Wednesday, September 27, 2023 11:21PM
RALEIGH, N.C. (WTVD) — The number of new homes keeps growing in the Triangle but to builders like Raleigh Custom Homes, there’s demand, especially for luxury homes that’s attracting out-of-town buyers to Raleigh.
“They can get a lot more for their dollar here in North Carolina than where they came from,” Connie Allen said. There are more million-dollar plus homes on the market and in the Parade of Homes than ever before. Allen, the head of Raleigh Custom Homes’ design and new construction, says that trends like multiple offices and outdoor spaces are on the rise. “Many of our buyers are multigenerational family living together… everyone wants their own space. “
At least three million dollars can get you more than 5,000 square feet in Raleigh and nearly seven million can get you double the amount of space.
“Obviously the costs of building have gone up for everybody,” John Finan of Exeter Building Company, LLC said. The cost of building has increased for everyone, John Finan of Exeter Building Company, LLC said. “
According to Finan, more than 900 homes have sold for over $1 million in the Triangle since 2023. “
More than 900 homes sold for over $1 million in the Triangle in 2023 to date, according to Finan.
“They’re coming here and they sell from somewhere else and they’re cash buyers,” Finan said. Finan said that they are cash buyers who come from somewhere else and sell their homes here. “
Finan believes that the demand for luxury homes will remain high as long as builders can keep up with new construction. “
Finan sees the demand for luxury homes to remain high so long as builders can keep up with new construction.
“There maybe aren’t as many resale homes as there used to be in the marketplace because a lot of the people who have those homes are unwilling to give up their 2-2.5% percent interest rate or 3% interest rate,” Finan said. There are still a lot of options. But people are coming to this area. “
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