Will Raleigh NC Home Prices Continue to Rise in 2023???
Raleigh is the capital city of North Carolina. It’s known for its universities.The number of technology and scholarly institutions around Raleigh, Chapel Hill and Durham make the area known as the Research Triangle. It is the second most populated city in North Carolina. Raleigh is the tenth-most populous city in the southeast, the 41st most populated city in the U.S., and the largest city of the Research Triangle metro area. Raleigh is known as the "City of Oaks" for its many oak trees, which line the streets in the heart of the city. These are the eight things you need to consider if you’re planning a move to the Raleigh, North Carolina area. Every month about 5,000 people move to the Raleigh area.
These are a few unexpected things to get used to, first, Raleigh has traffic jams. The misconception about the south is that has slow, easy going drivers in pickup trucks. This could not be further from the truth, since Raleigh is a metropolitan area with cars zooming by. There is a rush hour in Raleigh. In Raleigh you also have issues in the suburbs. The suburbs once were small and quaint towns and they’ve since exploded in size. Apex has gone from 5,000 people to 62,000 people. All of this growth means the current infrastructure will have a hard time accommodating all the growth. The roads in Apex are becoming jammed with traffic. The Department of Transportation so far hasn’t done a good job of adding roads to keep up with the current population.
The next thing you need to consider is the towns in the Raleigh area are really spread out. From the furthest point of the Triangle in the east, to the furthest point of the Triangle in the west, is approximately an hour plus drive. From Cary, Apex area those towns pretty much touch each other. From Wake Forest to Roseville same thing, they kiss. From North Raleigh to Raleigh and Wake Forest, these areas also touch. However, from Wake Forest to Fuquay-Varina is quite the drive. One of the agents our team lives in Wake Forest and has clients in Fuquay Varina and she's tells us the amount of time she spends behind the steering wheel. Be prepared. You will need to budget your time accordingly depending where you live.
The third thing you need to consider in Raleigh is having a car is a must. Most areas are not walkable. In certain parts of the area like Five Points which is in downtown Raleigh or Fayetteville Street in downtown Raleigh or even Chapel Hill around the campus downtown, and even downtown Durham are walkable. You can shop, live, work, frequent restaurants, attend school all within a short distance. These areas don’t require a car. If you live further outside of the downtown center you will need a car. To visit the beach which is two and a half hours away, or the mountains which is three and a half hours away you will need a car. Most people commute to work, commute to shopping, commute for entertainment, commute to grocery shop and explore restaurants. Be prepared, you will need a car.
The fourth note-worthy thing to consider about Raleigh is that it is a melting pot. The stereotypical idea of southern culture is not accurate when it comes to Raleigh. The city is diverse. People have flocked and continue to move her from all over the country and the world. Do not be surprised to hear not only southern accents but Italian, Chinese, Japanese and Hispanic accents.
The fifth thing you need to consider, Raleigh has a diverse food. This is connected to the diversity of the culture and people that flock here. The stereotypical assumption about the southern diet consisting on green beans and mashed potatoes is not accurate. You can find whatever style of cuisine you can imagine. There is incredible Indian cuisine. We had a client from India who formerly lived in Cupertino, California explain to that the Indian food found here in the Raleigh area is more authentic than it is in Cupertino, California. This may come as a shock to most. The food is varied and delicious in Raleigh.
Next, before moving to Raleigh know that the housing prices are higher than expected. To think that in the south you can buy 10,000 square foot houses for $150,000 is not the case. The current median home price in the Triangle Raleigh area for May of 2023 is coming in at approximately $440,000. To move to this area, be prepared. It might not be the prices you would expect.
The seventh thing to know and consider before moving to Raleigh is that our housing market is competitive. The rumors that the housing market is slowing down is not the case here in the Raleigh area. On our team what we are seeing is that homes are going under contract quickly in days, if not in hours. We are seeing multiple offer situations. Our agents are having to fight and compete for their clients to get the homes of their dreams. Be prepared that when you come to the Raleigh area you may have to fight for the home of your dreams.
Number eight when it comes to the Raleigh area is even if you're not into sports, you need to be prepared to pick your favorite team out of the big three. The big three are comprised of NC State, Duke University and the University of North Carolina at Chapel Hill. I am not at all biased. Selecting one out of the big three is big in the Raleigh area. There are other schools but those are the main three schools locals have allegiance to. This could be an important topic of conversation around the water cooler on Monday.
If you are considering a move into or out of the Raleigh area our team would love to help you. Call us at 919-964-0474 or click here to fill out our contact request form.