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

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Raleigh Housing Market
October 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

October
2021
1,955
$476,820
9
1,304

October
2022
1,308
$533,255
23
2,801

Annual
Change
-33.1%
+11.8%
+155.6%
+114.8%

October Solidifies a Change in the Market

• Raleigh Closed Sales: Home sales fell this month compared to last October. October sales were down by 33.1% over October of last year.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last October. The average price of homes sold in October was $533,255. That's an increase of 11.8% over last year in October.

• Days On Market: The average days on market before a sale rose this month compared to last October. The average days on market for October was 23 days. That's an increase of 155.6% from October last year.

• Raleigh Active Listings: Active listings rose strongly this month. Listings rose 114.8% from last year in October Wow! October had an inventory of 2,801 homes for sale.

According to the Triangle MLS, "Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS (NAR), with sales down nearly 24%% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists' expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.

The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers."

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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