. Despite this lower average price tag for residential real estate, Chatham residents enjoy higher standards of living
Raleigh-Durham Rental and Investment Forecast
A large student population in the area makes it a prime market for real estate investment. In addition to three large universities, the job market forecast is setting up to skyrocket with Apple’s announcement to build a new East Coast campus.
Education and job opportunities create a strong renter population with a steady financial footing. Research by LendingTree shows a high number of Raleigh residents with credit scores above 700 – generally considered good.
According to Apartment List, the rental market rates in the area are up 11.2% year over year with a 3% increase coming only last month. North Carolina ranks as a top state where jobs pay more than the average rent prices.
What Are Some Upcoming Real Estate Marketing Tips for the Raleigh-Durham Area?
For real estate agents in the Raleigh-Durham area, it’s important to stay on top of marketing trends so you can have a competitive edge.
- Listing presentations must stay fresh in order to grab attention, especially when homeowners are bombarded with realtors’ listings every day.
- Landing pages give realtors an opportunity to share information about their services and market expertise.
- Social media channels Facebook Instagram, and YouTube provide realtors a platform for advertising open houses, educating prospective buyers, homeowner tips.
- It’s important to follow up with leads as soon as possible.
