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Axios Raleigh Thought Bubble

Axios Raleigh

Mortgage rates surpassed 5% — the highest it's been in more than a decade, according to data shared by Freddie Mac. 

Why it matters: Low mortgage rates made buying in a sellers' market more affordable in the pandemic.  

In March 2022, median home sale values in the Fayetteville metro area were up nearly 30% year over year, and now borrowing money is more expensive, too. 

Already-fatigued buyers could be priced out of the market. 

Data: Freddie Mac, Redfin; Chart: Simran Parwani/Axios

State of play: A year ago, mortgage rates were at 2.97%. In late April 2022, mortgage rates were at 5.11%.

If you were to take out a $300,000, 30-year mortgage loan in April 2021, your monthly principal and interest would be around $1,260, according to numbers shared by Freddie Mac. 

Your monthly payment on $300,000, 30-year loan in April 2022 (at 5.11%) would be $1,631. 

That's $371 more per month; $4,452 a year; and $133,560 more over the life of your loan.

What's next: Mortgage rates are expected to rise throughout the year, averaging 4.6% for 2022 and 5% for 2023, according to Freddie Mac's trend forecast. 

If demand cools because of rising rates, housing prices could rise at a slower rate. 

We're still in a critical supply crunch, so inventory would have to catch up to the remaining demand for prices to actually cool.

Surging mortgage rates make homebuying in NWA more expensive

Home prices in NWA have jumped recently and now it's more expensive to borrow money too.

Illustration of a house's roof being taken off by a trend line soaring upward through the home

Housing

A graph and chart of NWA housing and mortgage prices. 

Mortgage rates surpassed 5% — the highest it&#x27;s been in more than a decade, according to data shared by Freddie Mac. Why it matters: Low mortgage rates made buying in a sellers&#x27; market more affordable in the pandemic.

Business

With a buzzing food scene and beautiful beaches just two hours from Raleigh,  Wilmington is worthy of a roadtrip.

Of note: Since Wilmington is my hometown, I might be just a little biased. 

Here's where to stay and what to eat, drink and do once you're there. 

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

two pizzas and cocktails from bennys big time in wilmington

This insanely popular Thai and Vietnamese restaurant has a must-see back patio featuring a lotus pond and seating inside Thai huts. 

Pro tip: They don't accept reservations, so expect a wait.

You can't go wrong with breakfast or lunch. If you go for lunch, get a cheeseburger (or a double). 

Pro tip: Bring cash; the old-school spot doesn't do cards. 

a cheeseburger and crinkle fries from the original saltworks

Go here for the intracoastal views and casual fare. If you decide to rent a boat, you can park at the docks. 

Bonus recs: The Bridge Tender is another waterfront option beside Dockside if you want a white tablecloth option. Poe's Tavern or Tower 7 also also popular picks by the beach, but they don't have views. 

A trendy French restaurant in a posh shopping area, Brasserie is ideal for group dinners or date night. 

Go here for a spiked slushie and if you want to drink with the locals.

This popular craft cocktail bar has tons of creative mixes, like the Cotton Candy Martini. 

Wilmington has several coffee shops to try, but I miss Port City Java the most Maybe its the tiny bits of crushed ice, maybe it's the nostalgia, either way get an iced coffee here. 

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. 

Details: Parking is $5 an hour or $25 a day. 

Pro-tip: If you're spending the day there, head to Roberts and stock up on snacks and chicken salad (their signature item) — 32 N. Lumina Ave.

My family has been using Entropy Boat Rentals for years. It's owned by a couple who makes their own boats. 

I recommend doing a half day and asking the owners for directions to the less popular islands. 

Bring your own chairs, bocci ball, pimento cheese sandwiches (and maybe a beer or two) for an optimal beach day.  

Cost: It's $300-$340 for a half day (six hours) or $420 for a full day (12 hours).

3. 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. 

This renovated Victorian home was converted into a boutique bed and breakfast. 

Whether you want to stay downtown or at the beach, there's a huge range of Airbnbs available to fit various budgets. 

Bonus: 6 beachfront Airbnbs near Raleigh for summer vacation

The bathroom of a Airbnb Wrightsville beach rental. Photo courtesy of Airbnb

This oceanfront boutique resort has been operating on Wrightsville Beach for more than 50 years.

Definitive guide to a weekend visiting Wilmington

Wilmington is just two hours away from Raleigh.

North Carolina

With a buzzing food scene and beautiful beaches just two hours from Raleigh, Wilmington is worthy of a roadtrip.Of note: Since Wilmington is my hometown, I might be just a little biased.

Things to Do

Escape the summer heat with these swimming spots, all listed on pool-sharing company Swimply. 

How it works: Pool owners can list their pools for chunks of time, just like homeowners list their properties on Airbnb. 

