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Raleigh home prices climbed in January compared to the same time last year,  but declined slightly compared to December.

Why it matters: Any relief from sky-high home prices is welcome, especially as mortgage rates creep up.

Raleigh's median home sales price hovered around $428,000 in January, up nearly 7% from last year and down less than 1% from December.

Inventory was down less than 1% from last year.

Homes sat on the market for a median of 65 days in January, more than twice as long as last January.

Zoom out: Nationally, median home sales prices have barely budged from one year ago and activity fell for the 12th month in a row, according to the latest from the National Association of Realtors.

Sales are down 36.9% from the previous year.

As demand falls, homes sit on the market a little longer, which gives buyers a little more room to negotiate.

What’s next: Spring, which is typically marked by high demand, more competition and higher home prices, is right around the corner.

Yes, but: Experts predict 2023 will see a far less frantic housing market than in 2022.

What we're watching: In February, mortgage rates have risen to their highest levels since November, pushing many would-be homebuyers back out of the market, Axios reported. 

Raleigh home prices dipped slightly last month

Raleigh home prices dropped slightly in January compared to December, but increased compared to last year.

Housing

Raleigh home prices climbed in January compared to the same time last year, but declined slightly compared to December.Why it matters: Any relief from sky-high home prices is welcome, especially as <a class="gtmContentClick" data-vars-link-text="mortgage rates creep up" data-vars-click-url="https://www.freddiemac.com/pmms" data-vars-content-id="225f6c32-5c70-453d-8690-43a33501022e" data-vars-headline="Raleigh home prices dipped slightly last month" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.freddiemac.com/pmms" target="_blank">mortgage rates creep up</a>.

News

Real Estate

Data: RE/MAX; Note: Overall number includes 50 metro areas analyzed by RE/MAX; Table: Kavya Beheraj/Axios

Home sales were down more than 17% year over year in Raleigh, per RE/MAX’s February report.

Why it matters: In 2022, potential buyers were desperate for more inventory. Now, homes are hitting the market but people can’t afford them.

What's happening: Rates for a 30-year loan were at 6.09% in early February, and shot up to 6.65% by the end of the month, according to Freddie Mac.

By the numbers: Home sales have plummeted far less in the last year than the national average of 24%.

The number of houses on the market here more than quadrupled compared to last year: 687 houses were on the market in February 2022. That number was nearly 3,000 last month.

Home prices increased slightly in February 2023, with houses selling for a median of $410,000, up from almost $395,000 the same time last year.

And the days a home was on the market increased by 60%. In February, it was 56 days, up from 35 last year.

Zoom out: Because there’s less competition right now, buyers don’t have to front as much cash as they did a year ago, Axios' Emily Peck reports.

Between the lines: Buyers who can afford these mortgage rates have more power.

They have more options than a year ago, they can take their time searching and they can make offers that aren’t wildly above list price.

Yes, but: These rates make buying unaffordable for many.

What's next: Mortgage rates dropped nearly a quarter point this month, which means buyer activity will likely pick back up.

Home sales slow in Triangle as mortgage rates rise

Home sales were down more than 17% year over year in Raleigh, per RE/MAX’s February report

