"I did read something recently that projected that Wake County is going to need up to 230,000 new home constructions by 2035. We've got to keep up. Right now, I think we are," said Marti Hampton, who runs Marti Hampton Real Estate.
Between 2020 and 2024, the U.S. Census Bureau reports Raleigh's population grew by about 32,000 residents.
For residents like Dionaka Shelton, the pricing shift has been dramatic. Shelton moved to North Carolina about two decades ago and said housing costs were far lower at the time.
"Back then, you can get an apartment within Raleigh, Cary for like $400 a month, sometimes you'd go to about $600 a month. For it to triple or quadruple, it's outrageous," she said.
Shelton visited Gipson Play Plaza, which opened last year.
"I've done my son's birthday party out here last summer," she said.
"That's what attracted us to come out here. Even though there's playgrounds in Wake Forest, this was a unique place for us to go to," said Doug Schmidt, who visited with his grandchildren.
As Dix Park undergoes a broader transformation, attention is turning to how to best utilize unused buildings on-site, many of which are fenced off.
"We're talking about history. I don't want to see them be knocked down. I think it could be repurposed and reused," Shelton said.
"Coming through and seeing all these buildings that are not in use, if they could be either converted or replaced with (different types of housing) that would be wonderful," said Schmidt.
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Next month, a dozen townhomes along Wheeler and Kirkland roads are expected to hit the market, with prices starting in the low $500,000s.
"I think that people are open to townhomes today, probably more than when I first got into real estate," said Hampton.
According to Redfin, the median sales price in Raleigh is $420,000, down slightly over the past year, though still up nearly $100,000 from five years ago.
"Our kids purchased a place in Wake Forest. But that was outside of our price range, so we had to go a little further north into Franklinton. So, you know, the prices just keep creeping up and up, and the homes they're building out there are now not just starter homes, they're typically over a million plus," said Schmidt.
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"There is no doubt in my mind that many people are priced out of Wake County," Hampton said.
Market activity has also slowed year-over-year, with the number of homes sold dropping by more than 7% and listings staying on the market longer.
"You can tell if a house is priced correctly because it'll usually sell in about 10 days," Hampton said.
According to Freddie Mac, the 30-Year Fixed Rate Mortgage is 6.3%, up from 6.17% six months ago, though down from 6.76% a year ago. Outside a brief stretch earlier this year, the figure has remained above 6% during the past year.
"If you have a great house when the interest rates were real low, and you don't have a need to move, I get it if it's a great house in a great location. But then I would ask you to also look at the appreciation. Could you take that equity out and put it in another home investment that's going to appreciate the next five years more than that appreciation that you're going to have in your current 2% home? I always look at real estate, that investment," said Hampton.
Hampton said demand remains strong in certain parts of the region, pointing out Cary, North Raleigh and areas inside the beltline as seeing the most interest.