Caron Jones of Burlington, North Carolina works as a realtor, and in the following article, she discusses the available opportunities in local communities, highlighting Research Triangle Park.
The COVID-19 pandemic threw the country into a tailspin. Yet, the U.S. is slowly working its way out of the depths of gloom, seeing all sorts of industries with fresh, rejuvenated light. The real estate market in North Carolina just so happens to be one of these sectors.
From a reviving housing market to a flourishing commercial real estate outlook to a plethora of investment opportunities, Research Triangle Park is building on its past successes to create an even brighter future.
Caron Jones on the Thriving State of NC’s Residential Real Estate Market
The global crisis caused 23 months of diminishing inventory and skyrocketed home prices. However, as of August 2022, the Triangle housing market appears to be settling down. And while some see that as a disadvantage, it’s a definite positive point for buyers — they get unbridled level of choice.
Caron Jones of Burlington, North Carolina says that the biggest driver for residential real estate in this area is the consistent lack of housing, especially those in an affordable range. As such, market volatility is limited and there’s a floor for house prices. Forecasts show the demand will remain strong.
Home prices soared by 18% between June 2021 and June 2022, hitting the highest median price of $433,000, as NC stays one of the quickest-growing states according to Caron Jones of Burlington, North Carolina. Even though they’ve since fallen from this lofty height, the Research Triangle Park’s median still sits at $400,000 — an 8.4% increase from 12 months ago.
2023 is seeing this part of the real estate market return to its healthy glory, favoring neither buyers nor sellers. However, it’s noted that homes priced correctly will continue to sell rapidly, restoring the area’s former economic prowess.
Caron Jones of Burlington, North Carolina explains that on top of this, buyers are beginning to reappear on the market as those who were previously priced out are now able to afford the offerings. They understand that they have an improved chance of obtaining a home they desire, refinancing when rates decrease or buying down their rate.
The Commercial Real Estate Outlook Keeps Strong Pace
More than 300 companies are set to choose the Research Triangle Park for their commercial establishments, ensuring that this area of the market stays just as strong as the housing niche.
Boxyard RTP is a development made entirely of shipping containers hosting a vibrant collection of retailers and restaurateurs. This unique site is filled to the brim with locally focused concepts, with so much more room for others to join in on the profitable fun.
Caron Jones of Burlington, North Carolina explains that the location has many commercial slots available, and it’s only forecasted to be more successful as time goes on — much to residents’ glee.
Both Sides of the Real Estate Coin Cause Investors to Flock to the Area
Hub RTP is the center of the area wherein partners are investing over $1 billion to create a new urban heart boasting modern office, hotel, green, residential, and retail space. It’s a huge 100-acre revitalization project that’s understandably been pulling investors in from all kinds of industries.
Caron Jones of Burlington, North Carolina notes that it seems to be tech-focused startups that will reap the most benefits, as just next to Davis Drive and 1-40 lies 4000 Sancar Way, featuring customizable, tech-ready office space. Available to lease at the time of writing (August 2023), the property is next to the Research Triangle Park’s biking and walking trails, with room to ensure direct access to additional amenities at the Hub.
Moreover, Frontier RTP is an innovation campus marketed as the ideal place for startups and growth-stage companies. Of course, investors want their own piece of this collaborative pie, with businesses who take up residence in the space gaining ample recognition.
Caron Jones of Burlington, North Carolina says that as for private offices, the campus boasts a range of suite sizes and styles beginning at $400 per month. Whether a team of 1 or 150, both startups and scalers can bring their talent and forward-thinking nature to the Research Triangle Park. Not to mention, there’s plenty of wet lab space to entice life science and biotech startups and investors.
This up-and-coming area in North Carolina holds promise for a continually successful real estate market as time moves on.