Daylight Savings Time is here and Spring is trying its best to emerge with daffodils, a run of warm temperatures and of course March Madness. While the Triangle men’s teams have seen either feast or famine, the women have given us some very exciting basketball and all three will be interesting to watch in the upcoming tournament.

While collegiate basketball is winding down, the real estate market is trying to heat up after taking a breather for the holidays. Sales volume in January and February combined were on par with the year before*.  Prices were up 4.5% in Cary and Durham, up 8.7% in Raleigh and down 4% in Chapel Hill/Carrboro (an unusually high number of student-type condo sales makes this downturn a likely anomaly)

For Jan-Feb 2025, the average sales prices were lower than the full year averages of 2024 and we should expect to get back to-and surpass-those averages as the market picks up, but for now the sales price averages are:

CARY: $672K

DURHAM: $452K

RALEIGH: $524K

CHAPEL HILL/CARRBORO: $612K 

Mortgage rates in North Carolina fell a hair to an average of 6.74% for a 30 year fixed rate loan and 5.94% 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. 

While waiting for the economic picture becomes clearer, developers continue to look for new community opportunities in our ever-growing market. Two of the more recent approvals include:

• Cary rezoning of the 31 acre Alston Yards at the intersection of Hwy 55 and O’Kelley Chapel Rd for apartments, commercial and hotel space and a town park 
• Three new subdivisions by Arizona builder Taylor Morrison bring townhomes and single family options to Wake Forest and Knightdale

Enjoy Spring’s arrival (minus the pollen) and hopefully some great NCAA Championship games! 

Sources: 

Triangle MLS  3/10/25

bankrate.com 3/10/25

News & Observer 2/13/25 and 2/22/25

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