Nestled in the heart of North Carolina, Fuquay-Varina is a charming town
that boasts a rich history, stunning natural scenery, and a thriving economy. As the town grows and develops, its housing market has become a hot topic for prospective buyers and investors. In this article, we will explore the current state of the Fuquay-Varina housing market, analyze trends from the past year, and make informed forecasts for the future.
The Fuquay-Varina real estate market is a prime location for anyone seeking a desirable blend of small-town charm and modern amenities. With its stunning natural scenery, verdant green spaces, and diverse cultural offerings, it's no wonder that the town has become an increasingly popular destination for buyers and investors.
2023 market pricing and trends in Fuquay-Varina
The Fuquay-Varina real estate market has seen some changes in 2022 and is expected to follow a similar trajectory in 2023.
Lowering home prices
One trend that is expected in the coming months is lower home prices. Throughout the Triangle region, median home prices have been on the decline, reaching $387,000
as of March 2023. This is a modest change from the previous month but still indicates a slower market than we’ve seen in previous years. Along with lower prices came an increase in days on the market, with homes lingering for an average of 36 days.
Higher interest rates
One factor that could be affecting real estate in and around Raleigh is rising interest rates. As of June 2023, the national average interest
for a 30-year, fixed-rate mortgage was 7%, with rates in North Carolina ranging at around 6.97%. Higher interest rates tend to dissuade buyers from investing, lowering demand and thus causing home prices to drop and properties to remain on the market longer.
Good news for landlords
For landlords, however, rising interest rates could signal a shift toward higher demand for rentals. Those who want to move to the greater Raleigh area may decide to forego an investment and instead rent a home until they’re ready to buy. With the area's ongoing growth and development, landlords may have opportunities to expand their portfolios and acquire additional properties, especially while property prices are lower.
Steady population growth
Wake County has seen consistent growth over the past decade, and 2023 is expected to welcome even more newcomers. Between April 2020 and July 2022, Wake County’s population increased by nearly 4%
, rising to just over 1,150,000.
Wake County trends for 2023
Throughout Wake County, the real estate market seems to be trending downward, with a 34% decrease
in sales for homes between $1,000,000 and $30,000,000 between December 2022 and January 2023. Homes priced at $1,000,000 or less saw a similar decline of 35%, while home prices overall shifted downward by $13,250. As of January 2023, the median home price in Wake County was $451,500
While some of these changes could be due in part to seasonal fluctuations in the market, year-over-year comparisons show decreases in home prices and increases in time spent on the market, a trend that investors could expect to continue throughout the year, even when some seasons show higher demand.
How COVID-19 affected Wake County
COVID-19 significantly impacted the Wake County real estate market, with increased demand for larger homes and outdoor spaces and a shift towards remote work. Lower inventory and high demand led to rising home prices and a competitive market for buyers. Since then, the market has cooled down, with demand and prices lowering to make the market more neutral for buyers.
2023 Wake County foreclosure statistics
Wake County currently has 13 properties in foreclosure
, none of which are located in Fuquay-Varina. Homes in foreclosure tend to cluster in the greater Raleigh area, with a few suburban properties also falling into the category.
Tips for investors: is 2023 your year?
For real estate investors, lower home prices and more time spent on the market can signal a good time to invest in Fuquay-Varina. However, it's important to consider additional factors like location, property condition, and potential rental income before making a decision. Partnering with a knowledgeable real estate agent
can also help investors navigate the market and make informed investment choices.
Phillips Pointe is a newer community in Fuquay-Varina. With beautiful single-family homes built by reputable builders and several floor plans to choose from, new buyers have more of an opportunity to find a property that suits their needs. The community is conveniently located just southeast of town, making it an attractive option for those looking for a new home in the area.
Stephenson is another charming neighborhood surrounding Fuquay-Varina that offers a peaceful and family-oriented environment with a mix of traditional and modern homes. The neighborhood boasts various amenities such as parks, playgrounds, and walking trails and is located close to major highways and shopping centers.
South Lakes is a new and thriving community in Fuquay-Varina, with scenic lakes, walking trails, and green spaces that help make it an ideal location for nature enthusiasts. The planned unit development has 991 single-family homes and 45 townhome spaces in addition to a clubhouse, fitness center, and swimming pool. With easy access to nearby shopping, dining, and entertainment options, South Lakes is a popular choice for anyone looking for a modern and convenient lifestyle.
Find your forever home in Fuquay-Varina with Karen Dupree
With years of experience serving clients in the Fuquay-Varina area, Karen Dupree and her team have a deep understanding of the local market and can provide valuable insights and guidance to help you achieve your real estate goals. Whether you’re hoping to invest for the first time or have been through the process before, the Triangle to Coast Realty team can help you make decisions with confidence.
So why wait? If you're ready to take the next step in your real estate journey, contact Karen and her team today
to learn more about how they can help you achieve your goals in the Fuquay-Varina real estate market.