But those market factors are not stopping people from moving to the area.
A new study of transactional data collected by the DIY moving truck provider U-Haul ranks the Raleigh-Durham market as the number two growth city in the United States, with an 18% year-over-year increase in one-way moving truck rentals with a return site located in the Triangle.
Arriving customers accounted for 51.2% of all one-way U-Haul traffic in 2021, the data showed. The growth rankings are calculated by the net gain of one-way U-Haul trucks entering a city or set of cities versus leaving those cities, a description of the study’s methodology noted.
“I think people are moving to the Raleigh-Durham corridor because we are a huge IT city,” said Nina Cruz, U-Haul Company of Raleigh representative, in a statement shared with WRAL TechWire. “The construction in this area never really slowed down, even as the world paused during 2020. One of the best things about Raleigh-Durham is how spread out everything is. People can get where they need to be.”
The Triangle ranked as the top growth city in 2019, as well.
While arrivals increased by 18% in 2021 compared to 2020, departures increased by 12% compared to 2020, U-Haul’s data set found.
Those new arrivals may be contributing to the increasing cost of housing in the Triangle, Jon Enberg, Carolinas General Manager of Opendoor, an iBuyer that is active in the Triangle.
“Prices in the Triangle will continue to rise as more companies launch or expand offices in this area, and remote work will also continue contributing to strong demand,” said Enberg. “Single family homes are in most demand right now, especially in affordable zip codes in the suburbs that are within 30 minutes to Research Triangle Park (RTP), downtown Durham or downtown Raleigh.”
Data from the Wake County Register of Deeds office found that the median price of all real estate transactions that were recorded in November 2021 was $405,000, a record high, and a report from the Triangle Multiple Listing Service found that the median sale price of property in the Triangle increased 21% year-over-year between November 2020 and November 2021.
Part of what’s attracting out-of-state movers, said Enberg, is the quality of life that the region provides, along with “a large tech presence, great universities and a world-class airport with direct flights to other major cities, but without all the hassle and cost.”
Thousands of more jobs may be coming to the Triangle in the coming years, and some of those roles may be filled by those who move from out of the region.
Of course, folks may continue to seek out relocation to the Triangle for those roles, but there could be other reasons that people choose to relocate, said Enberg, particularly as more and more workers can conduct work remotely, more people retire, or more people seek out comparatively more affordable communities. Even if mortgage interest rates increase in 2022, said Enberg, “the demand from people moving to the market will more than make up for softening local demand.”