Are you curious about the state of real estate in North Carolina for 2024? Triangle MLS recently interviewed Leigh Brown (past NC REALTORS® president) to get her thoughts on where the market is
Jul 25 2023 6003 1
Dated: July 25 2023
Market analysis for Raleigh NC in 2023:
The Raleigh housing market is still a seller's market, but there are signs that it is starting to cool off. In June 2023, the median sale price of a home in Raleigh was $425,000, down 2.3% from the previous year. Homes are also staying on the market for longer, with an average of 36 days on market compared to 25 days last year.
The Raleigh office market is also starting to soften. The vacancy rate for Class A office space is up to 24.6%, which is a historic high for the Triangle. Full service asking rents remained flat at $30.30 per square foot.
The Raleigh industrial market is still strong, with demand for warehouse and manufacturing space remaining very high. In Q1 2023, the market delivered 1.2 million square feet of warehouse product and 560,000 square feet of flex product. Warehouse average asking rates saw a slight increase to $9.63 per-square-foot, with highbay product averaging $9.50 per-square-foot.
The Raleigh market is still a strong one, but there are signs that it is starting to cool off. The housing market is starting to see more inventory, and the office market is starting to see more vacancies. However, the industrial market remains strong, and there is still a lot of demand for housing and office space in the Triangle.
Here are some factors that could impact the Raleigh market in 2023:
The overall state of the economy
The interest rate environment
The availability of housing inventory
The demand for office space
The growth of the tech industry in the Triangle
Overall, the Raleigh market is still a good one for both buyers and sellers. However, it is important to be aware of the trends that are shaping the market, so that you can make informed decisions about your investment.
Here is a list of all the homes available in Raleigh NC updated every 15 minutes: Homes for sale in Raleigh
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