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

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Raleigh Housing Market
September 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

September
2022
1,562
$536,555
22
3,116

September
2023
1,199
$555,329
22
2,252

Annual
Change
-23.2%
+3.5%
+0.0%
-27.7%

September Brings Cooling Temperatures and Market

• Raleigh Closed Sales: Home sales fell this month compared to last September. Sales were down by 23.2% over September of last year.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last September. The average price of homes sold in September was $555,329. That was an increase of 3.5% over last year in September.

• Days On Market: The average days on market before a sale remained stable this month. The average days on market for September was 22 days.

• Raleigh Active Listings: Active listings fell this month. Listings dropped 27.7% from last year in September. September had an inventory of 2,252 homes for sale.

According to the Triangle MLS, "National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of REALTORS (NAR).

Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1% fewer than the same period last year, according to NAR. As a result, the U.S. median existing home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000."

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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