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

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Raleigh Housing Market
May 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

May
2021
2,123
$447,754
9
980

May
2022
1,855
$568,131
6
1,405

Annual
Change
-12.6%
+26.9%
-33.3%
+43.4%

May Brings Welcome Relief in Home Inventory

• Raleigh Closed Sales: Home sales fell this month compared to last May. May sales were down by 12.6% over May of last year.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last May. The average price of homes sold in May was $568,131. That's an increase of 26.9% over last year in May.

• Days On Market: The average days on market before a sale dropped again this month compared to last May. The average days on market for May was 6 days. That's down 33.3% from May last year.

• Raleigh Active Listings: Active listings rose this month. A welcome relief! Listings rose 43.4% from last year in May. May had an inventory of 1,405 homes for sale.

According to the Triangle MLS, "Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with 30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.

With monthly mortgage payments up more than 50% compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers. Nationally, the median sales price of existing homes recently exceeded $400,000 for the first time ever, a 15% increase from the same period a year ago, according to the National Association of REALTORS. As existing home sales continue to soften nationwide, housing supply is slowly improving, with inventory up for the second straight month. In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around."

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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