RALEIGH, N.C. (WNCN) — Some experts say housing prices nationwide could drop significantly over the next few months.

Economists tell CBS News that home prices have plunged during the second half of this year and prices could fall as much as 20 percent next year because of the rising mortage rates and the housing market stabilizing.

Duke economist Dr. Connel Fullenkamp believes that will be a different story in and around the Triangle. He tells CBS 17 prices will likely stay high because so many people are moving here and there’s a growing demand for housing.

“I really don’t think we’re going to see big, big significant drops in the Triangle because of the underlying economic strength here,” Fullenkamp said.

Fullenkamp believes there’s a better chance of luxury home costs going down rather than affordable housing prices.

 “There’s a lot of kind of aspirational housing, people may have set their prices too high and a lot of people in the market just don’t need to buy a new house in that price range so I think we’ll see the softness there.”

Realtor.com shows the median listing home price in Raleigh at $445,000 as of Oct. 24 and the median selling price at $398,500.