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

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Raleigh Housing Market
May 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

May
2022
1,862
$567,650
6
1,598

May
2023
1,550
$567,789
19
1,702

Annual
Change
-16.8%
+0.0%
+216.3%
+37.7%

May Shows Interest Impact on Affordability

• Raleigh Closed Sales: Home sales fell this month compared to last May. Sales were down by 16.8% over May of last year.

• Average Raleigh Sales Price: The average sale price was flat this month in relation to last May. The average price of homes sold in May was $567,789. That show neither an increase or decrease over last year in May.

• Days On Market: The average days on market before a sale rose dramatically again this month compared to last May. The average days on market for May was 19 days. That's an increase of 216.7% from May last year.

• Raleigh Active Listings: Active listings rose this month. Listings rose 6.5% from last year in May. May had an inventory of 1,70 homes for sale.

According to the Triangle MLS, "Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS (NAR), as higher interest rates continue to impact buyer affordability. Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% year-over-year. With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year-over-year nationally, although more affordable markets continue to see price gains.

While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR."

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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