A New Year is here and so many people are wondering what the real estate market will be like in the Triangle area. While we don’t have a crystal ball, we do know that there are some trends that can give us a good idea of what to expect in the real estate market in 2021.
Here’s what we predict this year in Triangle real estate:
- Hot market: Last year didn’t slow down the housing market, and we don’t see a change happening this year. People want to move to the Triangle area now more than ever. We will still continue to have a housing shortage in the Triangle.
- Variety in housing: While Raleigh was known for suburban life, there’s more and more variety coming in. With tech giants pushing for more live/work/play areas, we’re likely to see some more condos and townhomes around town. This will allow young first-time buyers to get their foot in the door who may not be ready for a larger family home just yet.
- Higher cost: We’re expecting home prices to continue to rise this year. Not only is the area in high demand, but the cost of building materials has gone up due to shortages caused by the pandemic. This is great news for sellers but may prove tricky for buyers, especially those new to the market who don’t have equity to transfer to a new home.
- Turn back to larger homes: With 2020’s stay-at-home orders, many families are realizing their cozy houses aren’t quite suited for school, work, and generally spending more time at home. Where people once trended towards smaller homes, buyers are now trending towards larger homes that provide multiple functions and enough room to spread out.
Whether you’re buying or selling real estate, you need a team you can trust. Raleigh Cary Realty has some of the most experienced real estate professionals in the Triangle. Contact us to get ready to buy or sell a home in 2021.