The North Carolina Real Estate Market In 2021: Trends And Predictions

If there’s one good thing that has emerged from the global health crisis, it’s the fact that the coronavirus pandemic has made it a bit easier to predict the Triangle Area’s housing market for 2021. We’ll be able to see many effects—particularly in the Charlotte and Raleigh-Durham markets—when it comes to being a seller’s real estate market, according to experts.



Over the past decade or so, the housing demand in the Raleigh-Durham area has been high, mainly due to the low interest rates. In 2019, Raleigh was named America’s top growth city based on migration data by U-Haul—and that trend looks set to continue in 2021. The “Research Triangle” continues to attract buyers in large number, and views per properties continue to rise exponentially.

An Undersupply Of Homes

According to the National Association of Realtors, there are only 1.28 million homes available in the country—a 22% decrease from the previous year. Incidentally, this is also the lowest number on record since the NAR started keeping track more than four decades ago. And, the North Carolina market is no exception.

For instance, in Charlotte, the current inventory of 4,554 is a major decrease from the previous year—54.5% in fact, according to the Canopy Realtor Association. Homes just remained 24 days in the market, on average, before they were sold.

Home Prices Will Rise

The average national home price is already 15% higher compared to the previous year—and it’s a similar story in the Triangle Area. Although home construction is expected to increase in 2021, it won’t be enough to meet the demand and bring the prices back down, considering how short we are right now.

Nationally, as well as for the North Carolina market, all the numbers currently indicate that 2021 will still be a seller-friendly market. However, things are expected to start levelling out in the second half of the year.

However, this shouldn’t discourage first-time buyers from availing opportunities. Millions of millennials will reach the average home-buying age of 30 this year, and with an increasing number of workers now working remotely, it will motivate potential buyers to increase savings and make the purchase.  

 

Working under the banner of Fathom real estate, Philip Fehler is one of the most experienced expert realtors in North Carolina. He has extensive knowledge in terms of investments, buying and selling houses in Fayetteville, military housing in Fort Bragg, and more. For more information, you can get in touch with Philip Fehler online.

 

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