Zillow Economist Struggles to Buy Home in Hot Raleigh Market

Zillow Expert Faces Same Housing Hurdles as Public, Finding Success Through Off-Market Deal in Competitive Raleigh Area

Key Facts

• Zillow economist Orphe Divounguy faced multiple rejected offers in Raleigh’s competitive market despite national trends showing 20% higher housing inventory
• Zillow forecasts predict U.S. home prices will fall 1.7% between March 2025-2026, with existing home sales reaching 4.12 million in 2025
• 23% of Zillow listings experienced price cuts in March 2025, indicating shifting market dynamics

Introduction

A senior economist at Zillow discovers firsthand the complexities of homebuying in today’s market, highlighting the disconnect between national trends and local realities. Orphe Divounguy’s experience in Raleigh’s competitive housing market reveals how regional variations can challenge even industry experts.

Key Developments

According to Business Insider, Divounguy’s journey included multiple rejected offers in Raleigh-Durham, despite offering above asking prices. His search culminated in success only after finding an off-market opportunity through his agent, requiring specific concessions to the seller.

The economist’s experience in Research Triangle Park, where a $730,000 listing sold for $50,000 over asking price, demonstrates the area’s robust seller’s market. This contrasts with national data showing increased buyer leverage and expanding inventory.

Market Impact

Zillow’s latest market analysis reveals significant shifts in the housing landscape. The company projects a 1.7% decline in home prices through March 2026, adjusting their previous forecasts to reflect evolving market conditions. This revision accompanies data showing price cuts on nearly a quarter of listed properties.

The forecast anticipates 4.12 million existing home sales in 2025, representing a modest 1.4% increase from the previous year. These projections reflect a market in transition, with regional variations creating distinct opportunities and challenges.

Strategic Insights

Zillow’s position as a market authority stems from its sophisticated data analysis capabilities, including the Neural ZHVI forecasting model. The company’s ability to identify and track regional market variations enables targeted service offerings and enhanced user engagement.

Expert Opinions and Data

Market experts emphasize the importance of understanding local conditions over national trends. The Raleigh-Durham market exemplifies how strong local economic factors, including tech sector growth and educational institutions, can create competitive conditions despite broader market shifts.

Data indicates varying conditions across regions, with Southeast markets showing particular strength. This regional diversity requires buyers and sellers to develop location-specific strategies rather than relying on national trends.

Conclusion

The contrast between national housing data and local market realities underscores the complexity of today’s real estate landscape. Zillow’s evolving forecasts and the experiences of its own economist demonstrate how regional factors continue to shape market outcomes, requiring sophisticated analysis and local market knowledge for successful transactions.