Million-dollar homes are on the rise nationally. What’s happening in the Triangle?
Nationwide, homes with price tags over $1 million are on the upswing.
As supply shortages drive up prices, nearly one in 10 homes in the U.S. are now worth more than $1 million, close to an all-time high, according to new data from Redfin, a real estate brokerage firm.
However, Raleigh is bucking this trend.
The city’s share of seven-figure homes dropped from 5.8% to 5.4% over the last year, the report found.
By comparison, Charlotte saw its share of $1 million-plus homes jump from 4.1% to 4.4%. The Queen City ranked 21st among U.S. metros for its growth rate in high-end homes.
Raleigh was at the bottom of the list, joining West Coast metros, like San Francisco and Seattle, where the shares also fell.
But that could change quickly, say experts.
“Recent economic signals that the U.S. may avoid a broad recession could cause high-end buyers to feel more confident in making a major purchase in the coming months,” said Redfin Economics Research Lead Chen Zhao in a news release about the report. “There may be more demand coming down the pipeline.”
This week’s Price Point offers a snapshot of million-dollar homes that recently sold across the Triangle.
As of Sept. 13, Zillow had 1,794 homes over that price point that recently sold in Raleigh. In Durham, it’s significantly lower with 469 homes. In Cary, it’s 600 homes.
Price Point
“Price Point” is a new N&O column aimed at offering a snapshot of the local real estate market. Each week, we'll tell you about three houses on the market that are roughly the same price but located in different parts of the Triangle. It will also highlight how prices — and what you get for the money — can vary greatly across the region.
126 Windel Drive, Raleigh, 27609
Sold: $1,575,000 on Sept. 7
New-build single-family home with four bedrooms and three and a half bathrooms on a 0.45-acre lot
Built in 2023, this Craftsman-style home is in the Crestview neighborhood of Raleigh. It’s about a 16-minute drive south to downtown Raleigh, and about an 11-minute drive west to Raleigh-Durham International Airport.
The 3,866-square-foot home is “pool-ready,” the listing reads. It features a three-car garage, first-floor primary suite, kitchen with a Quartz-countertop island, screened porch, and a second-floor bonus room.
Price per square foot: $407
HOA fees: None
Taxes: $4,050 (estimated)
Last sold: Not applicable
Listed by: Jim Allen, Howard Perry & Watson Realtor
100 Grey Bridge Row, Cary, 27513
Sold: $1,150,000 on Sept. 8
Single-family home with four bedrooms and three and a half bathrooms on a 0.33-acre lot
Built in 1989, this transitional home is in the Preston neighborhood of Cary. It’s about a 26-minute drive east to downtown Raleigh, and about a 16-minute drive north to Raleigh-Durham International Airport.
The 3,366-square-foot all-brick home features first-floor primary suite and guest suite, three-car garage, screened porch, and walk-in attic. Community amenities include a golf course, a driving range, tennis courts and a pool.
Price per square foot: $342
HOA fees: $632 annually
Taxes: $6,230 (estimated)
Last sold: $640,000 in 2020
Listed by: Shanda Heller, RE/MAX United
3 Greylee Drive, Durham, 27712
Sold: $1,325,000 on August 28
Single-family home with four bedrooms and three and a half bathrooms on a 0.90-acre lot
Built in 2019, this modern farm home is in the Eno Falls subdivision of Durham. It’s about a 13-minute drive south to downtown Durham, and about a 25-minute drive east to Raleigh-Durham International Airport.
The 3,813-square-foot home features a first-floor owner’s suite and office, chef’s kitchen, upstairs ensuite bathrooms, bonus room and 685-square-foot walk-in storage closet.
Price per square foot: $347
HOA fees: $350 annually
Taxes: $10,150 (estimated)
Last sold: Not available
Listed by: Holly Hayes, NEST Realty
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