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

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Raleigh Housing Market
November 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

November
2021
1,897
$477,609
10
1,129

November
2022
1,271
$539,162
29
2,613

Annual
Change
-33.0%
+12.9%
+190.0%
+131.4%

Fall is Beautiful in NC - Come on Down!

• Raleigh Closed Sales: Home sales fell this month compared to last November. November sales were down by 33.0% over November of last year.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last November. The average price of homes sold in November was $539,162. That's an increase of 11.8% over last year in November.

• Days On Market: The average days on market before a sale dramatically rose this month compared to last November. The average days on market for November was 29 days. That's an increase of 190% from November last year.

• Raleigh Active Listings: Active listings rose strongly this month. Listings rose 131.4% from last year in November Wow! November had an inventory of 2,613 homes for sale.

According to the Triangle MLS, "Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.

With home sales down, nationwide housing inventory was at 3.3 months' supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com."

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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