Keepin’ it real estate 🏡

2023 predictions for Raleigh real estate

This three-bed, three-bath Raleigh home is listed for $735,000. | Courtesy of Hodge & Kittrell Sotheby’s International Realty

There aren’t enough flame emojis on the Internet to describe the Raleigh housing market. In 2022, the median home in Wake County sold for $470,000, a 20.5% jump year-over-year. And in the City of Oaks, real estate sales topped $3.84 billion.

Despite the surge in demand for houses last year, price increases are showing signs of stabilizing — but they’re still higher than normal. For those hoping to dip their toes in the home buying waters soon, it helps to know what trends to expect. So, let’s hear what the local experts predict for 2023.

Look out for walkability

Gilliam Kittrell, vice president and broker-in-charge at Hodge & Kittrell Sotheby’s International Realty, said many buyers will be looking for walkable neighborhoods. That means areas in Midtown, like North Hills, Lakemont, Quail Hollow, and North Ridge, could see heavy house buying activity, thanks to its easy access to restaurants, shopping, and entertainment.

New neighbors

“We are getting a lot of out-of-town buyers,” Daniel Harmon of The Jim Allen Group said. “Only 35% of the buyers in the Triangle area are local.” Most are coming from New York, Colorado, Texas, Arizona, New Jersey, and Florida, he said.

Harmon has noticed an influx of people moving to the Triangle due to growing job opportunities and the area’s climate, further escalating the demand for housing. This will continue to raise the value of homes in the area.

Worth it to wait?

Both Kittrell and Harmon agree that although interest rates are rising, it’s still a good time to buy.

Kittrell said that every transaction he made in 2022 had multiple offers. With so many people involved in the sales, home prices were driven up. However, now that interest rates are increasing due to the Federal Reserve’s efforts to slow inflation, fewer people are placing offers and home prices have started to stabilize.

If you wait for interest rates to go down, you’ll end up buying your house at a higher price due to appreciation, Harmon said. And although interest rates are higher than they were last year, Kittrell estimates that they are still lower than they’ve historically been. So no, don’t wait.

MORE HOT REAL ESTATE TIPS

Over the next six months, the real estate market in Raleigh will…

A. Heat up even more
B. Level off and stay about the same
C. Start to cool off a bit
D. I have no earthly idea

MAKE YOUR PREDICTION

Duke Energy Center for the Performing Arts

Click here to have your event featured.

Friday, Dec. 9

Silent Sky | Friday, Dec. 9-Sunday, Dec. 18 | Times vary | Burning Coal Theatre Company, 224 Polk St., Raleigh | $5-$20 | Be transported to the Harvard Observatory in the early 1900s and discover what happened to Henrietta Leavitt’s dreams of being an astronomer.
Carols of Christmas | Friday, Dec. 9 | 7 p.m. | Edenton Street United Methodist Church, 228 W. Edenton St., Raleigh | $10-$20 | Sing along with the Raleigh Youth Choir and hear holiday favorites like “Silent Night.”
Jingle & Mingle | Friday, Dec. 9 | 7:30-11 p.m. | City of Raleigh Museum, 220 Fayetteville St., Raleigh | $30-$40 | Wear your best holiday outfit for a night of music, food, prizes, and games.

Saturday, Dec. 10

Movement and Mimosas | Saturday, Dec. 10 | 10-11:30 a.m. | Hummingbird, 1053 E. Whitaker Mill Rd., Ste. 111, Raleigh | $20 | Dress in your most festive yoga ‘fit and you could win a free brunch after this one-hour flow.
Artspace Holiday Art Fair | Saturday, Dec. 10 | 12-5 p.m. | Artspace, 201 E. Davie St., Raleigh | Free | Shop from 30+ studio artists while enjoying holiday music performances, festive food, and drinks.
2nd Annual NC Holiday Beer Fest | Saturday, Dec. 10 | 3-7 p.m. | Clouds Brewing Tap Room, 1233 Front St., Raleigh | $20-$40 | The brewery will feature 25+ holiday beers on tap.

Sunday, Dec. 11

Santa on the Rooftop | Sunday, Dec. 11 | 1-4 p.m. | The Willard Rooftop Lounge, 9 Glenwood Ave., Raleigh | Free | Take family photos with Santa in front of the downtown skyline.
National Christmas Tree Lighting Ceremony | Sunday, Dec. 11 | 8 p.m. | Virtual, Raleigh | Free | Tune in to CBS to watch the annual event featuring Raleighite and award-winning actress Ariana DeBose.

