Source: The Business Journals —
Despite a cooling of the real estate market across the country in 2022, the Triangle has been moving full steam ahead with no signs of slowing. In fact, in 2022, Raleigh and Durham were listed high on Kenan Institute’s report on growing metropolitan areas, American Growth Project. It was ranked the region fourth for fastest-growing United States cities, just behind San Francisco, Austin, Texas and Seattle. As approximately 5,000 new residents flock to the Triangle each month, 2023 will see the Triangle remaining a hot market.
Here’s what you can expect from the real estate market for 2023.
Out-of-town buyers will contribute heavily to market, particularly luxury market
According to JAG agent Daniel Harmon, well over half of buyers within the Triangle real estate market have been from such states as New York, Colorado, Texas, Arizona, New Jersey and Florida. Thanks to the biotech and tech jobs that are fresh on the Triangle scene, new talent from across the United States is landing in the Raleigh-Durham market. Many of these residents are coming from higher priced markets, which reflects in the price point.
In fact, by October of 2022, the average sales price of a home in the Triangle was still up over 17 percent from 2021 to $460,676. Part of what is driving that growth is Raleigh’s luxury market.