Triangle home market sees dip in median sales price, bump in buyers looking for luxury homes

Triangle-area real estate agents say this year's spring market is shaping up to be a little different than what we've seen the last couple of years.

Posted 8:23 p.m. Mar 29 — Updated 10:41 p.m. Mar 29

Matt Talhlem

, WRAL reporter

RALEIGH, N.C. — We are heading into what is typically the busiest time for buying and selling homes in the Triangle.

This year's spring market is shaping up to be a little different than what we've seen the last couple of years.

Last year, interest rates were creeping up.

And who can forget in 2022, buyers lined up around the block to look at a home for sale under $300,000 in Raleigh.

That was right before home prices reached their peak. So what's the outlook if you're in the market for a new home this spring?

The freshest blooms of the spring season are sprouting up across the Triangle - the front yard "For Sale" signs.

Real estate broker Mark Parker has been through 25 years of spring markets in Raleigh.

'Pretty intense': Raleigh among top for most expensive cities to live in, study shows

"We really right now are ramping up into our peak season," Parker said. "I think we’re kind of getting back to that more cyclical season. The last two years have been an anomaly that I don’t think we’ll see again."

He just helped Allison and Michael Mangan find a new home.

"We’re leaving Long Island and moving to Lillington," said Michael Mangan.

That move from the higher cost life in New York to Harnett County means the Mangans can get more home for their money.

"We made a really good profit on our home here, so we wanted to live a little bit easier to be honest with you to afford to send our daughter to college," said Allison Mangan.

Heading into the spring market, the median sales price in the 16 counties that make up the Triangle market is $390,000. That's about the same as February 2023.

It's down from when prices peaked at $417,000 in July 2023.

Realtor Jon McBride says the rise in mortgage rates over the last year has affected home sales at lower price points.

"I think it’s still going to be a very competitive market," McBride said. "Prices are still going to continue to move up."

Now, he's seeing a surge of buyers looking to live in luxury.

Could real estate go the way of the travel industry? Not quite

"We’re seeing multiple offers for million-dollar homes plus which is very interesting considering that’s not the norm for what we’re used to," McBride said.

But there still aren't enough homes on the market to meet the demand.

"We’re starting to see more inventory pop up than we did the last couple years which I think bodes well for buyers as they continue to look for housing," McBride said.

So if you’re looking to sell, when’s the best time to put your house on market?

Realtor.com says you have about two weeks to get ready. Homes in Raleigh listed the week of April 14 sell 10 days faster than average and for about $30,000 more than at the start of the year.

Mortgage interest rates right now are about the same as they were a year ago and down from their peak around 8% in October.

Suggest A Correction