Mortgages

Home sales were down more than 17% year over year in Raleigh, per RE/MAX’s <a class="gtmContentClick" data-vars-link-text="February report" data-vars-click-url="https://www.prnewswire.com/news-releases/remax-national-housing-report-for-february-2023-301774754.html" data-vars-content-id="4b192100-eb99-4d08-851e-041d427bb39c" data-vars-headline="Home sales slow in Triangle as mortgage rates rise" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.prnewswire.com/news-releases/remax-national-housing-report-for-february-2023-301774754.html" target="_blank">February report</a>.Why it matters: In 2022, potential buyers were desperate for more inventory. Now, homes are hitting the market but people can’t afford them.What&#x27;s happening: Rates for a 30-year loan were at 6.09% in early February, and shot up to 6.65% by the end of the month, according to <a class="gtmContentClick" data-vars-link-text="Freddie Mac" data-vars-click-url="https://www.freddiemac.com/pmms" data-vars-content-id="4b192100-eb99-4d08-851e-041d427bb39c" data-vars-headline="Home sales slow in Triangle as mortgage rates rise" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.freddiemac.com/pmms" target="_blank">Freddie Mac</a>.By the numbers: Home sales have plummeted far less in the last year than the national average of 24%.<ul><li>The number of houses on the market here more than quadrupled compared to last year: 687 houses were on the market in February 2022. That number was nearly 3,000 last month.</li><li>Home prices increased slightly in February 2023, with houses selling for a median of $410,000, up from almost $395,000 the same time last year.</li><li>And the days a home was on the market increased by 60%. In February, it was 56 days, up from 35 last year.</li></ul>Zoom out: Because there’s less competition right now, buyers don’t have to front as much cash as they did a year ago, <a class="gtmContentClick" data-vars-link-text="Axios&#x27; Emily Peck reports" data-vars-click-url="https://www.axios.com/2023/03/22/homebuyer-down-payments-fall-redfin-data" data-vars-content-id="4b192100-eb99-4d08-851e-041d427bb39c" data-vars-headline="Home sales slow in Triangle as mortgage rates rise" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/03/22/homebuyer-down-payments-fall-redfin-data" target="_self">Axios&#x27; Emily Peck reports</a>.Between the lines: Buyers who can afford these mortgage rates have more power.<ul><li>They have more options than a year ago, they can take their time searching and they can make offers that aren’t wildly above list price.</li></ul>Yes, but: These rates make buying unaffordable for many.What&#x27;s next: Mortgage <a class="gtmContentClick" data-vars-link-text="rates dropped" data-vars-click-url="https://www.freddiemac.com/pmms" data-vars-content-id="4b192100-eb99-4d08-851e-041d427bb39c" data-vars-headline="Home sales slow in Triangle as mortgage rates rise" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.freddiemac.com/pmms" target="_blank">rates dropped</a> nearly a quarter point this month, which means buyer activity will likely pick back up.Share this story

Data: Redfin; Chart: Alice Feng/Axios Visuals

The sharp jump in mortgage rates over the past year is locking North Carolina homeowners in place and leaving prospective buyers with fewer options.

More than 60% of homeowners with mortgages in North Carolina have a rate below 4%, per Redfin data shared with Axios.

Why it matters: Mortgage holders are experiencing the "golden handcuffs" phenomenon: They might have a great rate now, but likely can't move without spending a lot more cash, explains Redfin chief economist Daryl Fairweather.

Meanwhile, 19% of homeowners in the state have a rate of more than 5%, as of the latest data from October of last year.

By the numbers: A higher rate can lead to significant differences in monthly payments.

For a home with a sales price of $360,000, a monthly payment at a 3% interest rate from 2021 would be $,1733, assuming a 20% down payment.

What they're saying: Matt Fowler, the executive director of Triangle Multiple Listing Services, said rising interest rates can have the effect of "trapping" homeowners that might want to buy a bigger house.

"They may want to move," he said, "but when they turn around and look at what they'd have to pay on a monthly basis to buy a little bit more house … the cost of doing that was just really high."

More broadly, he added, the interest rates have continued to make buying a home unaffordable for many, as monthly payments can be hundreds of dollars more per month than they would've been last year.

It's led to some price decreases across the Triangle, he said, but the monthly payments might still be just as expensive.

"The general affordability (of homes) has never been more challenging," he said, when you consider the lack of supply and the interest rates.

Nine in 10 U.S. homeowners secured mortgage rates below 6% as of late 2022, per the new Redfin report. Meanwhile, mortgage rates have swung between 6 and 7% nationally in recent months.

Yes, but: Buyers are also exploring adjustable-rate mortgages or buydowns in hopes of a lower monthly payment, Fairweather says.

Reality check: Lower rates could loosen up some supply, but not enough to meet demand, Fairweather says.

New construction isn't keeping up, either. Fairweather predicts it'll take the U.S. a decade to repair its housing shortage.

Rising interest rates are stopping homeowners from selling their homes

Homeowners might have a great mortgage rate now, but likely can't move without spending a lot more cash.

Real estate

The sharp jump in mortgage rates <a class="gtmContentClick" data-vars-link-text="over the past year" data-vars-click-url="https://www.freddiemac.com/pmms" data-vars-content-id="7f1ce3c3-6a27-4080-9bbb-3138ce35aa79" data-vars-headline="Rising interest rates are stopping homeowners from selling their homes" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.freddiemac.com/pmms" target="_blank">over the past year</a> is locking North Carolina homeowners in place and leaving prospective buyers with fewer options.<ul><li>More than 60% of homeowners with mortgages in North Carolina have a rate below 4%, per Redfin data shared with Axios.</li></ul>Why it matters: Mortgage holders are experiencing the &quot;golden handcuffs&quot; phenomenon: They might have a great rate now, but likely can&#x27;t move without spending a lot more cash, explains Redfin chief economist Daryl Fairweather.<ul><li>Meanwhile, 19% of homeowners in the state have a rate of more than 5%, as of the latest data from October of last year.</li></ul>

Business

Whether you're looking for a coastal respite or an adventurous mountain trip, here are three destinations to consider for your next getaway. 

