6020 Creedmoor Road, Raleigh, NC 27612 ~ Cell: (919) 280-2726 Erin@HomesInRaleigh.org

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Raleigh Housing Market
January 2023

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
2022
1,252
$492,178
13
735

January
2023
883
$541,865
46
2,050

Annual
Change
-29.5%
+10.1%
+253.8%
+178.9%

January Indicators Show a Move Toward Stabilizing the Market

• Raleigh Closed Sales: Home sales fell this month compared to last January. January sales were down by 29.5% over January of last year.

• 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 $541,865. That's an increase of 10.1% over last year in January.

• Days On Market: The average days on market before a sale rose this month compared to last January. The average days on market for January was 48 days. That's an increase of 253.8% from January last year.

• Raleigh Active Listings: Active listings rose strongly this month. Listings rose 178.9% from last year in January Wow! January had an inventory of 2,050 homes for sale.

According to the Triangle MLS, "The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.

As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season."

If you are looking into buying a home, make sure you are Buyer-Ready for this ever-changing 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 still 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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