ReziTurn

Planned home construction into 2024 shows 402 communities with 4,018 homes for sale in RDU.

Fun fact, Utah has charted as the fastest growing state between 2010 and 2023. The annual growth is 1.5% per year. Only recently Florida has started to beat them with a 1.9% growth between 2021 and 2023.

North Carolina ranks as the 3rd largest growing state outside of Florida and Texas. Just this year it had 100,000 new residents moving here!

According to a recent study, October 2023 lumber prices dropped 2%. The stabilizing prices suggest a tentative equilibrium to the market following the volatile swings during the pandemic. This may contribute to a more predictable environment for new home construction.

A notable shift has been noted in the national rental market. While the national vacancy rate in 2022 was 6%, it has now increased to 6.6% in the third quarter of this year.

The latest national report shows this is the 3rd consecutive month of falling median rents, now down to $1,354 -- a 0.7% drop!🍂🍂

Almost half of the population in both Raleigh and Durham are renters, while slightly over half of the population in Chapel Hill are renters right now!

As of July, there were 265,000 rental listings in the RDU/Triangle area. That's a lot of move ins and move outs!

New York City saw the nation's sharpest month-over-month increase, with prices up by 1.9 percent in April. Rents increased in April in 69 of the nation’s 100 largest cities.

San Francisco is the only metro where rents are still lower than they were in April 2020. The region's rents are unlikely to rebound strongly in the near future given recent turmoil in the Bay Area tech landscape.