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

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Raleigh Housing Market
July 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

July
2021
1,988
$471,929
7
1,263

July
2022
1,715
$568,042
12
2,469

Annual
Change
-13.7%
+20.4%
+71.4%
+95.5%

July Numbers are Beginning to Show a Shift

• Raleigh Closed Sales: Home sales fell this month compared to last July. July sales were down by 13.7% over July of last year.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last July. The average price of homes sold in July was $568,042. That's an increase of 20.4% over last year in July.

• Days On Market: The average days on market before a sale rose this month compared to last July. The average days on market for July was 12 days. That's an increase of 71.4% from July last year.

• Raleigh Active Listings: Active listings rose strongly this month. Listings rose 95.5% from last year in July. Wow! July had an inventory of 2,469 homes for sale.

According to the Triangle MLS, "The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.

At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months' supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days."

If you are looking into buying a home, make sure you are Buyer-Ready for this competitive 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 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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