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

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Raleigh Housing Market
April 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

April
2022
1,734
$559,207
6
1,224

April
2023
1,410
$547,655
26
1,682

Annual
Change
-18.7%
-2.1%
+333.3%
+37.4%

April Market Reflects Buyer Caution

• Raleigh Closed Sales: Home sales fell this month compared to last April. Sales were down by 18.7% over April of last year.

• Average Raleigh Sales Price: The average sale price was down slightly this month in relation to last April. The average price of homes sold in April was $547,655. That's a decrease of 2.1% over last year in April.

• Days On Market: The average days on market before a sale rose dramatically again this month compared to last April. The average days on market for April was 26 days. That's an increase of 333.3% from April last year.

• Raleigh Active Listings: Active listings rose this month. Listings rose 37.4% from last year in April. April had an inventory of 1,682 homes for sale.

According to the Triangle MLS, "U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.

Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR."

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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