Raleigh, NC, is experiencing a major housing boom, with the median home price rising nearly 30% since 2020. Real estate agents, home buyers, and sellers will be interested to know that local listing prices have come down from this summer's peak, and home inventory has increased 188% in the last 12 months. The city's unemployment rate is also well below pre-pandemic levels. With all these improvements in the Raleigh housing market, realtors, agents, and others should take a closer look at what's happening in this vibrant Southern city.
Quick Facts:
- Raleigh's population in 2023 is 486,796.
- The median home sold price was $385K.
- Median Days on Market: 61 Days
- The median rent price in Raleigh for January 2023 is $1,850.
Raleigh, NC, in a Nutshell
Raleigh has earned a spot on our list of Best Places to Live once more- and it's easy to understand why. A mid-sized hotspot nestled deep within the heart of the south, this city evokes a whirlwind of surprises with its cut-against stereotype. Whether traditionally agrarian yet inwardly technology-driven or dually part of North Carolina and the renowned Research Triangle, it contains far larger characteristics than one might expect. And not just that; this vibrant, buzzing space stirs up even more captivating allures beneath the City of Oaks nickname. With over 9,000 acres dedicated exclusively miles worth of parks between, you only need to look at Raleigh's lush greenery and amenities numerically impossible with urban zones smaller than 500K to understand why people are so in love with this exquisite place.
Employment
The November 2022 report of the U.S. Bureau of Labor Statistics revealed that the unemployment rate in Raleigh increased by 0.1 percentage points, reaching a total of 3.1%. This is slightly lower than the national average of 3.6%. However, it still speaks positively about economic flourishing in general, imparting optimism among public entities and private citizens. Raleigh offers diverse and abundant job opportunities stemming from its thriving economy, particularly in the research, education, health care, and information technology sectors. With big names such as IBM Corporation, WakeMed Health & Hospitals, SAS Institute Inc., and Cisco Systems Inc. hiring local talent with preferable market wages, workers can pursue attractive livelihoods closer to home.
Raleigh, NC, Real Estate Market
In December 2022, the median listing home price in Raleigh, NC, was $425K and had year-over-year growth of 5.5%. The median listing per square foot was $221, with a median home sales price of $385K.
Often thought to be cooling down rapidly, U.S. housing markets are still showing promising areas to invest in! Raleigh managed to take the number two spot on the National Association of Realtors list of metro markets to watch in 2023, just behind Atlanta, by making use of metrics such as affordability, employment conditions, and population growth compared with surrounding cities.
The report stated, "Following solid growth in demand for affordable housing, this area is roughly 20% more affordable than other areas. Bolstering this is a healthy job market that doesn't appear ready to slow down anytime soon."
Final Thoughts
Local market experts predict that the real estate market in Raleigh will remain stable in 2023. Prices are not likely to crash far. Buyers are likely to see a slight window of opportunity with sellers having to make some adjustments, like asking for lower prices or investing more time and energy into prepping their home before going live on the market, e.g., fresh paint and carpeted floors. Unfortunately, interest rates have risen, making it more difficult for potential Triangle area residents to afford the asking price of homes, even with a slight dip in prices.
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