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Many metropoles in the US are undergoing big shifts in how we use and value space, or occupancy. Where we are working and living and what is more desirable for work, and for life, have changed pretty dramatically. Work at home? Work at work? Work at home some, work at work some? It can be confusing to understand how occupancy, the job market, and how people are working, relate to real estate values, especially when real estate values for local sellers and buyers depend on the "at the moment" value. We would like to share insights on the state of development and projections on the Raleigh Durham area and how rankings nationwide for livability can mean for 2023 sellers and buyers.
Frequently, we report on the job market in Raleigh Durham, and how strong it is. Why? When the job market is strong and companies are investing in the area, we see the demand for real estate increase and home prices stabilize. According to the American Growth Project, the Raleigh-Durham area (frequently referred to as the Research Triangle including Chapel Hill) was ranked as the fourth fastest growing economy in 2022, thanks to continued investment by big tech firms like Google and Apple. In case you were not aware, both of these giants in tech are investing big in The Triangle with headquarters and bringing lots of high-paying and stable work. In September, there were over 37,000 open tech jobs drawing people to the area, and the population of the Triangle is estimated to double. Housing, transportation, and infrastructure will need to keep pace, and businesses benefit.
Raleigh, Cary, and Durham are consistently ranked as top places to live in the US which also makes it attractive to these tech employees. The amenities will keep pace with the rest of the development, and we further see signs of stable housing and sustained demand. Bottom line, where businesses are investing and people are moving, real estate prices go up. What can all of this mean for sellers and buyers in The Triangle in 2023? Buyers are going to see more inventory come on the market, but we are not going to see a massive slowdown, considering the job market in the area and the sustained demand. Sellers are going to have more competition, but if the home is priced correctly, homes will still be sold without substantial depreciation.
If you are considering relocating to The Triangle or selling to take advantage of the demand for housing, contact My NC Homes. We have decades of experience and understand where people move, and why, and will show you the best ways to invest in The Triangle real estate.
Posted by Larry Tollen on
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