On Monday, June 6, 2022, Meta, Facebook’s parent company, announced that they are planning to open an office in Durham. While it is very exciting that another huge tech company is headed our way, the Triangle’s real estate market could get even more expensive. After Apple and Google announced they were coming to the Triangle in 2021, we saw quite an increase in the median sales price of homes.
April 2022 statistics provided by the Durham Regional Association of REALTORS® show that the median sales price is $415,000 for properties located in Durham County, Orange County and the Triangle. It’s a 25.8% increase from April 2021.
WRALTechWire spoke to a Durham REALTOR® who believes that if you buy a house for around $400,000 today, it will be worth double that in the next five to 10 years.
I can say that any time a major company comes to our area they bring jobs and revenue, along with the challenges of working to keep the cost of living as affordable as possible and ensuring opportunities are shared as equitably as possible.” – Downtown Durham CEO Nicole Thompson
You can read the full article on WRALTechWire.com.
Supply and Demand
One of the main reasons for the high prices we see in instances like these is the supply challenge. There is a lack of homes for sale and for rent which drives the prices way up. The Triangle continues to see influxes of people moving to the area and there is just not enough housing being built to keep up. Also, many homes are being bought by investors. In fact, one in five homes in Durham are bought by investors, and one in four homes in Raleigh are bought by investors, a recent analysis found. The housing market has turned into an asset class that attracts larger investment flows. Many times, aspiring homeowners are now bidding against people that bring a different level of financial resources to the table making it even harder to purchase a home.
What Does This Mean for You?
If you are searching for a new home in the Triangle, you need someone with experience on your side. I have been in real estate in the area since 2008 and have formed connections with other agents across the Triangle. I thrive on being out in the market, representing buyers and sellers all over the Triangle. Literally–all over the Triangle–having worked with clients in Louisburg, Durham, Morrisville, Clayton, and of course, all areas of Raleigh. I can help you navigate the market and find your next home at a price that works for your budget.
On the other hand, if you have been thinking of selling your home, now is the time to do it! As I noted earlier, there is a huge demand for houses which means I can help you get top dollar for yours.