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Raleigh Housing Market
January 2022

Homes in Wake County
Data from Triangle Multiple Listing Service

Closed Sales
Average Sales Price
Average Days On Market Until Sale
Number of Homes For Sale

January
2021
1,436
$405,529
20
1,497

January
2022
1,240
$491,441
13
616

Annual
Change
-13.6%
+21.2%
-35.0%
-58.9%

January 2022 Looks A Lot Like December 2021

• Raleigh Closed Sales: Home sales fell this month compared to last January. January sales were down by 13.6% over January of last year. The low inventory continues to be a factor in this decrease.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last January. The average price of homes sold in January was $491,441. That's an increase of 21.2% over last year in January.

• Days On Market: The average days on market before a sale dropped dramatically again this month compared to last January. The average days on market for January was 13 days. That's down 35.0% from January last year.

• Raleigh Active Listings:This continues to be a major issue. Active listings fell again this month. Listings dropped a whopping 58.9% from last year in January. January had only 616 homes for sale in January.

According to the Triangle MLS, "The 2022 real estate market begins where 2021 left off, in which existing home sales reached their highest level since 2006, with the National Association of REALTORS reporting sales were up 8.5% compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates. Home sales would've been even greater were it not for soaring sales prices and a shortage of homes for sale in many markets, forcing a multitude of buyers to temporarily put their home purchase plans on hold.

For many buyers, 2022 marks a new opportunity to make their home purchase dreams a reality. But it won't be without its challenges. Inventory of existing homes was at 910,000 at the start of the new year, the lowest level recorded since 1999, according to the National Association of REALTORS, and competition remains fierce. Affordability continues to decline, as inflation, soaring sales prices, and surging mortgage interest rates reduce purchasing power. The sudden increase in rates and home prices means buyers are paying significantly more per month compared to this time last year, which may cause sales to slow as more buyers become priced out of the market."

If you are thinking about selling your home, now is an EXCELLENT time. We're always in need of good homes and know how to prepare and market your home during this incredible time. If you're looking for a strong Seller agent, Please Contact us, we'd love to help you sell your home!

If you are looking into buying a home, make sure you are Buyer-Ready for this competitive market. The best way to do this is to make sure you are with a strong Realtor that knows how to manage these situations and who will keep you on top of all the important information and steps in this challenging time. People are out there and They're Buying Now.

If you're looking for an Experienced, Knowledgeable Buyer Realtor to show you around the ins and outs of this market, we'd love to help. We specialize in the Triangle communities and surrounding areas. We sell a lot of homes and we know what we're doing. Contact us and we can help you too :-)

The Raleigh Housing Market Reports below will give you a detailed look inside the current and past Raleigh Area Housing Market.

If you have questions about the Raleigh Real Estate Market,
or what your Raleigh home is worth Email Us or Call us Today at 919-280-2726

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