2024 Trends and Forecast of Cary NC

February 16, 2024

Tim Clarke

Find projections for home prices, inventory and advice for buying/selling in Cary's competitive real estate market.

The real estate market in Cary, North Carolina is growing very fast. Cary was named one of the best places to live in 2021.

Because of this, more people want to move there. This means more people want to buy houses in Cary.

Why Cary's Housing Market is Growing

There are a few reasons why Cary's housing market is growing:

  • Cary's population is increasing quickly. From 2000 to 2017, Cary's population grew 40.5%. More people need more houses.
  • Interest rates on mortgages are low right now. This makes it cheaper for people to get loans to buy houses.
  • Cary is a great place to live. It was named one of the best places to live in 2021. People want to move to great places.

In 2019, the average price of a single-family home in Cary was 433,389. The average price of a condo was 244,971. The overall average home price was $372,500.

Expected Growth in 2024

Experts think Cary's housing market will keep growing in 2024. Here are some predictions:

  • The average price of a single-family home will be $457,848.
  • The average price of a condo will be $265,234.
  • The overall average home price will be $397,500.
  • Prices per square foot will also increase. For single-family homes, it will be 231 per square foot. For condos, it will be 180 per square foot.

The main reasons for the growth are:

  • Cary's population will keep increasing.
  • Cary will likely stay one of the best places to live.
  • Interest rates will probably stay low.

What This Means for Buyers and Sellers

For buyers, houses in Cary will likely stay expensive. There will also not be many houses for sale.

Buyers may want to consider brand new houses that are still being built.

Or they may need to rent instead of buy. Working with a real estate agent can help buyers find the right home.

For sellers, it's a good time to sell in Cary. Home prices are high.

Sellers should make sure their home is in good condition before listing it.

Pricing it right is also important. Working with an agent can help with pricing and marketing.

The bottom line is that Cary's housing market will probably stay strong for the next few years.

It will continue to be a popular place for people to buy and sell homes.

Advice from a Local Real Estate Expert

My name is Tim Clarke, and I'm a real estate agent with over 15 years of experience right here in the Triangle area of North Carolina.

My team specializes in helping buyers and sellers navigate the housing market in booming cities like Cary.

For buyers, I always stress the importance of getting pre-approved for a mortgage before beginning your home search.

This shows sellers that you are serious and ready to move quickly when the right home comes along.

In a competitive market like Cary's, you need to be prepared to act fast when you find a home you want.

I also encourage buyers to work with an agent who focuses specifically on the neighborhoods they are interested in - local expertise can be invaluable in finding the perfect home.

If you're selling, pricing is absolutely crucial.

I utilize up-to-date sales data and trends to determine the optimal listing price for your home.

This helps generate excitement among buyers and often leads to multiple offers.

Staging is also key - you want buyers to be able to envision themselves living in your home.

My team partners with professional stagers to make sure your home puts its best foot forward.

The bottom line is real estate can be complex, but doesn't have to be stressful.

Find an agent you connect with and who you feel will look out for your best interests.

Ask lots of questions and lean on their expertise as your partner through the buying or selling process.

With over 15 years in the Triangle area, I'm confident I can provide the knowledge and guidance both buyers and sellers need.

Let's chat about how I can help your real estate dreams become reality!

Frequently Asked Questions about Cary's 2024 Housing Market

What is the forecast for home prices in Cary in 2024?

Home prices in Cary are expected to continue rising in 2024 due to high demand and low inventory. The average sales price for a single-family home is forecast to increase to approximately $485,000.

Will it be a buyers' or sellers' market?

It is expected to still be a sellers' market in 2024 because of sustained demand coupled with limited housing inventory. Sellers will likely continue to receive multiple offers.

How quickly are homes selling in Cary?

Homes are selling very quickly in Cary, often in less than a month. High-demand homes may sell in only a couple of weeks.

How low is the inventory expected to be?

Inventory is expected to remain low, with only 2-3 months of supply available. Low inventory will continue putting upward pressure on prices.

Will it be difficult to find a home in my price range?

Yes, finding a home in a specific price range will still be challenging due to high demand and bidding wars on many properties. Flexibility on requirements may be needed.

Are bidding wars common?

Bidding wars are very common as buyers compete for the limited number of homes for sale. Buyers should expect to encounter bidding wars frequently.

Is it better to buy new construction or existing homes?

New construction often allows buyers to avoid bidding wars, but may take longer to complete. Existing homes offer immediate availability but require competing with other buyers.

Should I waive contingencies like inspections?

Waiving contingencies is risky but may help your offer win in a bidding war. Consult your real estate agent on the pros and cons before waiving.

Will mortgage rates continue to rise?

Mortgage rates are expected to gradually increase through 2024 but remain relatively low by historical standards. Locking in lower rates sooner may be beneficial.

How much will prices increase by the end of 2024?

Home prices are forecast to increase around 5% by the end of 2024 due to sustained buyer competition and low inventory. Higher interest rates may moderate price growth somewhat.

Tim M. Clarke

About the author

17 years as a Realtor in the Research Triangle, Tim seeks to transform the Raleigh-Durham real estate scene through a progressive, people-centered approach prioritizing trust & transparency.

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