Predicting the 2021 North Carolina Housing Market

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If there’s a single decent thing to come out of this pandemic, it’s the fact that COVID-19 has helped us to be able to predict the housing market for the Triangle area in 2021. According to experts, we will be able to see many effects specifically in the Raleigh-Durham and Charlotte markets when it comes to being a seller’s market.

For the past decade, the Raleigh-Durham market has been in high demand thanks to low interest rates and its existing popularity. Last year, U-Haul named Raleigh the top Growth City in America based on migration data. When looking at 2021, the Research Triangle continues to bring buyers in masses. Did you know that more than 41 percent of offers face competition in the city? Views per property jumped 81 percent in 2020, and we’re predicting the same for 2021.

With the good news also comes the reality of the situation. New home builders are still predicted to have struggles in keeping up with demand this year. While the market is hot, builders are having trouble staffing and producing homes at the rate of speed and quality that buyers are expecting. However, if the Biden administration is able to quickly and efficiently deliver the COVID-19 vaccine to the general population, this will allow for job creation that could alleviate some of these problems.

When looking at some statistics from November 2020, we saw the following:

▪ 76% of listed resale homes had a sale status change to pending or closed

▪ 24% increase in closed sales on home resales from a year prior

▪ 81% of resales were only on the market for a month or less

▪ 36% of resales had sale prices higher than final list prices, an increase from the usual 14-17% the past five years

As you can tell, undersupply will continue to be a theme in 2021, but there is hope.

Finally, we can expect to see prices increase in the Triangle market for the upcoming year. In November, the national average home price was $310,000, which is already 15% higher than a year prior, according to the National Association of Realtors.

Specifically in the Triangle, the November average overall home sale price was $369,000 and the average resale price was $359,000, which registers as the highest in the last four years for both categories.

If you’re looking for a home in the Raleigh-Durham area, consider Apex. According to Census data, it was the second-fastest growing large city last year, with a 10 percent jump in population in just 12 months.

For all other homes for sale in the Triangle, check out our entire list here:

By Kendra Stowe