Raleigh NC Real Estate Market Update October 2023
Welcome to an insight into the vibrant real estate market of Raleigh, North Carolina. If you’ve been asking yourself, “Is Raleigh NC safe?” and considering making a move here or are curious about the current trends, you’re in for some interesting facts. Let’s dive in.
CHAPTERS
Is Raleigh Safe for Homebuyers and Investors?
While many prospective homeowners and investors often wonder, “Is Raleigh NC safe?” the thriving real estate market speaks volumes about the confidence people have in the city. Friends might speculate about a looming market crash, but the stats and news paint a different picture. Although safety is a consideration in any city, Raleigh’s robust housing market shows that many feel secure investing here.
Sellers vs. Buyers: What’s the Current Verdict?
Is Raleigh a buyer’s or seller’s market right now? Friends might speculate about a looming market crash, but the stats and news paint a different picture. While we may see a slight fluctuation in growth of around 1-2%, this isn’t alarming for small investors. With a steady upwards trajectory, the Raleigh housing market is growing, albeit at a milder pace than before.
Why? Let’s see.
- Population Influx: A whopping 75% of people moving to Raleigh decide to set roots and not relocate. And these folks aren’t just coming from neighboring states – we’re seeing newcomers from California, Florida, New Jersey, and New York.
- Lifestyle Benefits: Parks buzzing with activities like pickleball, lesser traffic woes, esteemed universities, and significant job growth particularly in the tech domain, make Raleigh an appealing choice.
- Business Boom: Raleigh isn’t just a tech hub in name. With numerous biotech companies setting up here, followed by startups, the city’s real estate market is bound to heat up. In essence, Raleigh’s market isn’t merely simmering; it’s boiling hot.
Sales Insights and Market Status
Over the last few months, homes in some Raleigh neighborhoods have been selling at, or even above, their listed price. The reasons? Proximity to top-tier schools, shopping centers, and healthcare facilities. Given the extremely limited inventory, homes are flying off the market.
Tech Industry’s Role in the Realty Rise
Names like Apple, Microsoft, Advanced Auto Parts, Ignite, and Policy Genius have either expanded or shifted to Raleigh. Established giants like Lenovo, IBM, Cisco Systems, SAS Institute, and IQVA already have a significant presence here. What’s the draw? A robust tech talent pool, cost-effective business operations, and a thriving culture of innovation. With the tech industry’s consistent rise, it’s no surprise Raleigh’s real estate is flourishing.
Job Market and its Influence on Real Estate
Low unemployment rates coupled with major corporations moving in and offering handsome salaries have positively impacted Raleigh’s housing market. The influx of professionals, many of whom are ready to invest cash upfront, even for million-dollar properties, reflects Raleigh’s appeal. What might seem like a steep price in places like Silicon Valley or New York appears quite reasonable in Raleigh, given the value offered.
Crunching Numbers
As of last year’s data, the median price in the Raleigh area stood at $414,000, with the heart of the city slightly higher at $437,000. Predictions indicate a 5.4% increase in Raleigh’s property values in 2023.
To sum it up, it’s undoubtedly a seller’s market in Raleigh currently. Homes are averaging a stay of around 35 days on the market. With steady price increments and a robust job market, Raleigh’s real estate is thriving.
So, if Raleigh, North Carolina is on your radar, now you have the knowledge to make an informed decision. Happy house hunting!
Discover Your Favorite Raleigh Neighborhood
For those interested in exploring the real estate options in Raleigh, here are the top 10 nearby neighborhoods worth considering:
- Downtown Raleigh: Vibrant city living with condos, historic lofts, and cultural amenities.
- North Hills: Upscale, modern living with a mix of high-end condos, single-family homes, and apartments.
- Oakwood: Historic charm with well-preserved Victorian-style homes for those seeking character.
- Hayes Barton: Elegant and prestigious, offering spacious, upscale homes in a serene setting.
- Five Points: Trendy and eclectic, with diverse real estate options in a walkable neighborhood.
- Boylan Heights: Historic appeal with beautifully restored homes near downtown Raleigh.
- Cameron Village: Lively urban living with upscale condos and shops at your doorstep.
- Mordecai: Charming and historic cottages in a peaceful neighborhood near downtown.
- Briar Creek: Suburban comfort with a range of single-family homes and townhouses.
- Six Forks: Accessibility and variety, including apartments, townhomes, and single-family homes.
Our local Realtors are excellent resources when it comes to navigating and finding the best neighborhoods in Raleigh. If you’d like some firsthand help, get in touch so we can assist you based on your goals. If you’re not ready to talk to a Realtor just yet, join us in our Facebook group to learn more about the area from true locals before buying a home in Raleigh.
If you’re looking for the best neighborhoods in other places around North Carolina, we have an article/videos for each area that may appeal to you:
Best Neighborhoods in Cary, NC
Best Neighborhoods in Apex, NC
Best Neighborhoods in Holly Springs, NC
Best Neighborhoods in Durham, NC
Best Neighborhoods in Chapel Hill, NC
Best Neighborhoods in Garner, NC
Have a neighborhood you’d like to see added? Let us know in the comments below.
If you would like to talk to a Realtor®, please contact us. We are here to help and answer any questions.
Disclaimer: Most stats and information presented on this page, including the data related to property values and real estate market trends, is based on the local MLS data and is provided for informational purposes only. TPA The Property Analysis) is not responsible for the accuracy, completeness, or reliability of the data. Any decisions or actions taken based on this information are at the sole discretion and risk of the users.
