Real Estate

Buying a house in Raleigh is easier, but not cheaper

Houses made out of money

Illustration: Aïda Amer/Axios

The Triangle’s real estate market is starting to level off, according to the latest data from Triangle MLS.

Why it matters: After two-plus years of plummeting inventory and sky-high home prices, Raleigh-area buyers have waited a long time for a little relief.

American Idol star Clay Aiken's Raleigh home is for sale

Clay Aiken

Clay Aiken on November 16, 2018 in New York City. Photo: Roy Rochlin/Getty Images

Former "American Idol" star Clay Aiken is selling his North Raleigh home.

The details:

  • The house has been listed on Realtor.com and Zillow for around two weeks.
  • Built in 1994, the home is more than 4,200 square feet and sits on a 1.24 acre lot.
  • It also has a basketball court and a pool.
Zachery Eanes
Jun 17, 2022 - Business

Rising mortgage rates could cool demand for Triangle homes

Data: Mortgage News Daily; Chart: Axios Visuals
Data: Mortgage News Daily; Chart: Axios Visuals

Demand for homes in the Triangle appears to be softening as mortgage rates continue to rise.

  • Online traffic in May for homes in the Triangle was down around 20% compared to last year, and continued to fall in June, according to data gathered by Triangle Multiple Listing Services.

Income needed to buy a typical home in Raleigh skyrockets

Illustration of a gold-plated house-for-sale sign.

Illustration: Brendan Lynch/Axios

Raleigh residents have to earn nearly 46% more now compared to year ago to afford the region's median-priced home, per real estate company Redfin's latest analysis.

  • In March 2021, you had to earn at least $53,412 to afford the median home for sale in the Raleigh metro area. Now, you need to bring in $77,749.

Why it matters: Raleigh incomes and wages are not increasing at that pace, further constricting entry into the housing market for most people.

The Triangle is a hotbed for modernist buildings

Dorton Arena, with its v-shaped roof, is pictured in black and white.

J.S. Dorton Arena in Raleigh. Photo: Courtesy of the North Carolina State Fair.

The Triangle is home to dozens of modernist architecture gems, from arenas on the state fairgrounds to homes deep in the woods of Durham.

There are four qualities that are staples of modernist architecture, according to George Smart, the founder of the Durham-based USModernist.org

Surging mortgage rates making home buying more expensive in Raleigh

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

Illustration: Annelise Capossela/Axios

Mortgage rates surpassed 5% — the highest they've 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 during the first year of the pandemic.

New York developer buys property in Warehouse District

Downtown Raleigh on a cloudy day.

Downtown Raleigh on a cloudy day. Photo: Zachery Eanes/Axios

Tidal Real Estate Partners, a New York firm that already has plans to redevelop two downtown buildings, announced Tuesday it has bought a part of Raleigh's Warehouse District

  • The newly acquired 1.3 acres at 310 S. Harrington St. is a collection of low-slung buildings, home to the co-working space Raleigh Founded and next to the Contemporary Art Museum.
Raleighpostcard

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