We have a calendar filled with events and activities you can plan for in advance. Click the button below to bookmark ideas for upcoming date nights, family outings, and time with friends.

100+ MORE EVENTS

Up on the housetop… reindeer hooves? 🎵

Trutech Tech_Trutech Wildlife Service_MULTI

Go ahead and check “free home inspection” off of your holiday wishlist. | Photo provided by Trutech Wildlife Service

Friends + family may not be your only guests this holiday season. Raccoons, bats, rodents, yellow jackets + other stinging insects are all common intruders of Raleigh homes. If left unchecked, it can wreak havoc on your property and health.

The good news: Wildlife removal experts can identify, remove, and prevent pest animals from entering your home — and with a free home inspection from Trutech Wildlife Service, you can make sure Santa is the only one in your chimney this Christmas.*

GET A FREE INSPECTION

Weather

54º | Cloudy | 15% chance of rain ☁️

Development

Yesterday, Hoffman & Associates announced that construction has begun on a 149-room Hyatt House hotel in Seaboard Station. The project will feature a modern rooftop bar and restaurant called High Rail and is slated for completion in 2024. 🏗️
Charlotte developer SunCap Property Group has plans to build a new industrial facility on the current site of Mac Sports & Entertainment, AKA “The MAC.” The facility, which is planned for completion in the second quarter of 2023, is leased by a multinational company dealing in consumer packaged goods. (Triangle Business Journal)

Announced

First Night Raleigh, a New Year’s Eve celebration put on by Artsplosure in downtown, revealed its main stage lineup. Artists including Tray Wellington Band, Duck The Band, Rebekah Todd, and G Yamazawa will perform in City Plaza on Saturday, Dec. 31. View the full lineup. 🎤

Sports

This one’s for the Tar Heels. A ticket stub from Michael Jordan’s NCAA debut with UNC (Nov. 28, 1981) is being auctioned off. The starting bid was $3,000. Bonus: UNC won the game against Kansas, 74-67. Make an offer. 🎟️ (WRAL SportsFan)

Award

Raleighite Jennifer Hadley was named the overall winner of the 2022 Comedy Wildlife Photography Awards. Her photo of a clumsy lion cub won the grand prize. Plus, her photo of a sassy penguin won the People’s Choice Award. Congrats!

State

Coming up in 2023: The NC Year of the Trail, a campaign celebrating our state’s vast network of trails, greenways, and blueways. Kick off the new year by choosing a local trail to walk, run, hike, bike, paddle, or ride on. Pro tip: Check out these five hikes with water views near Raleigh. 🚶

Giveaway

Enter to win some R+R in our North Hills Staycation Giveaway over on our Instagram now through Wednesday, Dec. 14 at 12 p.m. One random winner will get to rest + recharge with an overnight stay at the AC Hotel, dinner at Rosewater Kitchen + Bar, a gift certificate to Woodhouse Spa, and a North Hills gift card.*

Shop

Wanna gift outside the box this year? Opt for an experiential gift from Uncommon Goods. From monthly gift subscriptions (like this Game of the Month Subscription) to hands-on classes taught by expert instructors (like a Raindrop Cake Class or Paint Your Pet Class), there’s something for everyone on your list.*

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Last call for holiday decor 🎄

We’re looking for Raleigh’s best holiday decorations

Lights at Pullen Park’s Holiday Express. | Photo by RALtoday

Have you been stringing lights for days? It’s time to show off your hard work.

We’re looking for the most lit homes and businesses in Raleigh. Send us photos of your over-the-top holiday decorations for a chance to be featured in our newsletter or on our social media pages.

Psst... spread the holiday cheer and nominate your neighbors, too.

LIGHT UP OUR DAY

THE WRAP

Today’s issue was written by Anne.

Editor’s pick: I’ve been craving a donut from Bright Spot. Here’s to hoping they’re stocked up on eggnog glaze this morning. 🍩

Missed yesterday’s newsletter? Raleigh scored 85 out of 100 in the Human Rights Campaign’s Municipal Equality Index.

Connect with us.

Editorial: Cat George, Anne Tate, Sarah Leonhardt, Erin McPherson, Emily Shea | Send us a scoop, question, or feedback.

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