To find a pool, plug in your location and a list of options near you pops up. 

This saltwater pool has a spa, waterfall and a tanning shelf with in-water lounge chairs. The fee includes access to a pool house and private bathroom

Cost: $67.50-$75 an hour for up to 5 guests ($7 per hour, per guest after 5 guests)

Secluded Resort-Style Pool lounge chairs in the water

Secluded Resort-Style Pool grilling area and lounge

Take a dip in the heated saltwater pool or the attached hot tub. If you want to make it a full-day event, you can add on yard games, an outdoor shower, fire pit, tiki torches and the grill.

Cost: $40-$50 an hour for up to 5 guests ($4 per hour, per guest after 5 guests)

With a tanning ledge and giant floats, this simple saltwater pool feeling luxurious. 

3 private pools you can rent near Raleigh

Outdoor activities

Escape the summer heat with these swimming spots, all listed on pool-sharing company Swimply. How it works: Pool owners can list their pools for chunks of time, just like homeowners list their properties on Airbnb.

With pending home sales down 6.5% and new listings up 12% year over year, Raleigh's real estate market is showing early signs of slowing down. But home prices are still up 22.5% from May 2021.

Why it matters: We keep hearing about a market crash, but so far, local data doesn't support that claim. 

Yes, but: Monthly data show early signs of a cooler market, even if it's slight. 

What's happening: From May 2021 to May 2022, new listings were up 12% and pending sales were down 6.5%. 

More buyers are holding off as home ownership becomes too expensive. And sellers rushed to market for fear of missing out on peak home pricing.

This comes after mortgage rates surpassed 5% for the first time in 10 years. 

The trend continued in June, with months supply of inventory (a measurement of home supply) increasing to 1.2, up from 0.7 the month prior. 

"While (inventory) is up, it's still very low," Matt Fowler, executive director of the Triangle Multiple Listing Services, told Axios in an email.

Be smart: Inventory is still critically low overall which continues to push home prices up. 

"The rise in rates over such a short period had a measurable impact on effective monthly payments," Fowler said. "Some people who could afford a house at $2,400 per month simply could not at $3,000 per month." 

The Triangle's Affordability Index  also hit an all-time low of 67 last month, according to Fowler. That meant the region's median income was just 67% of what is needed  to qualify for a median priced home at current interest rates. 

What we're watching: New listings and pending sales. If more listings flood the market this summer and buyers don't bite, that’s when we would start to see more power shift into buyers' hands.

Bottom line: We're not seeing major changes in Raleigh just yet, but we're starting to see early signs of a cooling market. 

Raleigh's real estate market is cooling, slightly

We keep hearing about a market crash, but so far, local data doesn't support that claim.

Illustration of a downward trend line over a house

With pending home sales down 6.5% and new listings up 12% year over year, Raleigh&#x27;s real estate market is showing early signs of slowing down. But home prices are <a class="gtmContentClick" data-vars-link-text="still up 22.5%" data-vars-click-url="https://www.redfin.com/news/data-center/" data-vars-content-id="9669654c-1ed7-4c50-a4c5-523f1b40a542" data-vars-headline="Raleigh&#x27;s real estate market is cooling, slightly" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/data-center/" target="_blank">still up 22.5%</a> from May 2021.Why it matters: We keep hearing about a market crash, but so far, local data doesn&#x27;t support that claim. Yes, but: Monthly data show early signs of a cooler market, even if it&#x27;s slight. <div><figure><iframe frameborder="0" height="400" id="datawrapper-chart-EJYsJ" scrolling="no" src="https://datawrapper.dwcdn.net/EJYsJ/2/" title="&lt;b style=&#x27;color: #8a0098&#x27;&gt;New listings&lt;/b&gt; and &lt;b style=&#x27;color: #00ab58&#x27;&gt;pending sales&lt;/b&gt; of Raleigh-area homes"></iframe><figcaption>Data: Redfin; Chart: Kavya Beheraj/Axios</figcaption></figure></div>What&#x27;s happening: From May 2021 to May 2022, new listings were up 12% and pending sales were down 6.5%. <ul><li>More buyers are holding off as home ownership becomes too expensive. And sellers rushed to market for fear of missing out on peak home pricing.</li></ul>

We can already hear our sweaters and flannels begging to be released from the closet, which means it's time to work on your fall bucket list. Here are some ideas to get you started.

Apple picking season is in full swing in the Carolinas. Here are some spots worth the drive from Raleigh.

Grandad's Apples: This Hendersonville orchard has 30 different varieties of apples, plus apple cider doughnuts, apple cider slushies, a bakery and family activities. 

Hours: Open 8am-6pm daily (bakery closes at 5pm)

Address: 2951 Chimney Rock Rd., Hendersonville (4 hours from Raleigh)

Sky Top Orchard: Make a day trip to this Flat Rock orchard where you can pick some apples, bring a picnic, meet farm animals and relax with your friends and family.

