Raleigh, NC, housing market is one of the hottest in the nation

Posted on July 24, 2023 in LIVING IN NC,NEWS

Buying a home in the US has been an interesting challenge over the past three years. Although some areas have experienced a lull in 2023, the Raleigh, NC, housing market is one of the hottest in the nation.

How hot IS the Raleigh NC housing market?

It’s red hot.

The National Association of Realtors examined the metros where home sales continue to draw strong demand.U.S. News & World Reportpublished its ranking of housing markets with data through December 2022. Their report confirmed that the Raleigh NC housing market is the hottest in the nation. Neighboring Durham, NC, tied with Austin, TX, for the #3 spot on the list.

The rankings are based on the U.S. News Housing Market Index, which grades metropolitan areas “from shivering to scorching on a scale of 1 to 100”. Raleigh was sizzling with the highest score of 71.7. 

TheNAR’s top ten real estate marketsare all located in southern states demonstrating that it’s not just birds that head South (and not just for the winters either). Atlanta is #1 and Raleigh is a very close #2.

What do both U.S. News and World Report and NAR see in the Raleigh NC housing market? They measure a variety of metrics:

  • Housing affordability

  • The number of renters who can afford to a buy a home

  • Job growth

  • Population growth

  • Increase in active housing inventory

  • Less severe housing shortage

Raleigh actually scored higher than Atlanta in a few areas on the NAR list, including renters who can afford to buy a home, population growth, and increase in listings.  

What are the advantages to living in the Raleigh NC area

So, why IS the Raleigh NC housing market so hot?To understand the advantages to living in the Raleigh, NC, area, you need to understand what draws people to the region. 

Raleigh is part of theResearch Triangle, anchored by Raleigh, Durham, and Chapel Hill. It is named for the top-notch research universities located here—Duke University, North Carolina State University, and University of North Carolina at Chapel Hill. 

The largest suburban research park in the country,Research Triangle Parkis so large that the park has its own zip code! Known locally as RTP, it spans 7,000 acres and houses more than 300 companies with a combined total of 65,000 workers. Leaders in technology and bioscience—along with their tens of thousands of employees—flocked to the Research Triangle. Massive multinational entities, like Google, Amazon, GlaxoSmithKline, Apple, and Cisco, established business centers within the Triangle. And it’s not just the corporations finding a home here. The Research Triangle has becomea mecca for start-ups and small businesses.

The economic growth created high demand for an infrastructure to support them. And that infrastructure means housing, schools, healthcare, services, and amenities. Raleigh was already highly regarded for providing quality in all of these categories, as well as recreation. Mix in the temperate climate and close access to both ocean and mountains, and you have the recipe for a lifestyle that’s hard to resist.

Raleigh is also a great place to retire

The job market is undeniably a big draw for moving to Raleigh, but what if you’re ready to put the working world behind you?

Raleigh is a great place to retire, another reason the Raleigh, NC, housing market is in such high demand. Active adults, empty nesters, and people reaching retirement age appreciate the lifestyle they can enjoy here. The weather offers four distinct seasons, unlike some parts of the south, but without the severe winters of northern states. Living in the Raleigh area makes it convenient to travel to the ocean, lakes, or mountains, and residents can enjoy a wide variety of  activities and attractions—from golf, tennis, and water sports to dining, shopping, special events, arts, culture, and history.

At any age, the Triangle region is a great place to live, and finding the perfect choice among Raleigh new homes is easier than you might think.

What towns and cities are near Raleigh?

The Raleigh, NC, housing market isn’t limited to the city itself. If you want to live close to Raleigh but not within the city limits, consider some new home communities near Raleigh, NC. Here are some appealing Raleigh suburbs that offer distinctive lifestyle advantages:

Apex, NC: One of the most popular Raleigh suburbs,Apex, NC, is a large town of about 63,000 residents. It’s located just 15 miles west of Raleigh, a 20-minute drive. The town itself has a lot to offer, with outstanding schools, numerous parks, shopping, dining, and a quaint, historic downtown. 

Apex earned an“A+” livability scoreand is rated #1 on Niche.com’s 2023 list of “Best Places to Buy  House in the Raleigh Area”. Does this sound appealing to you? Check out available and plannednew homes in Apex, North Carolina, with large yards and located near Lake Wheeler and Jordan Lake.

Fuquay-Varina, NC: 15 minutes south of Raleigh,Fuquay-Varina, NC, originally drew people who came for the town’s mineral springs, believed to have healing power. In more recent years, the town has become one of thefastest growing small towns in North Carolina, with apopulation of about 41,000 people.

Ideal for working professionals, families, and retirees, Fuquay-Varina boasts two charming downtown districts—each with locally owned businesses—500 acres of parks (includingFuquay Mineral Spring Park), good schools, and an active community. Want to see where you could live in this town? Look at these available townhomes andnew homes in Fuquay-Varina, North Carolina.

Smithfield, NC: As the county seat of Johnston County,Smithfield, NC, is a town ofa little more than 12,000 people. About 30 miles from Raleigh, Smithfield is situated on the Neuse River, a popular place for anything from recreation to a quiet stroll along the riverbanks. Shopping spans a full range, from the one-of-a-kind shops in Downtown Smithfield to the outlet center a few miles down the road. 

Residents take pride in the friendly, scenic, and welcoming nature of their revitalized downtown, which earned the prestigious certification ofMain Street Community. You have a variety of choices for living in this thriving Raleigh suburb, including these townhomes andnew homes in Smithfield, North Carolina.

Lillington, NC: People who love outdoor activity enjoy living inLillington, NC. With fewer than 5,000 residents, Lillington is indeed a small town but there’s no limit to the recreational distractions in this Raleigh suburb, which sits on the Cape Fear River, about 31 miles south of the state capital.Raven Rock State Park, right here in Lillington, is the place to go for hiking, biking, horseback riding, camping, fishing, and swimming, plus paddle boarding, kayaking, tubing, or canoeing on the Cape Fear River. Downtown Lillington is in the midst of a renaissance as the town leaders implement a master plan. Want to add to this small town’s population?New homes in Lillington, North Carolina, are in the works!

Find the right new home communities near Raleigh, NC

The sizzling nature of the Raleigh, NC, housing market will continue, based on the many reasons people appreciate its value. So, if you’re looking to make a positive change in your life, start looking for new homes in Raleigh, NC, and the suburbs.New Home Inc.is one of the Raleigh NC home builders that is adding to your options. 

We have revamped home designs to reflect the current lifestyle. Our homes have more tech-savvy, functional, and flexible spaces that keep up with here-to-stay trends, like working from home, smart home automation, electric vehicles, home deliveries, indoor air quality, pet-friendly spaces, and much more.

New Home Inc. includes a long list ofstandard featuresthat other Raleigh NC home builders would consider an upgrade. Things likesmart automation technology,healthy home and energy efficiency advances, anddesign featuresthat include a“messy kitchen” service pantryand fully enclosed and securesmart home delivery zone.

New Home Inc.is ready to welcome you to explore new homes in Raleigh, North Carolina, particularly when you want to have the best of both worlds—the many advantages of the Raleigh, NC,  housing market and the affordability of living beyond the city.Talk to us at New Home Inc.to learn more and GET more.