The Triangle’s housing market, which experienced a slowdown due to a rise in mortgage rates in 2023, is expected to pick up again in 2024 as rates fall back into the 6% range. Mark Parker, VP of Sales at Coldwell Banker HPW’s Midtown office, notes that open house turnouts are already improving, indicating increased buyer interest. With the Federal Reserve maintaining key rates and inflation moderating, mortgage rates are expected to continue falling in 2024. The market is anticipated to be robust, with expectations of increased sales and competition. However, it may not reach the frenzied levels seen in 2022 and early 2023.
Realtor Derrick Thornton doesn’t foresee a repeat of the 2022 frenzy but anticipates multiple offers and excitement in the market if rates continue to decrease. Hunter Boyd, assisting buyers with home loans, mentions a 40% increase in mortgage applications in the last month, indicating a resurgence of buyer interest. The drop in rates is making home purchases more affordable for consumers, potentially leading to increased activity in the market. The Triangle region now has over 7,000 homes on the market, providing more options for buyers and sellers alike. The National Association of Realtors predicts a 3.6% increase in the median sales price for homes in the Raleigh-Cary market and a 5.8% increase in the Durham-Chapel Hill area in 2024.