Homebuyers and home sellers in the North Carolina Triangle area are eager to know the 2020 housing market trends.
Whether you are buying or selling a home it is important to understand how to maximize the value to your family's bottom line. Understanding the residential real estate market and its possible trends will ensure your first step towards a decision with long-term benefits. One of the first questions home buyers and home sellers are asking us at the turn of the year is, "What do I need to know about the upcoming housing market?" While My NC Homes does not possess a crystal ball to see into the future, we have more than 60 years of combined experience in the industry that reinforces our confidence as we make our own predictions for the Triangle housing market trends in 2020.
What the Triangle Housing Market History Tells Us About 2020
Larry Tollen leans towards a slightly more conservative prediction for the 2020 Triangle housing market. He believes home values will continue to appreciate at an average of 5% in the Durham, Raleigh, Chapel Hill, and Cary areas. "In 2019 home sellers averaged 2-3 weeks on the market. I think we'll see a trend moving towards a more balanced time on the market as we move along this year. But it will continue to be a seller's market. Downtown Raleigh, Durham, and Pittsboro, especially around the Chapel Hill 15-501 corridor, will continue to see demand and I anticipate phenomenal growth."
What Home Sellers Should Know in 2020
Andrew Palumbo took some time to discuss where he believes the 2020 Triangle housing market will trend. He felt incorrect perceptions could lead Triangle area home buyers and home sellers to make misinformed decisions. "There is a perception that the Triangle housing market has slowed down slightly. I understand the perception, but it's more about leaning back into a normal calendar cycle that is typically seen in any real estate market. It's slightly slower now than it was last year at this time.
However, I believe it's going to be another seller's market in 2020. The Triangle area, especially around Durham, Cary, and Chapel Hill does not have enough supply:
there simply aren't enough houses hitting the market to meet the continued demand."
People coming into the Triangle Housing Market
There are no indicators in the Triangle area that signal any drastic changes for people relocating to this area. Raleigh-Durham and surrounding cities see about 100 new people per day move into the area. Lauren Wimple who was born and raised locally, appreciates the growth and works with many first-time home buyers relocating to the area. "The ratio of available inventory to buyers is going to continue to be imbalanced, so we can expect it to remain a seller's market. For this reason, buyers will need to be competitive and should continue to expect to find themselves in multiple offer situations." Lauren's insights into the 2020 market will allow homebuyers to be in the right mindset to be better prepared for the market.
Understanding the 2020 Housing Market
It is impossible to precisely predict market conditions even a year out, but with over 50 years of experience this is what we’re telling our clients and customers. We think the most empowering tool to have is an experienced team like My NC Homes. Our team will help you navigate not only the market conditions but also your personal and financial requirements to make educated and well-informed decisions as you think about buying or selling a home in 2020. If you have questions, please feel free to call or email any of us. We're happy to happy discuss real estate and the market with you and answer any of your questions so that you have the information you need moving forward.
Co-authored by 3 Bossy Bees