Raleigh, NC

The North Carolina housing market is exploding in the Triangle area

Alyssa Atkinson

Get the details and statistics in this post.

Photo by Douglas Sheppard on UnsplashDouglas Sheppard/Unsplash

One huge life milestone that many people hope to achieve is being able to buy their own house. The exact style, size, and location of the house is unique to each individual. However, the fact remains that many people look to settle down and purchase a home at some point in their life.

Depending on where you live, the housing market can vary immensely. Your budget might afford you a decent sized home if you live in a small town in a more remote area. That same budget might only afford you a condo in Hawaii, or a very small house in a large city like Seattle.

Many factors will impact the overall cost of your house, but looking at the housing market trends in recent years can tell you a lot about the current state of the market and what you might be able to afford.

If you are looking to purchase a home in North Carolina, specifically the Triangle area, you will probably be interested to know just how much housing prices have increase in the last year alone. Spoiler alert - it is a pretty large chunk of change.

The housing market in the Triangle is very hot right now.

There is no doubt that the Triangle housing market has increased significantly. In the last year alone, home prices have increased by a whopping 20 percent or so. In fact, WRAL News states that:

"The median price people paid for houses in Wake, Durham, Orange and Johnston counties in May was $345,000, according to Triangle MLS, a real estate listing service for 16 counties in North Carolina...The median price, or the very middle amount, has increased by more than $57,000 in the last year, according to Commander."

These statistics paint a clear picture that housing costs have increased immensely in the last year alone. Whether or not they will continue to do so has yet to be written.

Houses are not only selling for more in general.

While it is obvious that the selling point of houses has increased, it's not just the sticker prices that are going up. In fact, Raleigh, North Carolina is insanely competitive right now amongst buyers. ABC 11 states that:

"According to Charlotte mortgage site LendingTree, Raleigh is the third most competitive market in the U.S., due to the share of its homebuyers having credit scores above 700, putting 20% or more in down payment and shopping for a mortgage before looking for a home."

Their article was published quite recently, on July 5, 2021, which means there are only two markets in the United States that are more competitive than Raleigh. People are coming in to make offers with all of their preparations ready and in place.

Beyond that, some people are even putting in offers above asking price, and not just in Raleigh. This is occurring in a variety of hot housing markets, which can make it more difficult to find an affordable home that is large enough to suit your family's needs in the area which you truly want to live.

We all know that the housing market is subject to going up and down. You never know when a large dip could occur. Right now, it appears that the Triangle area housing market in North Carolina is on a large upswing. Only time will tell what happens with the market in future months and years.

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Ohio U XC/Track alum. I love to run. I blog about food, health, fitness, lifestyle, etc. Personal Blog - nomeatfastfeet.com | Electrical and Computer Engineering Grad.

Raleigh, NC

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