RALEIGH – Don’t expect a housing slump anytime soon. Single-family home sales are expected to remain strong around the Triangle into 2020, according to industry experts, fueled by solid job growth and low interest rates.
“Today, I really don’t have a whole lot more than just really good news,” Jimmy Barnes, president at NAI Carolantic Realty, told a 1,500-strong crowd gathered for the 35th Annual Triangle Commercial Real Estate Conference in Raleigh on Wednesday.
“We’ve seen some markets that have gotten record-low vacancy – the lowest vacancy since we’ve been doing the survey.”
On the back of a bumper year in 2019 – where home sales prices increased 3.3 percent — he predicts more of the same with inventory expected to drop as sales rise.
There will also be expansion into some other markets.
“You look at Lee County. There are other developments underway – 2,500 single-family units planned in one particular development. You see in Rocky Mount and Eastern North Carolina where the DMV is relocated. There is job growth there. You’re going to see an increase in sales outside of the Wake County in this region,” he said.
Meanwhile, apartment vacancy is at an all-time low of 4.9 percent – with around 7,600 units under construction.
“There will be modest rent growth. Another 300 units will be leased, and expect low vacancy at five percent,” Barnes said.