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Good afternoon, Raleigh. How do you make an eggroll?

You push it. 🥚

In today’s Raleigh Rundown:

• 7 fun things to do in Raleigh this weekend

• Is Raleigh’s housing market overvalued?

• The Soccer Tournament in Cary drawing big crowds

• An update on Apple’s RTP campus construction

Let’s get to it. 🏃

Stories this week

Is Raleigh’s housing market overvalued? 🏠

A new report reveals that despite soaring home prices in recent years, the Raleigh metro area remains relatively affordable for local residents. With a median home sales price of around $413,000 - nearly on par with the area's average buying power of over $416,000 - Raleigh stands out from many other major cities where home values have become overvalued compared to what residents can afford.

This relative affordability is attributed to the influx of high-paying jobs and income growth in the region, allowing home prices to appreciate rapidly without severely outpacing the financial means of the local population.

Apartment buildings selling for less in the Triangle 🏢

The once sizzling apartment sales market in the Triangle has cooled significantly, with both sales volume and pricing trending downward as higher interest rates and new supply have impacted the multifamily sector. Some communities have sold below assessed value, while overall sales have dropped dramatically compared to last year.

The declines are driven by factors like more expensive debt for investors due to higher rates, stagnant or falling rents making higher prices harder to justify, and elevated vacancies from new supply. Experts predict pricing and sales will continue dropping until around 2025 when the market is expected to bottom out, awaiting potential rebounds in rent growth and lower interest rates.

The Soccer Tournament drawing big crowds in Cary ⚽️

The Soccer Tournament kicked off on Wednesday in Cary, bringing a festive 7v7 event featuring 48 men's teams and 8 women's teams vying for $1 million prizes. After last year's successful debut that sold out and attracted stars like Clint Dempsey and Landon Donovan, over 35,000 fans are expected to attend this year's expanded tournament showcasing top players from around the world, with the finals taking place on Monday night.

New plans emerge on future Apple’s RTP campus 🏢

Despite Raleigh's oversupply of apartments, the city council unanimously approved rezoning near Triangle Town Center to allow Sambrick Management to build a 30-unit multifamily project at 2210 Spring Forest Road.

The former zoning allowed up to 70 units and retail, but the developer added conditions prohibiting retail and capping units at 30 to address neighborhood concerns about traffic and density. While supporting the city's future land use plans, the rezoning makes compromises based on community feedback amid Raleigh's multifamily development boom.

WHAT’S HAPPENING THIS WEEKEND

The Soccer Tournament | June 5 - 10 | WakeMed Soccer Park, Cary

Beginning on Wednesday and going through Monday night, you can still get tickets to the action days Friday - Monday and watch celebrities and well-known soccer stars compete for the $1 million prize.

Click here for tickets.

COST: $43 and up

Wake County Speedway: Forever Clean 160 | Friday, gate opens at 6 PM | 2109 Simpkins Road, Raleigh

Check out race #7 of the 2024 NASCAR Advance Auto Parts Weekly Series season on Friday, June 7th when the green flag drops on the Forever Clean 160.

• Late Models: (Twin) 40 - Laps

• Legends: 25 Laps *Non-Track Points Race/INEX Points Only!

• Mini-Stocks: 20 Laps

• Bandoleros: 15 Laps

• Bombers: 15 - Laps

Click here for tickets.

COST: $15 for adults, $12 for kids 6-12, Free for kids 5 and under

Durham Bulls VS Gwinnett Stripers | Friday - Sunday | Durham Bulls Athletic Park

The Durham Bulls play at home this weekend against the Gwinnett Stripers.

• Friday: Friday Night Fireworks

• Saturday: Bull Durham Night

• Sunday: Kids Run The Bases

Click here for tickets.

COST: $12 and up

Brothers Osborne: Might As Well Be Us Tour | Saturday, 8 PM | Red Hat Amphitheater - 500 South McDowell Street, Raleigh

The Brothers Osborne live in concert this Saturday in Raleigh.

Click here for tickets.

COST: $41 and up

Food Truck Rodeo | Sunday, 11 AM - 2 PM | 300 W. Hargett St, Raleigh

Pay-what-you-can food truck rodeo hosted by A Place At The Table is taking place at 300 W. Hargett St, Raleigh. 9 food trucks will be available, and all for a great cause.

You can purchase food vouchers at the event, or in advance, and also pay-it-forward by covering someone else's meal.

COST: Free to attend, cost for vendors

Family Day at Clouds Brewing | Sunday, 2 - 7 PM | Clouds Brewing - 1233 Front St, Raleigh

A free, family-friendly day full of activities including hosted at Clouds Brewi

• Food Truck 2-6pm

• Bounce House 2-6pm

• Fairy Hair 2-6pm

• Petting Zoo 3-5pm

• Face Painting 3-5pm

COST: Free to attend, cost for vendors + drinks

MARK YOUR CALENDARS FOR THESE FUTURE EVENTS

June 12: Justin Timberlake is performing at the PNC Arena. Click here to tickets.

June 13: Raleigh’s First Summer Fest. Fun summer games, food trucks, a large selection of desserts, ice cream vendors, and games for the adults and children! Beach music and line dancing. Huge selection of Beer and refreshing drinks. LHosted at the Raleigh City Plaza. 421 Fayetteville St, Raleigh.

June 14: Dave Matthews Band performing at Coastal Credit Union Music Park at Walnut Creek. Click here for tickets.

June 26: Red Hot Chili Peppers performing at Coastal Credit Union Music Park at Walnut Creek. Click here for tickets.

WEEKEND WEATHER

Friday

88 🌡️ 72 | ☀️ | 0%

Saturday

87 🌡️ 65 | 🌤️ | 0%

Sunday

92 🌡️ 67 | ⛅️ | 0%

LOCAL SPORTS

Baseball ⚾️

Both NC State and UNC have advanced to the Super Regionals of the College World Series.

Click here for the updated bracket + weekend game times.

Durham Bulls 🐂

• Friday: Gwinnett Stripers @ Durham Bulls | 6:35 PM

• Saturday: Gwinnett Stripers @ Durham Bulls | 6:35 PM

• Sunday: Gwinnett Stripers @ Durham Bulls | 5:05 PM

THANKS!

Thanks for reading the Raleigh Rundown today. If you found something useful, please share it with someone who loves owls. 🦉 

Have any suggestions for what you would like to see in future editions? Reply to this email and let me know!

Let’s do this again next Thursday!