Living in the Triangle, you’ve probably heard about or experienced the chaos of buying a home in 2017. Through November, prices were up more than 8.2 percent, reported by the Triangle Business Journal. Homebuyers in 2017 were forced to move quickly on their offers because of diminishing inventory in the market. Especially when looking for more affordably priced homes, it was extremely difficult for buyers. Homes were almost never bought at their asking price, but above.
New home builders can’t put up communities and homes fast enough, as tons of people are relocating to and within the Triangle. Though construction has increased, inventory is still needed in the Triangle to keep up with demand. For reference, market recommendations for housing inventory is six months. In November, Wake County only had two months. This is likely the case because of the large hit the building industry took during the recession, with restrictions on how much they could build. The industry is still in recovery mode, though its climbing each year at a good pace.
Construction of new homes is on a steady rise, which is good news across the boards for communities, jobs, and the local economy. Areas outside of Wake County will continue to grow in 2018, like surrounding counties Johnston, Franklin, and Granville. Currently, new home sales prices are on the rise, and the sales themselves because of a high demand in the area. The Triangle is growing because of the great industries and job opportunities in this bustling area.
In 2017, we saw building permits go up, income growth, and new home sales up. We look forward to a stable market in 2018, with home values expected to rise. 2018 will be a great year to buy a home!
Dan Ryan Builders at Wendell Falls is now selling gorgeous townhomes that are spacious and elegant. Are you looking for a new home in the Triangle? Find yours here in your ideal location, price range, and style!