Veggie pizza and a flight of craft beer from Thirsty Souls. Photo: Emma Way/Axios

This charming small town is just over 2 hours from Raleigh. Here’s how to spend the perfect weekend in Mount Airy.

Stay: In an Airbnb above Mount Airy's first brewery, Thirsty Souls, owned by Maria and Jan Kriska. 

Relive the "Andy Griffith Show" era during one of several "Mayberry days" in various locations around Mount Airy from September 18–24. Details.

Find a funky sweater at Groovy Goose, a local thrift store just outside of downtown.

Go for a hike at one of the three state parks surrounding the town: Pilot Mountain (the shortest drive and hike), Hanging Rock or Stone Mountain.

Get a margarita flight from Mi Casa. Choose three flavors (lime, strawberry, mango, blackberry, pineapple or caliente) for $15.

Stock up on sweets at Opie’s Candy Shop, right on Main Street.

Grab a “Joe’s Joe,” a cinnamon and mocha latte, from Keepsmiling A’Latte.

Order the pork chop sandwich at Snappy Lunch, a downtown landmark, made famous in part by its mention on "The Andy Griffith Show."

A burger from The Original Salt Works. Photo: Bri Crane/Axios

North Carolina's coastal crown jewel is about 2.5 hours from Raleigh. Here's how to spend a weekend in Wilmington. 

Stay: At Dreamers Welcome, a renovated Victorian home was converted into a boutique bed and breakfast. It starts around $200 per night.

Check out the NC Azalea Festival from April 12–16. This five-day affair welcomes 200,000 visitors to the Wilmington area each year. 

Spend the day at Wrightsville Beach. If you want to be walking distance from tourist attractions like the pier or Wings, look for parking somewhere between accesses 15 and 30. If you prefer a quieter beach day, park near access eight.

Take a self-guided film and TV location tour. If you were a big "Dawson's Creek" or "One Tree Hill" fan, you can follow this map to see some of the shows' iconic filming locations.

Get a pizza from Benny's Big Time. Celebrity chef Vivian Howard's family-friendly pizzeria has delicious cocktails and pizzas, and a signature hot honey sauce I'd drizzle on anything.

Try a spiked slushie from Jimmy's. Go here if you want to drink with the locals.

Get a burger (or double with bacon) from The Original Salt Works.

Get an iced coffee from Port City Java. This classic coffee spot has been around since 1995. And it’s reliably delicious.

The 34.3-mile Virginia Creeper Trail is worth the 4-hour drive from Raleigh. 

How it works: You rent a bike (or bring your own) and ride from the top of the mountain all the way down. 

It's a family-friendly trail that's mostly downhill, though some stretches require a little extra peddling. 

Stay: At any number of Airbnbs if you want to make it a weekend.

Rent a bike from SunDog Outfitters. They'll cart you and your bike to the top of the trail. You can find all of the rental options here.

Stop for a picnic. The trail has a couple of concessions along the way, but we always pack our food so we can pull over in less crowded spots.

Grab a drink and sit outside at Wicked Chicken. They have 40+ flavors of wings to choose from if you work up an appetite.

3 must-do weekend trips within 4 hours of Raleigh

From a coastal respite to an adventurous mountain trip, here are three getaways to consider.

