As the year draws to a close and the holiday season is upon us, it's the perfect time to reflect on the real estate landscape of 2024 and look ahead to what 2025 holds for those considering buying a home here, in Wake County.
This year has been a fascinating one for both Wake County realtors and those moving to NC. While some may have perceived a slowdown, the reality is that sales have increased compared to last year. As Dom Bagnulo, our very own Team Lead, pointed out in this month’s Dishin’ with Diane, "Some people feel like we're not selling houses, but we're actually up in sales over last year." This seeming contradiction is due to a significant rise in inventory, which has outpaced the sales growth – it feels like there are more homes on the market, because there are, but they are moving!
Wake County has experienced a 4.1% increase in home prices year-over-year, demonstrating the continued desirability of this thriving area. This appreciation, coupled with interest rates hovering around 6%, has created unique challenges but also opportunities for buyers and sellers.
One notable trend has been the influx of new construction, particularly from "big box builders," aiming to provide more affordable housing options. This has contributed to a slight decrease of 1.7% in median home prices in certain areas, like Wake Forest. However, it's important to remember that, as Dom clarified, "It doesn't mean that you’ve lost the value of your property.”
Looking ahead to 2025, projections indicate that interest rates will likely remain in the 6% range but that we will see a downward trend from where they sit now. Meanwhile home values are expected to continue appreciating. This means that while the days of 3% interest rates may be gone, "if you can do it, it's still the time to do it," as Diane emphasizes in the video.
For those moving to NC, particularly those moving to Wake Forest NC, understanding these market dynamics is crucial. Waiting for rates to drop significantly may lead to increased competition, potential bidding wars, and higher prices.
Regardless of market fluctuations, the fundamental reasons people buy and sell homes remain constant. Diane summarizes these as the "five Ds: diamonds, diapers, divorce, deployment, and death." Life events continue to drive real estate decisions regardless of interest rates and property values, ensuring that the market remains active even amidst shifting economic conditions. Therefore, there is no reason to fear that the market is stagnant, whether you’re hoping to buy, sell, or both. Now is actually a great time to make a move, before the interest rates come down and the market is flooded again. If you’re fearful of the impact on your monthly payment, remember that refinancing is always an option later – get the good price now, and the good interest rate later.
We can’t talk about the coming of the New Year without mention that North Carolina truly comes alive during the holiday season, offering a delightful blend of festive cheer and Southern charm. From dazzling light displays to heartwarming community events, there's something for everyone to enjoy. Dom and Diane shared some of their favorite local traditions, and we'd love to highlight a few here:
Pipers Lights: This unique destination features a sprawling farmland adorned with an impressive collection of holiday lights. It's a wonderful place to enjoy a festive drive with family and friends, and while donations are encouraged, it is otherwise free to participate.
Meadow Lights: Located about an hour from Wake Forest, this charming small town offers a nostalgic holiday experience. With its old-fashioned candy store, train rides, and delightful light displays, Meadow Lights is sure to evoke a sense of childlike wonder.
Hill Ridge Farms: This Youngsville destination boasts a massive holiday light display and festive hayrides. It's a great option for those seeking a more immersive experience, with plenty of activities to entertain visitors of all ages.
Angus Barn: For a truly unforgettable holiday experience, consider a visit to the iconic Angus Barn in Raleigh. Their extravagant decorations and festive atmosphere are legendary, and even if you can't snag a dinner reservation, you can still enjoy the ambiance and perhaps a cocktail in their beautifully adorned waiting area.
Joyner Park: Wake Forest's Joyner Park transforms into a winter wonderland with its enchanting walk-through light display. It's a fantastic option for a leisurely stroll amidst twinkling lights and holiday magic.
Windsong Street in Bedford: This Raleigh neighborhood is known for its incredible light displays, where residents go all out to create a festive spectacle. It's a wonderful reminder of the strong sense of community in North Carolina.
Whether you're seeking a quiet evening under the stars or a lively celebration with loved ones, North Carolina offers a wealth of holiday experiences to cherish. So, bundle up, grab a cup of hot cocoa, and explore the magic of the season in our beautiful state! For more about these great attractions, check out this month’s edition of Dishin’ with Diane.
Ready to make your move in the new year? Whether you're buying a home in Wake County, considering moving to NC, or preparing your current home for sale, the DNA Realty Team is here to guide you through every step of the process. Contact us today with any questions you may have, and let's make your real estate goals a reality in 2025!
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