Since launching our Home Trade-In program in the North Carolina Research Triangle – the area encompassing Raleigh, Durham and Chapel Hill – in June of 2018, Knock has already helped many residents buy and sell homes in the greater metro area. With the success and interest we received when launching in Charlotte, it was clear that Raleigh-Durham would be the perfect location to expand to. We’re excited to offer our Home Trade-In there, making it possible for residents to sell their old home and buy their next one simultaneously, with the ease and convenience that comes with Knock’s unique program. In this blog, we’ll explore the real estate landscape and living in the Triangle – as well as everything that makes it a great place for Knock and our customers to call home.
Why the Triangle?
Raleigh-Durham, also known as the NC Research Triangle, is the second largest metro in North Carolina, right behind Charlotte. With a population of over 2.1 million, Raleigh-Durham is a popular place to live and work. The area is best known for its research and technology roots, and is growing in popularity due to its strong job growth and quality of life. The strong job market has caused an influx of people from out of state to make the move to the Triangle; in fact, the Raleigh-Cary metro area saw an 18% population increase from 2010 to 2017, and an average 40 people move into Wake County alone every single day, with 78% coming from out of state. According to U.S. News, Raleigh-Durham is ranked #10 in Best Places to Live and #15 in Best Places to Retire, making it a great option no matter what stage of life you’re in.
The Triangle gets its name from the three major research universities in the area – North Carolina State University, Duke University, and the University of North Carolina at Chapel Hill. These colleges don’t only bring in an influx of students each semester, but are great career sources for professionals in the education field. College sports are popular in this area, especially basketball, and the school rivalries make for fierce competition during the season.
Major employers in the Raleigh-Durham region include Bayer and American Airlines, as well as Burt’s Bees, Pfizer, and Verizon. And when you’re looking for leisurely entertainment, there’s plenty to do; shopping is abundant with the likes of Carolina Premium Outlets and Crabtree Valley Mall, among many others. Locals can check out museums like the Contemporary Art Museum of Raleigh and the Nasher Museum of Art.
When it comes to getting around, there are many transportation options in the Raleigh-Durham area. Major freeways, like I-40 and The Durham Freeway, connect you by bus or car, while the Raleigh-Durham International Airport helps get you to 62 nonstop destinations by plane.
Overall, Raleigh-Durham is a great option for people from all walks of life considering a move.
The Real Estate Market
Raleigh-Durham has a more suburban feel than some of our other Knock markets, which are typically comprised of a busy city hub surrounded by quieter towns on the outskirts. Although you won’t experience as much of an upbeat nightlife in Raleigh-Durham, the area has a great community feel, open green spaces, and favorable warm weather throughout the year.
Because of its more laid-back suburban vibe, you’ll typically find more single-family homes than high-rises. Traditional layouts are common, but you’ll also see a fair share of historical houses, bungalows, and even new build communities. Your budget and the style of home you prefer will be factors in choosing the perfect place for you.
Current Market Trends
Raleigh-Durham’s current real estate climate is competitive; home values have gone up over 6% in the past year and are only predicted to continue rising. The average home value is around $275,000, while the median sale price is $257,000. However, with a median list price of around $339,000, it’s obvious that most sellers are pricing their homes too high, forcing them to come down on price in order to find a buyer.
Our Knock Deals Forecast results showed that in Q1 of this year, around 61% of Raleigh homes sold at a discount; although this number is more than half of the homes in the area, many other metros in our study experienced a much higher rate of discount. The same trend was apparent in our Q2 Forecast, with Raleigh not close to the Top 10 List, but our prediction for discounts on homes in Raleigh climbed to almost 71%. If you’re looking to buy in the area, now might be a good time.
A Neighborhood Guide
Now that you have the low-down on Raleigh-Durham, we’re highlighting some of the most sought after neighborhoods in the area. Whether you are looking for a home that provides a quick commute or are interested in a certain school district, there are plenty of viable options within the Research Triangle. Along the way, we’ll give you insights and trends from our Raleigh-Durham Knockstars who know the city like the back of their hand!
Raleigh, North Carolina is the state’s capital and was founded at the end of the 18th century. When it was founded, Raleigh was nicknamed the “City of Oaks” because of its wooded areas and greenery, which are still abundant today. The city is home to three major museums, as well as the NHL’s Carolina Hurricanes stadium, PNC Arena. There are shopping centers aplenty, and over 30 antique stores for those looking for vintage finds. When it comes to nightlife, you can enjoy some time on the town in several districts, like Capital District, Fayetteville Street District, and the Warehouse District. Spend some time searching for the most colorful and eye-catching murals or catch a performance at the Carolina Ballet. And Raleigh foodies can rejoice, with the recent introduction of Transfer Co. Food Hall which offers everything from burritos to oysters.