Downtown Wilmington. Photo: Bri Crane/Axios

Whether you&#x27;re looking for a coastal respite or an adventurous mountain trip, here are three destinations to consider for your next getaway. <h2 class="text-h6 !font-sans !font-normal !leading-[1.2em]">1. Mount Airy</h2><figure><img alt="Veggie pizza and a flight of craft beer from Thirsty Souls. Photo: Emma Way/Axios" height="933" id="2fd98625-eded-4ac8-a357-dde5f53eb4b1" src="https://images.axios.com/oGwDk9Ugccq2O81ZeZNOT5tpV-I=/2023/01/23/1674510027926.jpg" width="700"/><figcaption>Veggie pizza and a flight of craft beer from Thirsty Souls. Photo: Emma Way/Axios</figcaption></figure>This charming small town is just over 2 hours from Raleigh. Here’s how to spend the perfect weekend in Mount Airy.Stay: In an Airbnb above Mount Airy&#x27;s first brewery, <a class="gtmContentClick" data-vars-link-text="Thirsty Souls" data-vars-click-url="https://thirstysoulsbrewing.com/" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://thirstysoulsbrewing.com/" target="_blank">Thirsty Souls</a>, owned by Maria and Jan Kriska. <ul><li>Book <a class="gtmContentClick" data-vars-link-text="here" data-vars-click-url="https://staymountairy.com/" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://staymountairy.com/" target="_blank">here</a>.</li></ul>Do:<ul><li>Relive the &quot;Andy Griffith Show&quot; era during one of several &quot;Mayberry days&quot; in various locations around Mount Airy from September 18–24. <a class="gtmContentClick" data-vars-link-text="Details" data-vars-click-url="https://www.yadkinvalleync.com/events/mayberry-days-in-andy-griffiths-hometown/" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.yadkinvalleync.com/events/mayberry-days-in-andy-griffiths-hometown/" target="_blank">Details</a>.</li><li>Find a funky sweater at <a class="gtmContentClick" data-vars-link-text="Groovy Goose" data-vars-click-url="https://thegroovygoose.com/" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://thegroovygoose.com/" target="_blank">Groovy Goose</a>, a local thrift store just outside of downtown.</li><li>Go for a hike at one of the three state parks surrounding the town: Pilot Mountain (the shortest drive and hike), Hanging Rock or Stone Mountain.</li></ul>Eat:<ul><li>Get a margarita flight from <a class="gtmContentClick" data-vars-link-text="Mi Casa" data-vars-click-url="https://www.facebook.com/Micasaonmain/" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.facebook.com/Micasaonmain/" target="_blank">Mi Casa</a>. Choose three flavors (lime, strawberry, mango, blackberry, pineapple or caliente) for $15.</li><li>Stock up on sweets at Opie’s Candy Shop, right on Main Street.</li><li>Grab a “Joe’s Joe,” a cinnamon and mocha latte, from <a class="gtmContentClick" data-vars-link-text="Keepsmiling A’Latte" data-vars-click-url="https://keepsmilingalatte.business.site/?utm_source=gmb&amp;utm_medium=referral" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://keepsmilingalatte.business.site/?utm_source=gmb&amp;utm_medium=referral" target="_blank">Keepsmiling A’Latte</a>.</li><li>Order the pork chop sandwich at <a class="gtmContentClick" data-vars-link-text="Snappy Lunch" data-vars-click-url="https://thesnappylunch.com/" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://thesnappylunch.com/" target="_blank">Snappy Lunch</a>, a downtown landmark, made famous in part by its mention on &quot;The Andy Griffith Show.&quot;</li></ul><h2 class="text-h6 !font-sans !font-normal !leading-[1.2em]">2. Wilmington</h2><figure><img alt="saltworks cheeseburger" height="4032" id="1e362498-e7d3-4840-847c-2d44e43aba52" src="https://images.axios.com/rfru1DIjBbaJePPEDdLsT4jeXLE=/2023/01/23/1674509870360.jpg" width="3024"/><figcaption>A burger from The Original Salt Works. Photo: Bri Crane/Axios</figcaption></figure>North Carolina&#x27;s coastal crown jewel is about 2.5 hours from Raleigh. Here&#x27;s how to spend a weekend in Wilmington. Stay: At <a class="gtmContentClick" data-vars-link-text="Dreamers Welcome" data-vars-click-url="https://www.dreamerswelcome.com/" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.dreamerswelcome.com/" target="_blank">Dreamers Welcome</a>, a renovated Victorian home was converted into a boutique bed and breakfast. It starts around $200 per night.Do:<ul><li>Check out the <a class="gtmContentClick" data-vars-link-text="NC Azalea Festival" data-vars-click-url="https://ncazaleafestival.org/?utm_source=icwnet" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://ncazaleafestival.org/?utm_source=icwnet" target="_blank">NC Azalea Festival</a> from April 12–16. This five-day affair welcomes 200,000 visitors to the Wilmington area each year. </li><li>Spend the day at <a class="gtmContentClick" data-vars-link-text="Wrightsville Beach" data-vars-click-url="https://wrightsville-beach.wilmingtonandbeaches.com/" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://wrightsville-beach.wilmingtonandbeaches.com/" target="_blank">Wrightsville Beach</a>. If you want to be walking distance from tourist attractions like the pier or Wings, look for parking somewhere between accesses 15 and 30. If you prefer a quieter beach day, park near access eight.