What a year in real estate, there are so many stories to tell and the evolve all the way down to the neighborhood level.
Let's start with a quick overview: Sales were down 17% overall and Prices were up 2.64%
The big news is not only that we are down 3,300 units in 2023 we down 4,000 in 2022. The industry added about the same amount of agents in the Triangle in 2022.
Here is where the story gets interesting. If you follow me you know I focus my data on Wake County, while others use "MLS Sales Data", this data covers 16 counties, What is happening in Middlesex is probably not of concern to someone living in Cary. Wake County has enough stories to tell and vast differences in performance. The charts below are a great start, New Construction sales were up 1.5% in 2023 and existing homes sales, the ones homeowners care about were down 23.3%
Geographically Wake County municipalities performed differently as well, and with in the zip codes and price point performed differently. The City of Raleigh saw an overall price increase in 2023 of 4.85% while Morrisville saw average sales price drop by -1.9%, Wendell was down -4.55%. While Raleigh had decent price gains, some zip codes really popped. 27608, the Five Points area saw the average price increase 15.5% one of the fasted appreciating areas in the county.
I am often asked how the high end market is in Raleigh. People are shocked when I say "great" Sales of homes over $1,000,000.00 we down 3% last year, far better than the market as a whole. When you raise the minimum to $1,450,000 the market is even with last year, and the market increases from there. This market is an agents dream this is where talent plays and fluff walks.
I will post a great deal more on 2023 over the next couple of weeks, there are some great stories.