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

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Raleigh Housing Market
March 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

March
2021
1,882
$421,589
13
1,255

March
2022
1,694
$527,567
9
774

Annual
Change
-10.0%
+25.1%
-35.8%
-38.3%

Spring Rush Is Starting Early!

• Raleigh Closed Sales: Home sales fell this month compared to last March. March sales were down by 10.0% over March 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 March. The average price of homes sold in March was $527,567. That's an increase of 25.1% over last year in March.

• Days On Market: The average days on market before a sale dropped again this month compared to last March. The average days on market for March was 9 days. That's down 30.8% from March last year.

• Raleigh Active Listings:This continues to be a major issue. Active listings fell again this month. Listings dropped 38.3% from last year in March. March had only 774 homes for sale.

According to the Triangle MLS, "Nationally, existing home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.1% as of last measure, according to the National Association of REALTORS. Builders are working hard to ramp up production-the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago-but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.

Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low."

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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