RALEIGH, NC—In a significant real estate move, Arizona-based Meritage Homes has secured one of the largest undeveloped parcels within Interstate 540’s Outer Loop in Wake County. According to Wake County records, the developer purchased 93 acres of mostly wooded land at 6515 Buffaloe Road, Northeast Raleigh. This plot, part of the new Buffaloe Reserve master-planned community, is set to feature 641 homesites.
The Buffaloe Reserve spans 212 acres at the intersection of Buffaloe Road and Interstate 540 and is just a 20-minute drive from downtown Raleigh. Initially acquired by Suncrest for $12 million in 2022, the entire property offers approximately 2,000 feet along the Neuse River and is zoned for up to 1,100 single-family and multi-family units.
Suncrest, along with partners JPM South and Timmons Group, has spent two years working closely with the City of Raleigh to finalize development plans. With groundbreaking anticipated in late 2024, planned community amenities will include a clubhouse and pool. Suncrest plans to retain 18 acres of the site, zoned for multi-family housing, for future development or sale over the next two years.
“Whether it is rezoned to another use, the market will determine,” Mark McAuley, Suncrest’s director of land development, stated in a press release.
Meritage Homes is part of a growing trend of out-of-state developers investing in North Carolina, drawn by the state’s rapid population growth. The company currently has 10 active communities in the Raleigh area, with homes available in cities like Angier, Garner, and Mebane. While Meritage has not disclosed home prices for Buffaloe Reserve, comparable homes in its Garner development, Oak Manor, start at $504,000 for two-story floor plans ranging from 2,702 to 3,252 square feet.
Despite fluctuating mortgage rates, the Northeast Raleigh housing market remains fiercely competitive. According to Redfin, the median sale price in Buffaloe Reserve’s 27616 ZIP code was $380,000 in September, a slight 0.2% increase from last year. Homes in the area typically receive two offers and sell in 22 days, faster than the 33-day average from the previous year.
As Meritage Homes and Suncrest prepare for the next stages of development, Bull City Citizen will continue to provide updates on this major project and its impact on the Raleigh housing market.
