Raleigh, the central city of the Research Triangle, has recently become a place where many Korean families moving from other states are settling. Many are worried that it might be too late to buy now, but looking at the actual numbers may help.

According to Zillow, the average home value in Raleigh is currently around $430,000. This is an increase of about 40% compared to the low $300,000 range at the beginning of 2021.

Year by year, from 2021 to 2022, the pandemic and the influx of tech companies led to double-digit surges, and from late 2022 to 2023, the impact of rising interest rates significantly slowed this upward trend. In the past year, there has been a slight decline, indicating that the market is taking a breather.

Compared to the national average increase of 35% to 45% during the same period, Raleigh has recorded a rise that is somewhat above the upper end of that range.

Factors driving this increase include steady job growth from tech and biotech companies centered around the Research Triangle Park, an influx of new residents seeking a relatively lower cost of living compared to other major cities, and the inability of new housing supply to keep up with demand.

The outlook for the future should be approached cautiously. Given the slight price decline over the past year, it seems likely that the market will experience a flow of adjustments and stability rather than the rapid surges seen during the pandemic.

For Korean households, considering that the area has already seen significant price increases, it may be a more comfortable choice to carefully evaluate school districts, job locations, and financial plans rather than making hasty purchases.

As Raleigh continues to be influenced by the tech industry and population growth, I will keep you updated on related news.