Raleigh – Durham Hot market for 2017

Kris HutaffUncategorized

Why should you move to the Triangle area in 2017? Because according to the most recent housing forecast, both Raleigh-Cary and Durham-Chapel Hill metro areas will see higher than average home sales in 2017. Also, the area is projected to rank among top in the entire United States for housing growth in the upcoming year.So far this year, the average home price in Wake County has seen a 5.1 percent increase, with home sales up 6.8 percent according to the Triangle Multiple Listing Service. A Realtor.com report predicts that the area will continue to see increases in both home prices and home sales in 2017, coming in at No. 8 in the country. Home prices are expected to rise 4.16 percent, with home sales increasing by 7.55 percent.

As far as the Durham-Chapel Hill metro is concerned, they aren’t far behind. Listed at No. 11 in the country, the projected numbers sit at a 2.55 percent increase in home price and an 8.95 percent increase in home sales for 2017. Over the entire nation, the U.S. market is expected to see a jump in both categories for the upcoming calendar year.

The only disadvantage to this is the fact that home mortgage interest rates will probably see an increase as well, resulting from perceived inflation pressures. These numbers are predicted to rise to 4.5 percent. With more than 95 percent of first-time homebuyers using mortgages to finance their home purchases, some would-be buyers may be placed out of the market.

Nonetheless, millennials are still expected to dominate the market followed by baby boomers looking to downsize. This is expected to be the demand for the next 10 years, due to baby boomers ability to close more successfully as a result of no need for financing and complications from an economic standpoint.

By Rob Williams