2025 Triangle Real Estate Market Update: What Buyers and Sellers Need to Know

2025 Triangle Real Estate Market Update: What Buyers and Sellers Need to Know

The 2025 real estate market in the Triangle area is shaping up to be an interesting one, especially after a year of relative stability. Let’s dive into the latest trends, how 2024 wrapped up, and what to expect for the coming year.

How 2024 Ended: Home Prices and Market Activity

The Triangle’s median home price now sits around $450,000-$500,000, which has remained relatively flat over the past two years. However, one county stood out—Orange County saw a surprising 20% price increase since early 2023. The reason for this surge? That remains a mystery, but it’s a clear outlier compared to the rest of the region.

In terms of how long homes are staying on the market, we saw a peak back in 2013 when homes sat for 100-110 days. Compare that to today’s market, where the average time on the market has dropped back down to just 7-8 days across Wake, Durham, and Orange counties. That’s a strong sign of continued demand despite fluctuating interest rates.

Inventory remains tight. Home sales peaked in 2021 with around 47,000 transactions in a 12-month period. However, by early 2024, that number had fallen to just 35,000, marking a 40% decline from the peak. This drop in available homes is a key factor driving the market’s current conditions.

What’s Coming in 2025?

The Triangle’s housing inventory is expected to increase by about 15% in 2025, offering buyers more options than in recent years. However, interest rates will remain a crucial factor in affordability.

According to forecasts from multiple experts, mortgage rates are expected to stay in the 6% range throughout 2025. Estimates range from as low as 6.12% (according to the NAHB) to as high as 6.8% (Redfin’s prediction). The average forecast across all sources is about 6.36%.

For buyers waiting for rates to dip below 6%—or even hoping for the return of 5% or lower—it’s unlikely to happen in 2025. Instead, if you’re considering purchasing, it may be best to buy sooner rather than later to take advantage of expected price appreciation. Then, if rates do decrease in the future, refinancing could be a smart strategy.

Key Takeaways for Buyers and Sellers

• Home Prices: Mostly stable, with some appreciation expected (0-5% growth).

• Inventory: More homes will be available in 2025, up about 15%.

• Mortgage Rates: Expected to hover around 6.36% throughout the year.

• Market Activity: While sales have slowed since 2021, demand remains strong, particularly in areas like Johnston, Alamance, and Chatham counties.

If you’re thinking about buying or selling in the Triangle area, now is a great time to start planning. Whether you’re looking to list your home or find the right property, reach out to our team at Spotlight Realty for expert guidance.

Have questions? Let’s talk! Call us today to discuss your real estate goals for 2025.