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Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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Old 02-13-2017, 10:11 AM
 
10 posts, read 6,884 times
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I've been prowling real estate listings for almost a year and found changes this winter. Suddenly all entry-level houses disappeared (I consider half a dozen over an entire month "disappeared"). A house I wanted was sold in 26 hrs. this past weekend. I understand that prices are expected to rise in Durham in all categories this year, but this seems extreme. Opinions, please?
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Old 02-13-2017, 10:27 AM
 
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It's a hot market in the Triangle in the 200-400k range. Low inventory, and even lower in the winter.
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Old 02-13-2017, 11:23 AM
 
Location: Raleigh, NC
5,952 posts, read 4,231,297 times
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Durham is cheaper than Raleigh right now and is also growing fast so it's not surprising to me. Houses under $300K here go fast and m378 is right, there's low inventory in the winter so people looking will snatch up the ones available quick.
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Old 02-13-2017, 11:41 AM
 
Location: Raleigh, NC
12,451 posts, read 30,258,483 times
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Our housing market has the lowest inventory in years. And yet, we have so many buyers.

As you know, supply and demand makes the prices go up.

Any home that I list that is under $300,000 tends to get multiple offers and sells in a day or so. Some do sell in hours.

Sometimes I have other Realtors calling me as soon as my For Sale sign is being put into the ground.

It is frustrating for buyers. And the concern is that our prices are going up too quickly.
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Old 02-13-2017, 01:30 PM
 
718 posts, read 732,075 times
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When I started casually looking for a new home in Durham last fall, I found that every property that fit my criteria on Zillow (which isn't the MLS, I know) was being gobbled up within a week or less after I had placed it under consideration. That convinced me that I needed to get serious and work with a real estate agent if I wanted to get a place soon, which I did. In fact, my condo in Chapel Hill and my home in Durham both sold within two weeks. Face the facts: If you want something like a two-story, two-car garage single family residence like I did for my place, demand for them is outstripping supply right now, and they're frankly a bargain compared to what similar homes cost in Chapel Hill, Cary and Raleigh. (I didn't consider Morrisville due to proximity to the airport, and I don't want to deal with the traffic from other areas further outlying in the Triangle). Durham simply has the winning hand right now, and with more big retail and residential construction planned, demand is just going to keep growing, in my opinion.
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Old 02-13-2017, 01:47 PM
 
Location: Raleigh NC
23,146 posts, read 12,428,448 times
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6 houses in a month is not much. As others have said, in "starter home" price ranges (under $400K in Wake County, for example), the median days on market is under 1 week.
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