With 80 degrees one week and morning frost the next, a typical North Carolina Spring is well underway. The green pollen is finally gone and the dogwoods and azaleas are lush and vibrant, just in time for The Masters!

The real estate market is trying to heat up but faces significant headwinds with low inventory and tremendous economic uncertainty. Sales volume in in the First Quarter was down 7.5-11% in our local markets compared to Jan-March of 2024*.  Prices continue to trend upward as our market continues to be a popular destination. 

For Jan-March 2025, the sales price averages were:

CARY: $673K

DURHAM: $463K

RALEIGH: $532K

CHAPEL HILL/CARRBORO: $575K 

Mortgage rates in North Carolina continue to fall to an average of 6.61% for a 30 year fixed rate loan and 5.91% for a 15 year fixed. While this is good news, uncertainty about tariffs and the general economy is depressing the stock market and likely to affect rates, new home prices and the overall supply of housing in the upcoming weeks and months. 

Developers continue to look for new community opportunities in our ever-growing market. Two of the more recent market developments include:

• Chapel Hill approved Aura South Elliot with up to 350 apartments, a parking deck and  4000 sq ft of commercial space. Located across from Whole Foods, this project continues the high density development in the Blue Hill district off East Franklin Street.
• Demand for “over 55” housing is exploding in our area and at least seven new developments are planned in all corners of the Triangle market.

Hope you have a chance to get outside and enjoy Spring’s more temperate days while they last!

Sources: 

Triangle MLS  4/10/25

bankrate.com 4/10/25

News & Observer 3/29/25 and 4/10/25

* For perspective on the broader vs luxury market, property data includes sales of $2M or less