You’ve heard it again and again, Raleigh’s real estate market is hot. But with that honor comes higher price tags. With more than 134 active listings at over $1 million dollars, what can you expect to find across the Triangle at this price point?
“For this price range you can get anything from a 7,000-square-foot mini mansion in the outskirts of town, or you can get a new townhouse going up in St. Mary’s Street with about 2,800 square feet. Buyers are willing to pay much more for the location. The old adage holds true in real estate: Location, Location, Location,” says Tristan Pan of United Real Estate.
With more people moving to the Triangle and many searching to live downtown, prices are getting more competitive for smaller footprints. “The world is re-urbanizing and Raleigh is following suit. Which means that because of ‘affordability’ one lives in less square feet to be near a core or one pays more for the land or home as the location becomes more desirable or scarce,” says Trish Healy of Hyde Street Holdings, developer of Hargett Place.
However, the further north you go the more property you’re likely to gain, with several new luxury communities offering more than 5,000 square feet with pools and high-end finishes for the same price. Here are a few examples of what you might find across the Triangle.