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

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Raleigh Housing Market
June 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

June
2022
1,977
$563,234
7
2,230

June
2023
1,587
$588,336
16
1,823

Annual
Change
-19.7%
+4.5%
+128.6%
-18.3%

June Hot Weather - Moderate Market

• Raleigh Closed Sales: Home sales fell again this month compared to last June. Sales were down by 19.7% over June of last year.

• Average Raleigh Sales Price: The average sale price did rise this month in relation to last June. The average price of homes sold in June was $588,336. That was an increase of 4.5% over last year in June.

• Days On Market: The average days on market before a sale rose dramatically again this month compared to last June. The average days on market for June was 16 days. That's an increase of 128.6% from June last year.

• Raleigh Active Listings: Active listings fell this month. Listings dropped 18.3% from last year in June. June had an inventory of 1,823 homes for sale.

According to the Triangle MLS, "Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association of REALTORS (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.

Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month’s supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month."

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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