Address: 3403 Greenville Highway, Flat Rock (4-4.5 hours from Raleigh)

Apple Hill Orchard: After apple picking, stop by the country store and bakery to stock up on cider and sweets (including apple cider doughnuts) before you leave.

Hours: Picking passes are available 9am-4:30pm daily here

Address: 2075 Pleasant Hill Ave., Morganton (3-3.5 hours from Raleigh)

apple cider donuts and a slushie from Apple Hill Orchard 

Apple cider doughnuts and slushie from Apple Hill Orchard, Photo: Emma Way/Axios

2. Fill up on fried food at the N.C. State Fair

Nothing says fall like overindulging in something fried and then getting on a ferris wheel, or some other spinning ride. Even if rides aren't your thing, there's plenty of people watching, exhibits, games and performances to keep you entertained. 

Details: The fair runs October 13-23. You can buy tickets online now ($5 for kids/seniors, $10 for adults) here.

There are dozens of spots to choose from around the Triangle, including:

Smith's Family Fun Farm (1715 St. Marys Rd., Hillsborough)

Jean's Neighborhood Market (38 Lewter Shop Rd., Apex) 

Page Farms (6100 Mount Herman Rd., Raleigh) 

Naylor Family Farm & Corn Maze (6016 US 401 North, Fuquay Varina)

The Family Farm on Avent Ferry (1719 Avent Ferry Rd., Holly Springs)

Pair it with your pumpkin picking adventure, or make it a separate item on your fall bucket list. Some mazes nearby are:

Ken's Korny Corn Maze (3175 Benson Rd., Garner)

Phillips Farm Corn Maze (6701 Good Hope Church Rd., Cary)

Take a walk on local trails at William B. Umstead State Park, Yates Mill County Park, Eno River State Park or Lake Johnson. 

Or take a day trip to hike Hanging Rock State Park, Pilot Mountain, Blue Ridge Parkway, Uwharrie National Forest or Pisgah National Forest. 

Of note: Peak foliage in North Carolina should be mid- to late October. 

Brevard North Carolina Looking Glass Waterfall near Asheville with Fall Colors in Pisgah National Forest on Blue Ridge Parkway. (Photo by: Education Images/Universal Images Group via Getty Images)

Looking Glass Waterfall in Pisgah National Forest. Photo: by Education Images/Universal Images Group via Getty Images

As a UNC alum and North Carolina native, I feel confident recommending everyone spend at least one Halloween on Franklin Street. 

In recent years, due to COVID-19, the town has discouraged mass gatherings and hasn't preemptively shut down the street. 

7. Celebrate spooky season with a haunted attraction

Lean into the scary side of Halloween by visiting Clayton Fear Farm, which has multiple haunted houses and attractions, including a slaughterhouse.  

It opens Sept. 30 and you'll be able to find tickets here. 

Spookywoods in Archdale, which has been ranked a top five haunted attraction for 38 years, is worth the 1.5-hour drive, too. 

There might not be an NFL team in Raleigh (you'll have to visit Charlotte for that) but there are plenty of big college games this fall. 

Duke hosts UNC in Durham on Oct. 15. Find tickets here. 

N.C. State hosts Wake Forest on Nov. 5. Find tickets here. 

N.C. Central hosts Howard University in Durham on Nov. 5. Find tickets here. 

Shaw University hosts St. Augustine's in the Raleigh Classic on Nov. 5. Find tickets here. 

UNC hosts N.C. State in Chapel Hill on Nov. 25. Find tickets here. 

unc football cheerleaders and mascot posing on the field

Photo: Nicholas Faulkner/Icon Sportswire via Getty Images

How it works: You'll pick up your bikes from an in-town shop and shuttle brings you to the top of the mountain. From there, you'll leisurely bike down the 34.3-mile trail. 

There are eight bike shops/shuttle services to choose from. Call for availability. 

9 must-do fall activities in and around Raleigh

PSLs are back which means it's time to work on your fall bucket list. Here are some ideas to get you started.

views from the virginia creeper bike trail 

Virginia Creeper Trail Photo: Brianna Crane/Axios

We can already hear our sweaters and flannels begging to be released from the closet, which means it&#x27;s time to work on your fall bucket list. Here are some ideas to get you started.<h5>1. Go apple picking</h5>Apple picking season is in full swing in the Carolinas. Here are some spots worth the drive from Raleigh.

Brianna Crane

Featured stories

9 must-do fall activities in and around Raleigh

Definitive guide to a weekend visiting Wilmington

Raleigh's real estate market is cooling, slightly

3 private pools you can rent near Raleigh

Surging mortgage rates make homebuying in NWA more expensive