</li><li>Take a self-guided film and TV location tour. If you were a big &quot;Dawson&#x27;s Creek&quot; or &quot;One Tree Hill&quot; fan, you can follow <a class="gtmContentClick" data-vars-link-text="this map" data-vars-click-url="https://www.wilmingtonandbeaches.com/things-to-do/tours-and-cruises/famous-film-and-tv-sites/#top-film-tv-locations" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.wilmingtonandbeaches.com/things-to-do/tours-and-cruises/famous-film-and-tv-sites/#top-film-tv-locations" target="_blank">this map</a> to see some of the shows&#x27; iconic filming locations.</li></ul>Eat:<ul><li>Get a pizza from <a class="gtmContentClick" data-vars-link-text="Benny&#x27;s Big Time" data-vars-click-url="http://www.vivianhoward.com/bennysbigtime/" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="http://www.vivianhoward.com/bennysbigtime/" target="_blank">Benny&#x27;s Big Time</a>. Celebrity chef Vivian Howard&#x27;s family-friendly pizzeria has delicious cocktails and pizzas, and a signature hot honey sauce I&#x27;d drizzle on anything.</li><li>Try a spiked slushie from <a class="gtmContentClick" data-vars-link-text="Jimmy&#x27;s" data-vars-click-url="https://www.jimmyswb.com/" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.jimmyswb.com/" target="_blank">Jimmy&#x27;s</a>. Go here if you want to drink with the locals.</li></ul><ul><li>Get a burger (or double with bacon) from <a class="gtmContentClick" data-vars-link-text="The Original Salt Works" data-vars-click-url="https://www.facebook.com/The-Original-Salt-Works-245508413882/" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.facebook.com/The-Original-Salt-Works-245508413882/" target="_blank">The Original Salt Works</a>.</li><li>Get an iced coffee from <a class="gtmContentClick" data-vars-link-text="Port City Java" data-vars-click-url="https://www.portcityjava.com/" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.portcityjava.com/" target="_blank">Port City Java</a>. This classic coffee spot has been around since 1995. And it’s reliably delicious.</li></ul><h2 class="text-h6 !font-sans !font-normal !leading-[1.2em]">3. Virginia Creeper Trail</h2><figure><img alt="virginia creeper trail" height="3024" id="eff99ca1-e994-45b3-8669-83b6e5272476" src="https://images.axios.com/japyU0anBDV9VPYrpSGH52x3YjM=/2023/01/23/1674509751795.jpg" width="4032"/><figcaption>Photo: Bri Crane/Axios</figcaption></figure>The 34.3-mile <a class="gtmContentClick" data-vars-link-text="Virginia Creeper Trail" data-vars-click-url="https://link.axios.com/click/29454208.85/aHR0cHM6Ly93d3cudmFjcmVlcGVydHJhaWwub3JnLz91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX2xvY2FsbmV3c2xldHRlcnRlc3Qmc3RyZWFtPXRvcA/60256225e4494b3dda653442Bc9e64190" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/29454208.85/aHR0cHM6Ly93d3cudmFjcmVlcGVydHJhaWwub3JnLz91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX2xvY2FsbmV3c2xldHRlcnRlc3Qmc3RyZWFtPXRvcA/60256225e4494b3dda653442Bc9e64190" target="_blank">Virginia Creeper Trail</a> is worth the 4-hour drive from Raleigh. How it works: You rent a bike (or bring your own) and ride from the top of the mountain all the way down. <ul><li>It&#x27;s a family-friendly trail that&#x27;s mostly downhill, though some stretches require a little extra peddling. </li></ul>Stay: At any number of<a class="gtmContentClick" data-vars-link-text=" Airbnbs" data-vars-click-url="https://www.airbnb.com/s/Damascus--Virginia--United-States/homes?flexible_trip_lengths%5B%5D=one_week&amp;query=Damascus%2C%20VA&amp;place_id=ChIJySBww9lAUIgRW81946pf5zM&amp;refinement_paths%5B%5D=%2Fhomes&amp;tab_id=home_tab&amp;date_picker_type=calendar&amp;source=structured_search_input_header&amp;search_type=autocomplete_click" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.airbnb.com/s/Damascus--Virginia--United-States/homes?flexible_trip_lengths%5B%5D=one_week&amp;query=Damascus%2C%20VA&amp;place_id=ChIJySBww9lAUIgRW81946pf5zM&amp;refinement_paths%5B%5D=%2Fhomes&amp;tab_id=home_tab&amp;date_picker_type=calendar&amp;source=structured_search_input_header&amp;search_type=autocomplete_click" target="_blank"> Airbnbs</a> if you want to make it a weekend.Do:<ul><li>Rent a bike from SunDog Outfitters. They&#x27;ll cart you and your bike to the top of the trail. You can find all of the rental options <a class="gtmContentClick" data-vars-link-text="here" data-vars-click-url="https://www.vacreepertrail.org/plan-your-visit/bike-shops-outfitters/" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.vacreepertrail.org/plan-your-visit/bike-shops-outfitters/" target="_blank">here</a>.</li><li>Stop for a picnic. The trail has a couple of concessions along the way, but we always pack our food so we can pull over in less crowded spots.</li></ul>Eat:<ul><li>Grab a drink and sit outside at <a class="gtmContentClick" data-vars-link-text="Wicked Chicken" data-vars-click-url="https://www.wickedchickenwinghouse.com/?fbclid=IwAR0Z7QeoScN-eGsXoI9WC-bPBWcy4qc4Mk1GyOmRQN3sBgtKlP-ztXFplYg" data-vars-content-id="f613ac35-1e28-4e0e-9ca2-5dda8fc054da" data-vars-headline="3 must-do weekend trips within 4 hours of Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.wickedchickenwinghouse.com/?fbclid=IwAR0Z7QeoScN-eGsXoI9WC-bPBWcy4qc4Mk1GyOmRQN3sBgtKlP-ztXFplYg" target="_blank">Wicked Chicken</a>. They have 40+ flavors of wings to choose from if you work up an appetite.</li></ul>

