In Raleigh, Durham and the rest of the Triangle, demand for property remains high. However, mortgage rates do affect housing supply and affordability: as interest rates increase, monthly payments increase for buyers. Higher interest rates generally slow down the market, particularly sub-markets which attract a higher share of first-time homebuyers or less affluent buyers. Additionally, homeowners who secured financing in years past at rates around 3% or below can be less motivated to move, fearing a higher payment, decreasing housing supply as sellers stay put.
*In 2023, more than 1 in 3 purchase transactions were completed with cash (no financing). These figures highlight the value of a skilled buyer's agent: there is much more to an offer than a purchase price figure - buyers with financing must take cash-buyer competition into consideration when crafting their offer when offering in competitive markets and sub-markets.
Check out the most recent local market statistics.
See the latest mortgage rates here: