North Carolina’s Triangle has a lot going for it — and its real estate market has responded accordingly.

The Raleigh-Durham-Chapel Hill region has seen a large influx of new residents over the past few years, drawn to the area’s hot, tech-driven job market and comparatively low cost of living.

The culture and atmosphere aren’t too shabby either, including major universities, a focus on parks and greenways, and safe communities for families.

But like much of the country, the Triangle region’s real estate market has been something of a roller coaster ride for the past decade. In Raleigh alone, permits for new construction have increased 40% year after year.

Increasing real estate prices and lowered inventory has done nothing to stem the tide of popularity, especially when companies like Apple say they’re coming to town.

But 2023 could be a different story. Brad Ransome explains below what to know when navigating the enticing real estate market of North Carolina’s Triangle.

The Triangle Market Isn’t Cooling as Fast As Other Areas

While higher interest rates have stalled many real estate markets across the country, 2022 has still been a great year in North Carolina.

In June, North Carolina home prices were 14.5% higher than the year before, with a median price of nearly $365,000.

The rate of growth and prices in the Triangle are even higher. Over the past 10 years, the Triangle real estate growth rate was 8.75% each year. And though the number of Triangle home sales has fallen recently, home prices continue to be high — and will likely climb higher into 2023.

Unlike much of the country, in November 2022, the Triangle’s median price of homes actually increased to $399,000, which is over $20,000 more than in the summer.

According to Triangle Multiple Listing Service data, the median-priced home in the area was 8% higher compared to the previous year.

But There Will Likely Be Fewer Listings

While the Triangle’s real estate market is still hot pricewise, the number of new listings and sales is decreasing. That’s indicative of a few things for potential buyers. One is even more competition.

The other is buyers becoming more cautious of spending when interest rates, and therefore mortgage rates, are so high.

In November 2022, there were just 2,614 new real estate listings across the Triangle, the lowest level since 2019. That’s a particularly paltry number for an area with a population of over 2 million.

Buyers Should Prepare to Wait

With the still-hot housing market, interested parties should expect the unexpected.

Patience is key to finding a home in the Raleigh area, noting that many home buyers who move to the area may need to find temporary places to live to give themselves enough time to find a home that fits their needs.

But there are other ways to prepare.

Raleigh and Durham are the area’s largest cities, and Chapel Hill and Cary are usually the most expensive spots, but there are other areas to explore where there may be more affordable homes to find.

Spend some time looking at Raleigh suburbs, such as Knightdale or Wake Forest. Chatham County has lower taxes than surrounding areas.

By expanding a search, home buyers may get some better deals than expected — and avoid big bidding wars.