What to know about the luxury home market in the Triangle

It’s a great time to be looking for a luxury home in the Triangle. As new residents continue to flock to the region, high-end homes are meeting many of the housing demands. Those who are coming from larger cities across the United States are finding that they can purchase these homes for what a modest home in a major city typically costs. It’s making luxury homes a hot choice for buyers across the region.

Yet, purchasing a luxury home has a few more intricacies than buying a traditional single-family home. If you have your eye on one of these elevated homes, use the following insights to learn how to navigate your purchase and to understand luxury living in the Triangle.

As the median cost of homes has increased across the greater Raleigh-Durham area, the price point for luxury homes has started rising as well. In the Triangle, houses above $700,000 are considered luxury homes. But more and more, homes priced over $1 million are more accurately hitting the target for most luxury buyers.

In fact, the 2023 Triangle Parade of Homes, which showcased the area’s top design and construction trends, featured a wide variety of luxury homes from top builders across the Triangle. Of its 185 homes, 83 were priced between $1 and $13 million. While $13 million homes are uncommon, buyers can more readily expect to find luxury homes priced between $1 and $3 million.

Location is an important part of the luxury home experience. For example, the infill process, which takes advantage of existing infrastructure to build homes in highly desirable locations, is popular Inside the Beltline in Raleigh. Because land prices are higher in Raleigh than in its surrounding communities, you may find a luxury home with less land but in an ideal location.

Luxury homes in other locations outside of the City of Raleigh may come with additional benefits, such as more land, community amenities like swimming pools, or even more amenities within the home itself. In addition, there may be some locations where you can custom-build a new luxury home within the Triangle. Before you start looking for the right luxury home, be prepared to weigh what options are most important for you when it comes to location, as it can influence what type of home you purchase.

The features of a luxury home tend to be distinct. They have lavish finishings, are designed using high-end materials, and the amenities in these homes are as elevated as the rest of the home. These homes also tend to have distinct architectural details and custom stonework. These features make luxury homes stand apart from a standard build.

The Triangle’s luxury homes tend to feature chef’s kitchens with brand-name appliance packages, scullery kitchens, archways and exposed beams, window walls, Amazon room vestibules, and spaces designed with pets in mind. Some luxury homes may also have upscale amenities like saltwater pools, freestanding tubs in the master bathroom, workout rooms, or spas. And some luxury homes may be zero energy homes, designed to be so energy efficient that the buyer may not have an energy bill. Note the types of luxury features that resonate with you to determine what you’re looking for in a home.

If you’re considering the purchase of a luxury home, there are numerous options available to you in the Triangle area. The Triangle has a selection of luxury homes on the market that span from massive estate homes that come with land, new luxury builds in smaller up-and-coming communities, and modern homes in the heart of Raleigh itself. These are great options for anyone looking to move to the Triangle quickly.

However, if you’re interested in something with even more distinction, you may want to consider new construction. New construction gives you the opportunity to find the right land and build with the customized elements you want in a home. It also allows you to find a builder you trust, such as one that specializes in infill if you’re interested in building within the City of Raleigh or a community-specific builder if you’ve fallen in love with a master-planned community.  

Before you start looking for a luxury home, you’ll need to find the right expert to help you navigate the market. It’s best to hire an agent who is experienced in the Triangle’s luxury home market. That’s also the case if you’re interested in new construction because you’ll need to find an agent who understands the intricacies that go into building a luxury home.

An agent is there to assist you and advocate for your needs throughout the entire purchase. If you’re building a luxury home, that agent will also keep the process on task and remove the stress from your shoulders. They can also help you better understand the design process and help you find the finishes you want for your home. Be sure to interview the agents you are considering working with, and make sure they know the luxury market well before you hire someone.

Purchasing a luxury home in the Triangle is a wise investment choice. Just be sure to get pre-approved and talk to a local lender from the area, such as Towne Mortgage of the Carolinas or North State Bank, so that you can start the process with ease.

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]