The Triangle area, encompassing Raleigh, Durham, and Chapel Hill, is expected to continue experiencing a strong real estate market in 2024, albeit with some adjustments compared to the boom seen in recent years. Here’s a summary of the key predictions:
Home Prices:
- Moderate Appreciation: Home prices are expected to continue appreciating, but at a slower pace compared to 2023. Zillow predicts a 3.5% increase in the median sale price for the Raleigh-Cary Metro.
- Desirable Areas: Prices in desirable neighborhoods and close-in suburbs are likely to see higher growth compared to outlying areas.
- Market Differentiation: Different submarkets within the Triangle will experience varying levels of appreciation, depending on factors like location, amenities, and affordability.
Home Sales:
- Stabilization: The number of homes sold is expected to stabilize after a year of decline. Realtor.com predicts a 1.4% increase in sales for the Raleigh-Cary Metro.
- Increased Inventory: More homes are expected to come onto the market, providing buyers with more choices.
- Competition: While competition may not be as intense as in previous years, desirable properties will still attract multiple offers.
Other Predictions:
- First-Time Buyers: The market may become more accessible for first-time buyers due to a slight decrease in prices and potentially lower mortgage rates in the latter half of the year.
- Luxury Market: The luxury market may experience slower growth or even a slight decline due to higher interest rates impacting affordability for some buyers.
- Rental Market: The rental market is expected to remain strong, with continued high demand and rising rents.
Here are some resources for further information:
- Houzeo: https://www.houzeo.com/blog/real-estate-housing-market/
- Norada Real Estate Investments: https://www.noradarealestate.com/blog/tag/housing-market-forecast/
- Realtor.com: https://www.realtor.com/research/2024-national-housing-forecast/
It’s important to remember that these are just predictions, and the actual market conditions may differ. It’s always recommended to consult with a local real estate professional familiar with the specific submarket you’re interested in for tailored advice and insights.