Of the area, Knockstar Jay Jordan said,
“The Triangle has it all! Aside from the huge tech research and medical industries here, the area features many different Colleges and Universities, tons of great shopping, and the love of the arts are shared and appreciated by many. Raleigh is at the center of it all, making it a great place to live.”
Known as the City of Medicine, USA, Durham houses over 300 medical and health-care related companies, making it a great landing place for people in those fields. Duke and North Carolina Central University are also there, along with plenty of other public and private schools. For some authentic-style barbecue, head to Bullock’s, which has been a family-run staple since 1952. For evening refreshments, you can visit one of Durham’s five breweries. In Durham, there’s no shortage of natural beauty, with recreation and nature at every turn; visit the Sarah P. Duke Gardens or Eno River State Park to spend the day outdoors.
Often referred to as a “bedroom town,” Cary residents typically commute to jobs in Raleigh, Durham, or Chapel Hill. Still, the town has a charm of its own, offering an array of festivals, recreational centers, and the largest public school system in the entire state. Lake Johnson and Lake Crabtree County Park provide bike trails and fun for the entire family, and the Koka Booth Amphitheater allows guests to enjoy the sights and sounds among nature. With over 200 dining options, you’ll never be hungry here; enjoy fresh baked artisan bread from La Farm Bakery or take a trip back in time with an orange float from Ashworth Drugs.
Knockstar Angela Kerley said,
“Cary is a thriving community that has been nationally recognized as ‘One of the Best Small Cities in America.’ Living in Cary offers residents a suburban feel with convenient access to RTP, Downtown Raleigh, Durham, and Chapel Hill. The historic downtown area offers a great variety of local restaurants, coffee shops, and a nearby brewery. There is also close proximity to many parks, greenways, and lakes. All of these features make Cary a very desired, diverse community!”
Chapel Hill is home to the University of North Carolina, but you can seek education in other attractions like the Ackland Art Museum, Morehead Planetarium and Science Center, or North Carolina Botanical Garden. Grab Trip Advisor’s #1 burger in the country at Al’s Burger Shack or explore tons of other dining options in the town Bon Appetit named “America’s Foodiest Small Town.” Keep yourself busy along Franklin Street where you’ll find an array of bars, eateries, and retail storefronts. No matter what your interests are, you’ll find something in Chapel Hill!
Just 12 miles southwest of the heart of Raleigh lies Apex, a sleepy town in Wake County. The downtown in Apex was deemed a historic district, with many buildings dating back to the 1800s. Southern Charm exudes from all corners of Apex, with quaint establishments like The Rusty Bucket and annual Apex Music Festival and Peak Fest that keep residents entertained. Experience casual Italian dining at Daniel’s or grab a taste of New York style pizza at Anna’s.
Knockstar Tracy Dowling said,
“The motto of Apex is ‘The Peak of Good Living’ and for many good reasons! It has small town charm but is conveniently located near three major universities and the Research Triangle Park, and is 15 miles from RDU International Airport and within 20 minutes of Raleigh, the state capital. Downtown Apex is host to award-winning restaurants, tons of boutique shopping, and fun festivals throughout the year. Highly-rated schools, plenty of housing options, a diverse population and nine city parks make this a great place to call home!”
Morrisville lies between Raleigh and Durham, and is a town with a heavy industry in computer technology and telecommunications. Lenovo and Oracle have large presences there, as do IBM and Microsoft. If you want to get away from the computer screen, visit one of eight recreational parks in the town. And since Morrisville is just west of RDU, you can experience runway views at RDU Observation Park. Get active at Triangle Rock Club or shop until you drop at Park West Village. Exotic Mediterranean dining can be found at Neomonde, while Southwestern flair is present at Cantina 18. Plus, you’re never too far away from the nightlife and happenings in Raleigh or Durham.
Wrapping Up Raleigh (Durham, and Chapel Hill)
The Raleigh-Durham area has a diverse Southern charm, making it a great place to call home. With quieter towns like Apex and Morrisville, and more bustling areas within Raleigh and Chapel Hill, you have a wide range of options to choose from. Although each area within the market is unique, common threads are the focus on nature and the outdoors, and dedication to the fields of research and medicine. Whether you’re already a resident there or are looking to move from another Knock market, we can help you find a home within the Raleigh-Durham metro area that will best suit your needs.