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Raleigh Housing Market
August 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

August
2021
2,101
$461,375
7
1,234

August
2022
1,782
$546,569
15
2,562

Annual
Change
-15.2%
+18.5%
+71.4%
+107.6%

August Numbers Bring Us Back to Earth

• Raleigh Closed Sales: Home sales fell this month compared to last August. August sales were down by 15.2% over August of last year.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last August. The average price of homes sold in August was $546,569. That's an increase of 18.5% over last year in August.

• Days On Market: The average days on market before a sale rose this month compared to last August. The average days on market for August was 15 days. That's an mammoth increase of 114.3% from August last year.

• Raleigh Active Listings: Active listings rose strongly this month. Listings rose 107.6% from last year in August. Wow! August had an inventory of 2,562 homes for sale.

According to the Triangle MLS, "Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last measure, according to the National Association of REALTORS (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months' supply at the start of August. The pullback in demand has been particularly hard on homebuilders, causing new-home sales and construction to slow.

Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction."

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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