Why the Triangle Region of North Carolina is a Hot Spot for Homebuyers

The Triangle region of North Carolina, which includes the cities of Raleigh, Durham, and Chapel Hill, along with surrounding areas like Cary, Apex, Wake Forest, and Fuquay-Varina, has long been a popular destination for homebuyers. The area is known for its strong economy, excellent schools, affordable cost of living, and high quality of life, making it an attractive place to live for families and professionals alike. There is no shortage of potential homebuyers on the horizon for the Triangle as the Inspection Support Network ranks Raleigh as the second fastest-growing large metropolitan area in the country. The Raleigh metropolitan area has a growth rate of 11.1%, which is the second highest among cities in the last five years, with Austin having the highest. Growth of more than 30% is also expected for surrounding Johnston and Franklin counties according to Ted Abernathy, the managing partner of Economic Leadership, LLC.

This growth projection means that 2023 is shaping up to be another strong year for the housing market in the Triangle. According to reports from the National Association of Realtors (NAR), the Raleigh region is forecasted as the second most likely real estate market to “outperform other metro areas.” The report cites the robust job market, due in large part to the area’s status as one of the fastest-growing tech centers in the country. With large investments into the area from banner companies like Apple, Wolfspeed and VinFast, job growth in the region will continue to boom.

Beyond growth in the technology industry, the area is also home to a diverse range of industries including healthcare and education. This economic diversity helps to insulate the region from economic downturns and creates a stable environment for homebuyers. The region is also home to several top-ranked public and private schools, which makes it a popular destination for families with children. Prestigious universities like Duke University, NC State University, and the University of North Carolina at Chapel Hill attract a large number of students and young professionals to the area. The quality of life in the Triangle is also a major draw for homebuyers. The area is known for its natural beauty, with several state parks and nature preserves located nearby. The region is home to a vibrant arts and culture scene, with a variety of museums, galleries, performing arts venues, and multiple professional and college sports teams to cheer for.

Housing costs in the Triangle are generally lower than in other major cities, making it possible for many people to purchase a home that they otherwise might not be able to afford. According to Kiplinger, cities such as New York, Seattle, Boston and Washington D.C. have some of the highest costs of living in the United States, with New York City being the most expensive. However, many residents are now choosing to move to the Triangle area instead, where the cost of living is more affordable.

Overall, the market is experiencing a reset as buyers adjust to the new normal of interest rates. Initially, the Federal Reserve's rate hikes caused some buyers to pause, but the rapid growth of the Triangle market and influx of families moving from other areas has offset this impact. The attractive cost of living, where individuals can obtain larger homes for the same cost as their previous residence in locations like New York or Pennsylvania, is a major factor driving this trend. Smart buyers also recognize the potential to refinance in the future once interest rates decline. Tri Pointe Homes is satisfying the needs of buyers in this market by constructing quality homes and communities in desirable locations, close to job opportunities, to cater to this growing demand.