As we close the chapter on 2019 and look ahead to what 2020 brings, many Triangle residents are wondering how their buying and selling prospects have changed over the last year. Not only is it crucial to stay up-to-date on the latest market trends, but the market activity of 2019 can give us a helpful hint into what to expect in 2020.
Here’s a look back on the most important highlights of Triangle real estate in 2019.
National Real Estate Trends
Before we dive into local trends, it’s important to understand how national trends have played a role in our area. First and perhaps most importantly, interest rates have been hovering at near-record lows for most of the year. Back in 2018, rates were expected to increase and keep ticking up over the course of the year, but exactly the opposite has happened.
With interest rates averaging around 3.6% during the late summer, rates were at the lowest they’ve been since 2016. This led to both an increase in buyer activity and refinancing—but it also meant that inventory couldn’t quite keep up in some places, leading to higher home prices.
Triangle Home Prices
In November of last year, the median price of a home in Raleigh was around $279,900. This November, prices are at $281,800. Although it may seem like a small increase, it’s indicative of an overarching growth of around 5.5% in the local real estate market. And that isn’t going to change anytime soon—over the next year, prices are expected to grow by another 4%.
Expand that further out of the Triangle, and you’ll see similar upward trends. In Durham, the median home price has grown by 6.1% in the past year, and in Cary that number is a little lower but still high at 4.3%.
The Best Time to Buy and Sell
Spring and summer are always a busy season in the Triangle real estate market, but this year, fall and winter have been more active than usual, as well. This is likely due to buyers taking advantage of decreased interest rates. If you’re still hoping to buy or sell before the new year, don’t be discouraged—the market is somewhat competitive, and homes are selling for right around asking price!
As we move into the new year, you can expect the market to be especially active. With continued low interest rates and a steady increase in inventory, early 2020 is currently projected to show a swift uptick in sales and prices.
Wondering about the most profitable areas for selling (and investing)? According to Zillow, the Glenwood area had the highest median home price, followed by the Wade Avenue area and Five Points. The least profitable neighborhoods included Hillsborough, Central, and North Central.
Stay Informed on Triangle Real Estate
With an ever-changing and often unpredictable market, it pays to have an expert on your side. Whether you’re buying, selling, or investing in 2019, let Trademark Residential Brokerage be there to help. Take some time to browse our resources for both buyers and sellers, as well as our in-depth guides to the area, and give us a call when you’re ready to get started!