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

Home North Raleigh Homes Midtown Raleigh Homes Raleigh Luxury Homes Wake Forest Homes Cary Homes North Carolina Triangle

Raleigh Housing Market
July 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

July
2022
1,731
$567,959
12
2,723

July
2023
1,398
$582,990
17
1,831

Annual
Change
-19.2%
+2.6%
+41.7%
-32.8%

July Brings Happy Sellers & Cautious Buyers

• Raleigh Closed Sales: Home sales fell this month compared to last July. Sales were down by 19.2% over July of last year.

• Average Raleigh Sales Price: The average sale price did rise this month in relation to last July. The average price of homes sold in July was $582,990. That was an increase of 2.6% over last year in July

• Days On Market: The average days on market before a sale rose again this month compared to last July. The average days on market for July was 17 days. That's an increase of 41.7% from July last year.

• Raleigh Active Listings: Active listings fell this month. Listings dropped 32.8% from last year in July. July had an inventory of 1,831 homes for sale.

According to the Triangle MLS, "Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.

Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong."

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

Raleigh Homes For Sale	Raleigh Luxury Homes	North Raleigh Homes	Midtown Raleigh Homes	Raleigh Inside The Beltline	Raleigh New Homes
Raleigh Townhomes & Condos	Raleigh Golf Homes	Cary Homes For Sale	Durham Homes For Sale	Wake Forest Homes	North Carolina Triangle
Raleigh Home Buyers	Raleigh Home Sellers	Raleigh Community Information	Raleigh Fun Stuff	Raleigh Triangle Schools	All About Ed & Erin