How’s the market in the Triangle Area?
The Triangle area, which is anchored by the three cities of Raleigh, Durham and Chapel Hill, is considered one of the most desirable places to live in North Carolina. A plethora of businesses and companies have set shop here over the years, especially in the Research Triangle Park Area, and this continues to have a positive effect on the housing market here.
Exciting developments in the Triangle Area
The Research Triangle Park or RTP area, which serves as the location of over 170 companies in the field of science and engineering, is a thriving commercial and residential hub that has a population of more than 40,000 people. Residents here enjoy a lifestyle where work and play come together in one convenient location.
Real estate in RTP is composed of a variety of mixed-use developments and condominium and office spaces. As more expansions and developments rise in the area, more jobs and opportunities will arise as well. One such development to look forward to is Park Center, the master-planned “geographic and figurative center” that the Research Triangle Foundation is planning to build on a property that’s just under 100 acres in size along the I-40. This development is expected to further transform the area.
Why should I buy residential real estate in the Triangle Area now?
According to a report from the National Association of Realtors, it was in September that the sale of existing homes across the country hit their highest pace so far this year. In the Triangle area, according to the Triangle MLS, the number of closed sales rose by 7.9% as compared to September 2013 and the median sales price increased by 2.8%. As for the number of new listings, it dropped by 5.5% and the inventory of homes for sale dipped by 2.9%.
What’s causing the increase in sales?
A lot of buyers took advantage of the low interest rates. Today’s buyer’s behavior is more focused – they tend to narrow down their options to properties they’re more serious about instead of entering into multiple deals. This creates a less competitive market, which then obliges some sellers not to hike up their prices too much in order to attract the attention of a smaller pool of buyers.