WRAL Investigates

Amid pandemic lockdowns, area home sales, prices soar

Despite stay and safer at home orders in North Carolina for much of 2020, more people chose to call the state "Home" during the pandemic. That was good news for existing homeowners and sellers alike.

Posted Updated

By
Cullen Browder
, WRAL anchor/reporter
RALEIGH, N.C. — The coronavirus pandemic has taken a toll on many facets of daily life, from education to business to mental health. But one area thriving through it all in North Carolina is residential real estate.

WRAL Investigates discovered home sales rose nearly 11 percent across the state in 2020, while median prices climbed almost 10 percent. In the Triangle, sales were up by 9 percent over 2019, with median prices rising more than 6 percent, to $295,000.

The jumps surprised even the experts.

"In the beginning, everyone thought it was going to slow down with the lockdowns and we’d have a tamped-down market, but it’s really been the opposite," said Brett Bushnell, president of the Raleigh Regional Association of Realtors. "I’ve seen price points all the way up to $400,000 that are receiving not two, not five, not 10, but 15, even 20 offers on a property."

Kacy and Emily Fortner said they moved back to North Carolina from the San Francisco area not just because they could work their tech jobs from anywhere. They could buy a home in Durham for half the rent they paid in California and get twice the size.

Emily Fortner said the pandemic also changed their outlook.

"We had a good life in the Bay [area], but we missed our friends and family," she said. "I think, in a pandemic, you want something that’s familiar and comfortable and maybe a little more room."

While many families crave the suburbs, so far, North Carolina hasn’t seen the downtown drain that some major metro areas have experienced, especially in the Northeast.

"If they are moving to accommodate a growing family or additional need for space, those properties in downtown Raleigh are snapped up just as quick as they’re put on the market," Bushnell said.

County statistics obtained by WRAL reflect that:

  • In Wake County, sales were up 6.8 percent, and prices were up 7.1 percent.
  • In Durham County, sales jumped 4.2, percent, and prices rose 6.7 percent.
  • Johnston County experienced a 14.5 percent increase in sales and a 6.4 percent increase in prices.
  • Despite sales dropping 2.2 percent in Orange County, the median price went up more than 4 percent.
  • Cumberland County had the biggest winners among home sellers, with sales up 13 percent and prices up 12 percent.

Bushnell said historically low interest rates are part of the sales equation, but inventory is tight, pushing prices up.

"There is not enough properties for the demand of buyers out there right now," he said. "Priorities have changed for some folks. They realize where they live is really important, especially if they’re going to be there 24/7."

WRAL researched migration trends to prove that point. According to mover United Van Lines, 60 percent of the moves in North Carolina were made by people moving into the state, which is the sixth-highest inbound percentage in the country.

Wilmington was the epicenter of new residents, with inbound moves outpacing outbound moves 79 to 21 percent.

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