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

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Raleigh Housing Market
February 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

February
2021
1,458
$405,678
20
1,310

February
2022
1,273
$492,037
13
610

Annual
Change
-12.7%
+21.3%
-35.0%
-53.4%

February 2022 Continues to be WHITE HOT

• Raleigh Closed Sales: Home sales fell this month compared to last February. February sales were down by 12.7% over February 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 February. The average price of homes sold in February was $492,037. That's an increase of 21.3% over last year in February.

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

• Raleigh Active Listings:This continues to be a major issue. Active listings fell again this month. Listings dropped a whopping 53.4% from last year in February. February had only 610 homes for sale in February.

According to the Triangle MLS, "The U.S. real estate market remains hot ahead of the spring selling season, with existing home sales up 6.7% as of last measure, according to the National Association of REALTORS. Experts attribute the growth in sales to an uptick in mortgage interest rates, as buyers rushed to lock down their home purchases before rates move higher. Mortgage rates have increased almost a full percentage point since December, with the average 30-year fixed-rate mortgage briefly exceeding 4% in February, the highest level since May 2019.

Prices continued to gain traction. The Median Sales Price increased 23.9 percent to $374,900. Days on Market was down 19.0 percent to 17 days. Sellers were encouraged as Months Supply of Inventory was down 50.0 percent to 0.4 months."

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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