Things to Do

Buyers have been flocking to the suburbs in search of cheaper housing, ballooning prices in the far reaches of Wake County and beyond.

The trend doesn't appear to be slowing down.

Why it matters: The Triangle's rapid growth is driving up the cost of living even an hour away from downtown Raleigh.

What's happening: Newer and larger homes are more abundant further out from places like Durham or Raleigh, Jamie McGuire, a real estate agent for the Jim Allen Group at Coldwell Banker Howard Perry & Walston, recently told Axios.

He estimated that he's traveled to Mebane in Alamance County for clients more times in the past month and a half than he had in the previous five years combined.

What they're saying: "If you want a new home, you've gotta be out further," he said, in places like, "Wake Forest, Apex and Holly Springs. Johnston County is just booming and Franklin County, out near Youngsville, it's really growing out there."

By the numbers: For example, 27816, a ZIP code outside of Youngsville, posted the fastest sales price growth in the Raleigh metro in the past year — with the typical home's price increasing 8.4% to $194,000, according to Zillow.

On the other hand, the price of a typical house in 27605, a ZIP code near downtown Raleigh, fell 3.1% during the same period to $471,000.

In the Durham metro, typical prices for the ZIP code 27541 (around Hurdle Mills) grew 9.9% to $287,300, and each of the four fastest-growing ZIP codes included parts of Person County.

Zoom out: With high mortgage rates and low inventory across the board, buyers are settling down wherever they can find a house within their budget — or sitting on the sidelines, Redfin senior economist Sheharyar Bokhari tells Axios.

Home prices are growing fastest in the Triangle's suburbs

Houses in places like Johnston and Franklin counties are seeing the fastest price increases

Affordable housing

Buyers have been <a class="gtmContentClick" data-vars-link-text="flocking to the suburbs" data-vars-click-url="https://www.axios.com/local/raleigh/2022/06/02/triangle-suburbs-rapid-growth-since-2020" data-vars-content-id="fdf565eb-cc67-4d25-94b4-66cacc798b5c" data-vars-headline="Home prices are growing fastest in the Triangle&#x27;s suburbs" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2022/06/02/triangle-suburbs-rapid-growth-since-2020" target="_self">flocking to the suburbs</a> in search of cheaper housing, ballooning prices in the far reaches of Wake County and beyond.<ul><li>The trend doesn&#x27;t appear to be slowing down.</li></ul>Why it matters: The Triangle&#x27;s rapid growth is driving up the cost of living even an hour away from downtown Raleigh.

Brianna Crane

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3 must-do weekend trips within 4 hours of Raleigh