Triangle real estate continues its pandemic surge
Posted June 22, 2020 2:47 p.m. EDT
Updated June 22, 2020 7:44 p.m. EDT
Raleigh, N.C. — The national real estate market is starting to show signs of slowing as home sales plunged 9.7% in May. But experts believe the Triangle could be in better shape than most markets in the country.
According to new numbers from Zillow, newly pending sales in Raleigh/Durham are up 1.9% from the previous week and 8.6% from a month ago.
The median listing price is also up from last year.
"Raleigh is far above 2019 levels," said Skylar Olsen, principal economist for Zillow. "Yes things slowed down, but Raleigh is pretty exceptional in terms of the amount of activity that's recovered and how quickly."
Olsen studies home trends nationally. She says she was slightly surprised by the strong numbers from the Triangle, but points to strength before the pandemic as the reason for the continued surge.
"Think about Raleigh in particular -- the sheer level of activity before the crisis. If you were planning to buy before hand, and we knew there were a lot of potential buyers in Raleigh, you pushed through," she said.
She says the types of jobs available in the Triangle, many in the tech industry which allow for more remote work, could add to future growth.
"Raleigh is in good position to attract people who finally want to become home owners, but also want the advantages that potential remote work can bring," Olsen said.
Experts say the hot market should continue in this part of North Carolina, but they are warning it's too early to celebrate a recovery. Any shift in the pandemic, like the current rising hospitalization numbers, could also cause a shift in the real estate market.