Morrisville Real Estate Trends + Forecast for 2023
October 31st, 2022
Morrisville Real Estate Trends + Forecast for 2023
Are you moving to Morrisville, NC, and want to know more about the housing market? Let's dive into real estate trends, market predictions, and more.
Morrisville, NC, is home to an estimated 32,000 people and is located in Wake County. Over the years, they have received many accolades that prove the town's greatness. In 2021, the National Civic League recognized Morrisville as an All-American City. This recognition has only been given to ten communities nationwide.
Morrisville has been ranked as the number one best place to live in North Carolina in 2021 by Niche.com and the tenth best place to live in the United States by Money Magazine. When asking residents, they rave about the connection they feel to the town and their relationship to global businesses, opportunities, parks, open space, and each other. The town of Morrisville provides residents with a small-town feel while giving them access to the convenience of amenities of a metropolitan city.
If you're planning to move to the area, it's essential to understand the real estate market. The market in Morrisville is ever-changing. With its proximity to research triangle park, large universities, and popular cities, people are relocating here daily, and the market has to keep up. There's no doubt that the real estate market and the economy go hand in hand, so let's discuss the current trends. In this article, we will present you with recent data that will give you a better understanding of the market in wake county, primarily focusing on Morrisville, NC.
Morrisville Real Estate Trends
Morrisville, NC, has recently been named the number three best place to raise a family in North Carolina. When you factor in Morrisville's countless impressive accolades and location, it's clear why people continue to relocate to the area. So how is the real estate market handling the constant increase in population?
The housing market is somewhat competitive, scoring 67 out of 100. The average homes sell for about 1% above the list price and go pending in around 36 days. On the other hand, hot homes sell for about 3% above the list price and go pending in approximately eight days.
The average cost of living in Morrisville is $1,987, which is in the top 6% of the most expensive cities in the world.
While the housing market is as robust as it has been, many sellers are taking the opportunity to list and sell their homes for increased value. The profit has been great for sellers, but finding another house has been challenging.
Most homes in Morrisville are primarily traditional and colonial styles, with a mixture of new construction and historic homes.
On the other hand, the housing market in North Carolina has also continued to thrive throughout 2022, with high demand, limited supply, and a steady increase in selling prices. In June 2022, the average home in North Carolina was valued at $320,291. Looking at the past, that's a 27.4% increase year-over-year. Let's look at a few North Carolina housing market statistics.
- In June 2022, home prices were up 14.5% compared to last year, selling for a median price of $364,900
- The median days on the market were 22 days, down 14% year-over-year
- 57.3% of homes in North Carolina sold below list price, down 0l.2 points year-over-year
- There were only 25.6% of homes that had price drops, up from 9.0% of homes in June last year
The triangle region is seeing an increase in inventory. Nearly 2,300 more homes are available across the region in July 2022 compared to July 2021, which is almost a 70% increase.
The recent rise in interest rates has also affected the current market. The surge has deterred people from buying as fewer people are willing or able to receive financing. According to Freddie Mac, the typical interest rate for a 30-year fixed mortgage loan is now 5.25%, up 2.5 percentage points from a year ago and up 3.76% since the beginning of March 2022.
In this article, we're going to discuss Morrisville real estate trends, including:
- 52% of households are owner-occupied, while 48% are renter-occupied
- Morrisville has recently seen a population increase of 47.8%
- In September 2022, the median list price was $545K
- The cost of living in Morrisville is 8% higher than the national average
- The Cary/Apex/Morrisville area saw 405 new listings in September 2022
Morrisville Real Estate Demand
The demand for real estate in Morrisville, NC, is high. The current population in Morrisville is roughly 32,000 people. It is the 33rd largest city in North Carolina and the 1435th largest city in the United States. Nonetheless, the ever-growing population certainly contributes to the demand for real estate in the area. As people move here daily, Morrisville struggles to keep up with the supply and demand of homes.
The best time to buy a home in North Carolina is said to be in April. Research shows that April has the most listings available. Although, the Spring season is also said to be the most expensive time to buy a home.
If you're looking for the lowest price, the best time to buy is in the fall/winter. Few homes are available, but fewer people are looking to buy.
Morrisville is growing at a rate of 3.60% annually, and the population has increased by 7.46% since the most recent US Census. Since 2022, Morrisville has seen a population increase of 47.8%. With the proximity to research triangle park and new companies moving to the area daily, the population and overall growth of the community will only continue to increase. The number of people in Morrisville has grown 461.7% since 2000.
