Triangle Area Real Estate News & Information

Realtor.com recently released their national housing forecast for 2017 that includes big news for the Raleigh-Cary and Durham-Chapel Hill real estate markets. According to the report, home prices and sales are expected to rise across the country next year by 3.9% and 1.9% respectively, although the Triangle Area is predicted to see some of the highest increases across all of the markets.

Raleigh in particular could see home prices rise 4.16% next year with an estimated growth of 7.6% in home sales, which could make them one of the 10 strongest real estate economies in the nation next year.

The report ranks Durham –Chapel Hill just a few spots behind Raleigh, with an expected increase of 2.55% in home prices and 8.95% in sales. So far this year, home prices in Durham-Chapel Hill are up 8.7% and sales are up 11.6%, so if these trends continue into the new year, the market will crush the expected figures. That said, the market is predicted to slow down next year due to post-election interest rates and a shift in buyer demographics, but should still gradually grow.

Projected Mortgage Rates In 2017

Mortgage rates are expected to rise up to 4.5% next year in anticipation of a stronger economy, which could create a new challenge for first-time homebuyers by making it more difficult to qualify. That said, the report also went on to say that a stronger economy would benefit homebuyers, and that first-time buyers will still make up a good portion of the buying pool.

With more than 95 percent of first-time home buyers dependent on financing their home purchase, and a majority of first-time buyers reporting one or more financial challenges, the uptick we’ve already seen may price some first-timers out of the market,” – Jonathan Smoke, Realtor.com Chief Economist

If you've been on the fence about buying a home for a while, find out why now is a great time to start shopping. Get in touch with the My NC Homes team today to learn more about the Durham-Chapel Hill real estate market and find homes within your budget.