Editor’s Note: Each Friday, WRAL TechWire takes a deep dive into the Triangle’s real estate markets. In recent weeks, we’ve covered how to win in the Triangle real estate market as a buyer and how sellers can prepare a home for sale in order to get top-dollar offers.
RALEIGH – The National Association of REALTORS expects that the real estate market in the Raleigh metropolitan statistical area will outperform the nation in 2023.
So much so that the forecast, released this week by the NAR ranks the Raleigh region as the second most likely real estate market to “outperform other metro areas in 2023.”
The region trails only the greater Atlanta metropolitan region, according to the forecast.
Overall, Lawrence Yun, the chief economist and senior vice president of research at the National Association of REALTROS, forecasted a total of 4.78 million existing homes would be sold across the United States in 2023.
He also forecasted that home sale prices, for existing homes, would remain stable in 2023, and that Atlanta and Raleigh would be the top markets expected to outperform other metropolitan areas.
And Yun also forecasted that rents would continue to rise. Raleigh area asking rents rose at a rate of more than three times the national inflation rate year-over-year, according to the most recent analysis from Redfin and the latest Consumer Price Index.
How high might home prices rise in the Triangle?
“The demand for housing continues to outpace supply,” Yun said in a statement. “The economic conditions in place in the top 10 U.S. markets, all of which are located in the South, provide the support for home prices to climb by at least 5% in 2023.”
And in Raleigh, a corresponding report