- Across the nation, 0.92% of homebuyers searched to move into Morrisville from outside metros
- Fayetteville homebuyers searched to move into Morrisville more than any other metro
- 76% of Morrisville homebuyers searched to stay within the Morrisville metropolitan area
- Greensboro was the most popular destination among Morrisville homebuyers
Morrisville Real Estate Supply
Morrisville, NC, is currently experiencing a seller's market on the verge of becoming a balanced market. In a seller's market, more people are looking to buy than homes available. This market allows sellers to be more competitive with their listing prices. While they've experienced a seller's market for quite some time now, the market is beginning to shift to a balanced market. In a balanced market, the supply and demand of homes are generally the same. This can be good for buyers as there is less competition.
The housing options in Morrisville are vast and are sure to fit your needs. They have single-family homes, townhomes, condos, homes on golf courses, retirement communities, etc.
52% of households are owner-occupied, while 48% are renter-occupied
Looking at data from the local MLS, in September 2022, the area had 405 new listings and 369 closed sales. Year to date, new listings were at 4,161with 3,437 closed sales. The months of supply inventory in September 2022 was 1.5. Looking at wake county as a whole, there were 1,761 new listings in September and 1,549 closed sales with 1.7 months of supply inventory.
The town of Morrisville has around 400 strategically located acres remaining for new development. They are likely to use this land for commercial and multi-use-oriented spaces.
Morrisville Real Estate Pricing Trends
Before you move to a new area, you should consider if the current housing prices are within your budget. In Morrisville, NC, the median listing price was $545K in September 2022. While the market is beginning to balance, prices have remained relatively unchanged, if not increased. With the constant population increase, the town of Morrisville needs to keep up with demand while combating pricing issues.
In April 2022, a contract was set in place with HR&A Advisors to begin working on the development of affordable housing in Morrisville. The plan is set in two phases. Phase one consists of research and analysis for the result of a toolkit and a public employee housing choice program. Please two will involve designing and implementing the options given in phase one.
The cost of living in Morrisville is 8% higher than the national average and 18% higher than the state average. Housing in Morrisville is 40% more expensive than the national average.
In the Cary/Apex/Morrisville area, there were 405 new listings in September 2022, with a median sales price of $541,995. Out of the new listing for the month, there were 369 closed sales. Compared to the median sales price ($541,995), the average sales price was $608,268.
The average rent for an apartment in Morrisville is $1,743, with an average size of 1,043 square feet. Let's take a look at the price ranges for apartment rentals.
- $1,001 - $1,500: 23%
- $1,501 - $2,000: 59%
- > $2,000: 17%
In North Carolina, average rent prices have grown by 29.55% year-over-year.
So, are you looking to buy a home in one of Morrisville's best neighborhoods?
One of the top neighborhood choices in Morrisville is Addison Park. The neighborhood's prime location makes it convenient for people to access restaurants, shopping, etc., In a short amount of time. The median sales price for a home in Addison Park is $610,000.
Another great neighborhood is Carpenter Park. Located in both Cary and Morrisville, residents love the location of their homes and easy access to amenities. They offer many recreational features such as tennis courts, basketball courts, trails, etc. The median sales price for homes in Carpenter Park is $262,000, and close prices were between $212,000 and $410,000.
Another option is Breckenridge. The community offers excellent amenities and proximity to Raleigh Durham international airport and research triangle park. Breckenridge is also close to many grocery stores, restaurants, etc. Homes in this neighborhood range from the low 200s to the mid-400s. The median sales price is $418,250.
When considering the prices of homes in Morrisville and whether it's affordable, it's essential to consider your income. According to the most recent US Census, the average annual income per person in Morrisville is $47,565, while the average household income is $100,495.
Real Estate Predictions
In North Carolina, the second quarter of 2023 will see higher home prices than the second quarter of 2022. While we are moving towards a balanced market, North Carolina will remain one of the top-ranked states and relocation areas. With the current population increase trajectory, competition will increase, limiting the number of houses available. Corporations like Fannie Mae and Freddie Mac predict that home prices will continue to grow, whether that be slightly. The rise in home prices will result in high mortgage rates.
What is Morrisville, NC, known for?
Morrisville, NC, is known for its diversity, educated populace, and cultural vibrancy.
Is Morrisville, NC, an excellent place to live?
Morrisville is consistently ranked among the best places to live in North Carolina and the United States.
Is it profitable to invest in real estate in Morrisville, NC?
Yes. For a 5-year investment, the profit is expected to be around +18.6%, meaning that investing $100,000 today may yield a profit of $118,600 by 2027.
Are home prices in Morrisville, NC, dropping?
Not quite. In September 2022, Morrisville home prices were up 29.1% compared to last year.
Find your dream home with Raleigh Realty.
Morrisville, NC, is one of the best places to live in North Carolina and the United States. Affordable housing, great job opportunities, quality schools, and a great location are just some of the reasons people choose to relocate to Morrisville.
With the current real estate trends in mind, you can feel more comfortable in your decision to move to the area. Raleigh Realty is here to help you find your dream home when you're ready to leap. Contact us or visit our website to connect with one of our agents and start your moving process.