If you’ve lived in the Triangle for a while, you know how great this area is for families, professionals, seniors, and everyone in between. Word has spread across the country and the greater Raleigh area is now widely recognized as one of the best places to live in the entire nation. As a result, we’ve seen an influx of new residents in the area, with Wake County recently passing one million residents. Luxury houses, specifically homes valued over $2M, are more popular than ever as people look to settle in this growing area.
There are no indications that growth is going to slow down any time soon, and we expect the demand for luxury custom homes to continue to increase.
Whether you want to remodel your current home to keep up with luxury trends or you’re looking to build a custom home from the ground up, we're here to make the process easy for you. To learn more about what we can do for you please call 919-460-8550 or contact us online.
What is it about the Triangle that is drawing so many people to the area? The reasons are many! Let’s explore a few of them.
The Triangle is centrally located within North Carolina, giving residents easy access to weekend trips to the beach or the Appalachian mountains. The weather is also mild most of the year, which appeals to many northerners looking to escape brutal winters and southerners that want to get away from the heat.
Industries of all kinds have jobs available in the Raleigh area, making it an attractive location for people looking to grow their careers. The tech industry, in particular, has a massive presence in Research Triangle Park, and there are remote work opportunities for people who want to spend as much time as possible in their luxury homes.
Many local leaders in the Triangle focus on diversity, equity, and inclusion, both in business communities and schools. The population in the Triangle includes people from all backgrounds and walks of life, creating a beautifully diverse and welcoming community.
No matter what kind of interests or hobbies you have, there is something for you in the Triangle. The area hosts concerts and festivals, and there is an impressive restaurant scene for foodies. The area also has a variety of museums and kids' activities, making it a popular spot with families.
Over the last several years, luxury living in the Triangle has been on the rise, in particular with out-of-town buyers looking to relocate to the area. This is, in part, because people moving from areas with a higher average cost of living can get more for their dollars when building here in the Tarheel State.
On average, you can get around 5,000 square feet for at least $3 million and double that for $7 million in Raleigh, which is lower than many other markets around the country.
Since the demand has never been higher, local builders are adding more luxury homes to the area, whether through tear-downs or by building on open lots. Each year in the Triangle, local builders participate in the Parade of Homes, which showcases new builds. In 2023, 83 of the Parade’s 185 homes were priced between $1 million and $13 million, which is a testament to the demand for luxury living.
Check out our available properties in the Raleigh area.
People moving from high-cost-of-living (HCOL) areas are just one factor behind the rise in demand for luxury living. Let’s take a closer look at why luxury homes have never been more popular in the Triangle.
As we mentioned above, the job market in the Triangle is healthy, with an unemployment rate of 2.9% as of December 2023. This means there are more opportunities for people to increase their salaries as they grow their careers. As the area creates more high earners, they will look to upgrade their homes to better fit their lifestyle.
The Southeast has shown strong economic growth in recent years, and the Triangle is no exception. As of the latest data from Axios, 39.2% of Raleigh residents have comfortable or prosperous economic situations, and that number for Durham residents is 45.4%.
On the flip side of that, 17.8% of Raleigh residents have at-risk or distressed economic situations, with 23.8% of residents in Durham in those same situations.
More families are also opting into multi-generational living, to foster closeness. When seniors decide to live with their kids and grandkids, for instance, they can provide childcare and support while their children can help serve as caretakers.
The result of an increase in multi-generational living is the need for bigger houses that can accommodate everyone comfortably.
One of the things to love about the Triangle is that there are so many different areas to explore and build your new home. Along with the booming neighborhoods, there are also smaller towns that are prime for expansion.
As the top luxury custom home builder in the Triangle, we have our fingers on the pulse of notable neighborhoods. Here are some of the neighborhoods where we are building luxury homes for residents:
Not surprisingly, the Triangle’s growing popularity presents several challenges to people looking to build luxury homes in the area. If you plan to buy or build a luxury home locally in the coming years, some factors may pose a problem.
When you decide to build, you might quickly realize that there is not a lot of land available in the most popular areas of the region, such as ITB. Because of this, you might have to either buy an older property to tear down in your desired location or compromise on where in the Triangle you want to live.
If you’re not set on a particular location, it’s worth exploring some of the smaller towns we mentioned in addition to areas outside of Wake County like Chatham or Johnston Counties.
As we talked about above, people who are relocating to the Triangle from HCOL areas have fallen in love with the area’s affordability. However, if you are from the area, the Triangle’s increased prices might seem high compared to what we were used to seeing a few years ago.
Because the Triangle is such a popular destination for people looking to relocate, we’re seeing higher competition between buyers. It’s not uncommon to be outbid when looking to buy an existing home or a lot on which to build, which makes it harder to get exactly what you want.
So, is the Triangle poised to cool down after the intense growth we’ve seen in recent years? All signs point to the answer being no. While it can be difficult to predict exactly how the local market might change in the future, we believe it will continue to be a popular place for luxury living.
In downtown Raleigh alone, the population is expected to double from 2023 to 2028. As more people move to the area, there will continue to be demand for luxury housing and we expect the number of homes valued over $2M to grow as a result.
The Triangle is already home to some of the biggest businesses in the country and more are headed our way. Companies like Apple, Fujifilm, and Vinfast have all announced plans to bring their companies to the area and we expect an increase in high-earners looking for luxury homes to follow.
Because we don’t see any signs of slowing growth in the Triangle, there’s no better time to build a luxury custom home in the area than now. The truth is that it will only become harder to find the perfect place to build your luxury home in the Triangle. Instead of waiting, consider working with Rufty Homes to help you get the most out of this incredible area.
As you can see, there is demand in the Triangle for homes valued over $2M and that demand is only expected to increase. When you’re ready to start a luxury renovation or build a luxury custom home in one of the most desirable areas of the country, let us do all the heavy lifting for you. To get started, please call 919-460-8550 or contact us online.
Experience a thoughtfully refined approach to custom home building with a friendly team devoted to achieving your dreams. With Rufty Homes, you’re assured of a gracious, tailored home building experience defined by distinctive beauty, timeless value and pure joy.
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