As we approach the spring of 2025, the Raleigh-Durham real estate market is poised for a dynamic season. This presents unique opportunities for both buyers and sellers.

Recent trends show a robust demand for housing in the Raleigh-Durham area. The median home price in Raleigh reached $465,000 in November 2024, reflecting a 14.7% rise from the prior year. Homes in Raleigh are selling after an average of 37 days on the market. This is a decrease from 45 days the previous year. It indicates robust demand.

Raleigh, NC – January 2025 Median Estimated Property Value

Durham, NC – January 2025 Median Estimated Property Value

This surge is attributed to the region’s strong economic growth. An influx of new residents contributes to it. The appeal of its educational institutions and vibrant cultural scene also enhances it. Yet, the market remains competitive due to limited housing inventory.

Implications for Buyers

For prospective buyers, the spring market traditionally offers a wider choice of homes, as more properties become available. Still, with the current high demand, competition is expected to be intense. It’s essential for buyers to be well-prepared, which includes securing mortgage pre-approval and acting swiftly when desirable properties become available. While mortgage rates are projected to decrease slightly, averaging around 6.3% by the end of the year, they stay relatively high, impacting affordability.

Implications for Sellers

Sellers are in a favorable position this spring. High demand and limited inventory mean homes are to sell quickly. They even sell above the asking price. To maximize returns, sellers should make sure their properties are market-ready. This involve necessary repairs or updates to attract discerning buyers.

Staying informed is crucial in navigating the evolving real estate market. We invite you to subscribe to the Brazoban Realty Group’s weekly newsletter. It provides the latest insights and market trends. You will also get expert advice tailored to the Raleigh-Durham community. Our team is dedicated to helping you make informed decisions, whether you’re buying or selling.

Sources: NY Post, and Market Watch, images courtesy of pexels.