What to know about the spring real estate market in the Triangle

The first official day of spring is March 19, and while that’s still just under a month away, the spring real estate market is moving full steam ahead. If you’re considering buying or selling the Triangle in 2024, it’s a great time to start thinking about your approach to the warming market. With a little insight, you can take advantage of the opportunity to find the home of your dreams this year.

Here’s what you should know with spring just around the corner.

The Federal Reserve has put a pause on rate hikes, which means mortgage rates won’t be changing much in the coming weeks. Mortgage lenders predict rates will slowly begin to drop, and the good news is that once those rates begin to lower, homeowners who purchased when rates were higher will begin receiving offers to refinance.

The key to buying this spring will be to talk to a local lender like North State Bank or Towne Mortgage of the Carolinas, who can help buyers find a mortgage option that fits their budget now. These lenders have insider knowledge of the Triangle market and can help them navigate the programs that may be available before the major summer rush kicks in.

As inflation slowed in 2023, one of the benefits that came along with cooling markets was that housing prices in the Triangle stabilized. Over the course of 2023 and now into 2024, the median sales price has stayed under $400,000. In fact, that median price even moved down slightly at the beginning of 2024. Buyers can expect those median numbers to stay under $400,000 as spring begins.

While those median sales prices might be a relief, keep in mind that lower mortgage rates often correlate to higher home prices. That means spring buyers are in a sweet spot where a little planning can go a long way toward finding a home that perfectly suits their needs.

While the median sales prices are more stable, the Triangle is still trying to keep up with housing demand. One of the key indicators real estate professionals look at to determine if a housing market is healthy is the months’ supply of inventory. When there is four to six months’ supply, it’s considered a stable market. By January of 2024, that number shrunk by over 17 percent from 2023: from 2.3 down to 1.9 months.

What that means is that until there is more inventory available, the Triangle remains a sellers’ market. As the spring market kicks in, that means buyers should be prepared to offer asking prices for a home they may be interested in. And buyers will still want to act quickly to ensure they get the home they are most interested in purchasing.

While spring is typically touted as the best time to buy a home, it’s good to know that real estate doesn’t follow a traditional seasonal timeline. In places like the Triangle, the spring season may have already started as early as January and continues to ramp up into May and throughout the fall. That’s why it’s smart to plan a strategy for buying, which includes finding the right real estate agent.  

Keep in mind that just because the market is picking up steam already, that doesn’t mean you can’t find the right home. Talk to your mortgage lender and real estate agent so you can be armed with the proper knowledge about how to buy a home in the Triangle in 2024.

Inventory will remain a hot topic for the area this spring. Not only did the months’ supply of inventory shrink as 2024 began, but Raleigh alone still needs thousands of homes to keep up with demand. If you’re looking to sell, spring will be a great time to list your current home. It’s also a great time to consider new construction to get into the home of your dreams.

Consider working with a builder directly, making sure to hire an experienced new construction real estate agent to guide you. Or you can begin looking for new construction homes that are currently for sale. New construction will help meet the area’s need for more housing, as will more resale homes that can fill gaps in the market as it starts to pick up as the weather gets warmer.

It’s a great time to buy a home in the Triangle. Start by getting pre-approved and finding a great agent who can help you navigate the current market. With a positive outlook and a bit of planning and preparation, you can take advantage of the spring market today and get a home you love for your future.

The Jim Allen Group provides access to information on this blog/website as a public service for educational purposes only. Although reasonable efforts have been made to ensure that all of the information made available is current, accurate, and complete…[read more]