Updated: Nov 21
Wow, October is flying by. Here are the facts on Wake County, NC (Raleigh) real estate market MTD.
Same story: prices are Raleigh area home prices are STRONG, and units are down. A year ago, we were in a rising rate environment, and rise they have, financing-dependent buyers are waiting this out (but at what cost).
Prices are UP. The average sold price of homes closed in the first three weeks of October in Wake County is up 6% from October 2022 to $558,088.00. Existing home prices are up 8.5%. There are great deals and some overpaying, but the trend is rising prices.
Raleigh area home sales continue to lag 2022. Why? Inventory, the sound bite is people at 3% are not listing, true. Existing home listings are down 21% year to date vs the same period in 2022.
Raleigh area home showings for the first 21 days of October were down 5%, not bad for many fewer listings.
The average price of Raleigh area homes under contract yet to close in October is $578,875.00.
The average cost of Raleigh Area homes scheduled to close in November is $583,191.00.