In 2011, the town home market in and around Raleigh NC hit rock bottom. According to our Raleigh real estate agent, sales virtually stopped. Thankfully, town home sales started picking up in 2013, with the rest of the home sales and is proving to make a strong comeback. They’re holding strong with rising land costs, as well as home prices.
According to Metrostudy, a research firm that tracks Triangle housing trends, There were 1,741 town houses started in the Triangle last year, up 6 percent from 2012 and 62 percent from when the market bottomed out in the second quarter of 2011. “They’re just blowing through their inventory because there’s so much demand for it.”
Town House Sales | Raleigh Real Estate Agent
Town houses have become attractive to builders due to the fact that “Land prices have risen and companies seek to increase the density of their projects to make the economics work. Builders are also having trouble replenishing their pipeline of town house lots; the Triangle has just over a 23-month supply of such lots available”, according to Metrostudy.
With little room for newly developed town house developments in Raleigh, builders have moved out in the Triangle, toward Durham, Cary, and Morrisville. In these areas, young professionals working in RTP are looking for more affordable homes, like town houses, to purchase.
Newsobserver.com states that “There were 955 town house sales last year in Cary, Apex and Morrisville, according to Triangle Multiple Listing Services. That was up from just 287 in 2012. In Durham County, town house sales were up 35 percent last year.”
If you currently own a town home in the Triangle area, now might be a great time to consider upgrading. With demand at an all-time high, your dreams of selling your home in Raleigh for a larger one might just come true! Contact our Raleigh real estate agent for more information about the current state of the housing market or to talk more about listing your home or town house on the market!