Raleigh-Durham Real Estate Market Trends 2024 and Statistics For 2024-2023
Market Dynamics and Sales Statistics
- New Listings Increase: In November 2023, new listings in the Triangle region increased by 1.4% to 2,917.
- Under Contract Sales Growth: Sales under contract rose by 2.9% to 2,435.
- Decline in Closed Sales: Closed sales saw a 13.4% decrease, amounting to 2,560.
- Median Sales Price Rises: The median sales price experienced a 1% rise to $399,000.
- Inventory Levels Dipped: Inventory levels decreased by 3.5%, totaling 7,750 units.
- Home Sale Details: A home at 702 Chapanoke Rd sold for $641,450, 3% over its list price after 92 days on the market.
- Price Variations: Homes at 5420 Turkey Creek Dr and 8513 Buscot Ct sold for $560,000 and $383,000, respectively, slightly varying from their list prices.
- Homes Sold in September 2023: A total of 1869 homes were sold in this period.
Housing Market Trends
- Raleigh’s Real Estate Ranking: Raleigh is rated as the top housing market, with a median selling price of $475,000 as of September 2023.
- Expected Increase in Property Values: A projected 5.4% rise in property values is anticipated.
- Forecast of Slight Decreases and Increases: The Raleigh MSA housing market forecast predicts a modest decrease and subsequent increase in prices through 2024.
- Drop in Median Sale-to-List Price Ratio: The median sale-to-list price ratio decreased to 73.38%, a 23.6-point drop from the previous year.
- Homes Selling Below List Price: All homes listed experienced a price drop, a significant increase from the previous year.
Real Estate Pricing Data
- Trend in Median List Prices: The median list price for homes in Apex was $525,000, showing a month-over-month change of -3.36%.
- Price Variation in Single-Family Homes: The average list price for a single-family home in Apex was approximately $677,733.
- Price Per Square Foot Analysis: In Apex, the price per square foot for homes was around $199.47.
- Fuquay Varina Market Trends: The median list price in Fuquay Varina was $432,195, a month-over-month change of -3.74%.
- Land Median List Price Growth: A significant increase of 138.50% was observed in the median list price of land in Fuquay Varina.
- Wake Forest Real Estate Dynamics: The median list price in Wake Forest was $500,000, up 5.26% month-over-month.
- Variation in Highest and Lowest List Prices: The highest list prices in areas like Apex and Fuquay Varina reached up to $14,600,000 and $9,675,000, respectively, while the lowest dipped to $75,000 and $56,000, respectively
Market Composition and Real Estate Facts
- Diversity in Property Types: The Raleigh area’s real estate market features a diverse range of property types, including large apartment complexes and homes converted to apartments.
- Rental Market Strength: The rate of rentals in Raleigh is higher than the national average, partly due to the significant student population.
- Increase in Downtown Raleigh Rents: The rental rates in downtown Raleigh have seen considerable growth in recent years.
- Housing Units’ Commonality: In Raleigh, three and four-bedroom single-family detached homes are common types of housing units.
- Investment Opportunities: The Raleigh real estate market presents varied investment opportunities with different strategies for purchasing investment properties.
Supply and Demand Statistics
- Housing Supply Increase: The total number of homes for sale in Raleigh-Durham was up by 3.3% year-over-year.
- Dramatic Increase in Months of Supply: Months of supply surged by over 202,800.1% year-over-year.
- Stable Days on Market: The average time on the market remained steady at 27 days.
- Variety in Housing Types: The Raleigh area features diverse housing types, including single-family homes, large apartment complexes, and rowhouses.
Economic Factors and Market Predictions
- Housing Affordability Index Drop: The Year-to-Date Housing Affordability Index was at 71, down by 6.6% from November 2022.
- Seller’s Market Indications: Despite a slight decrease in sales, the market remains predominantly favorable for sellers.
- Impact of Population Growth: The growing population in the Raleigh-Durham area contributes to the strong demand for housing.
- Rental Market Trends: The rate of rentals in Raleigh is 43%, influenced by students and young professionals.
Regional Variations and Specifics
- Average Price by Bedrooms in Durham: Average prices for homes with different numbers of bedrooms varied, with two bedrooms at $429,262 and 5 bedrooms at $1,357,641.
- Trends in Different Areas: Various areas like Apex, Fuquay Varina, and Wake Forest showed distinct trends in list prices and days on the market.
- Raleigh vs. Durham Market Comparisons: While Raleigh leads in market rankings, Durham, as a neighboring city, also holds a strong position in the real estate sector.
- Distinctive Characteristics of Durham: Durham is known for its suburban feel with metropolitan amenities and its significant role in the Research Triangle Park region
Key Raleigh North Carolina Real Estate Facts and Stats
The increase in new listings by 1.4% and the rise in the median sales price to $399,000 suggest a seller-friendly market. This environment is bolstered by the top ranking of Raleigh’s housing market and the projected rise in property values. This should encourage sellers and investors about the potential for growth and profitability.
However, there are also signs of a more complex market. The dramatic increase in months of supply, up by over 202,800.1% year-over-year, and the steady number of days on the market at 27 days indicate that while there is an increase in inventory, homes are still selling at a reasonable pace. This could mean that while sellers have competition, there remains a consistent demand.
For property investors, particularly in the residential sector, the diverse range of housing types, including single-family homes, large apartment complexes, and rowhouses, presents varied investment opportunities. The rental market’s strength, with a rate of 43% in Raleigh, is influenced by the student and young professional demographic, which could be a key consideration for investors looking at rental properties.
The market’s regional variations offer additional insights. Areas like Apex, Fuquay Varina, and Wake Forest show distinct trends in list prices and days on the market, suggesting that location-specific strategies might be necessary for sellers and investors. Moreover, the strong demand for housing due to population growth in the Raleigh-Durham area could further drive the market, making it an attractive prospect for long-term investment.
Cited Sources:
- https://www.redfin.com/city/35718/NC/Raleigh/housing-market
- https://raleighrealtyhomes.com/blog/raleigh-real-estate-statistics.html
- https://www.noradarealestate.com/blog/raleigh-real-estate-market/
- https://www.orchard.com/homes/raleigh-durham-nc
- https://www.duncanprimerealty.com/durham-nc-market-statistics/
- https://raleighrealtyhomes.com/blog/durham-nc-real-estate-trends-forecast.html