As we prepare for the second half of 2024, Raleigh’s housing market is set to soar to new heights. Whether you’re a prospective homebuyer, an investor, or simply curious about the trends, here’s your ultimate guide to what’s ahead.
The Raleigh Renaissance: What’s Fueling the Market?
Raleigh is more than just a city; it’s a thriving opportunity hub. The combination of a booming job market, a burgeoning tech industry, and a high quality of life continues to attract people from all over the country. This influx of new residents is pushing demand for housing to unprecedented levels.
Raleigh’s Key Drivers:
- Tech Industry Expansion: The influx of tech-related jobs has significantly influenced housing demand. Companies moving to Raleigh bring job opportunities that drive people to relocate, boosting the local economy and increasing housing demand.
- Quality of Life: The combination of good schools, outdoor amenities, cultural activities, and overall lifestyle benefits makes Raleigh an attractive place for families and individuals alike.
- Affordability: Despite rising home prices, Raleigh is still more affordable than many other tech-centric cities, maintaining its appeal to both buyers and renters looking for a cost-effective yet high-quality living environment.
These key drivers collectively contribute to a robust and competitive housing market in Raleigh, pushing demand to unprecedented levels. The market is characterized by low inventory and high competition, which is expected to continue throughout 2024 and beyond.
Raleigh’s Real Estate Market Trend: What to Expect
As a Certified Mortgage Advisor, I’ve been closely monitoring the market trends, and it’s clear that home prices are set to keep rising. The primary driver behind this surge is the persistent shortage of housing inventory. With demand far outstripping supply, buyers are facing increased competition, pushing prices higher.
Certified Mortgage Advisor & Raleigh Mortgage Broker Kevin Martini
Rising home prices are a significant trend in the current market, driven by strong demand that far exceeds the available supply. This imbalance is causing prices to climb steadily, making it imperative for prospective buyers to act quickly before they rise even further. Despite an increase in new construction, it is still insufficient to meet the high demand, resulting in competitive bidding wars. Buyers must be prepared to make swift decisions when they find a suitable property.
The only way a buyer can be prepared to make swift decisions is to have not just clarity on the price and cost of their mortgage but to be certain and able to share with a seller that they are making a same-as-cash offer. Additionally, while mortgage rates are expected to remain relatively stable, minor fluctuations could occur. Staying informed about these changes can help buyers secure a favorable mortgage rate and make a well-timed purchase.
Given that higher home prices are inevitable and so are lower home loan rates, one should keep top of mind to seek the lowest cost of borrowing, not the lowest rate, in this current environment. This is because it is not a question of if one will refinance but when.
About the Author
Kevin Martini is dedicated to empowering families to build generational wealth through real estate, utilizing cutting-edge mortgage strategies. More than just a Raleigh mortgage broker, Kevin is widely regarded as one of the best Raleigh mortgage brokers due to his status as a Certified Mortgage Advisor and his commitment to a fiduciary approach, ensuring that his clients’ best interests are always at the forefront. A prominent figure in both the Raleigh mortgage scene and the broader industry, Kevin has successfully originated over a billion dollars in home loans. His expertise helps clients navigate the complexities of financial planning to achieve their real estate aspirations.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Today's Mortgage Rates
