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

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Raleigh Housing Market
September 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

September
2021
1,759
$467,872
8
1,397

September
2022
1,556
$536,075
22
2,870

Annual
Change
-11.5%
+14.6%
+175.0%
+105.4%

September Shows Market Changing

• Raleigh Closed Sales: Home sales fell this month compared to last September. September sales were down by 11.5% over September of last year.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last September. The average price of homes sold in September was $536,075. That's an increase of 14.6% over last year in September.

• Days On Market: The average days on market before a sale rose this month compared to last September. The average days on market for September was 22 days. That's sn increase of 175.3% from September last year.

• Raleigh Active Listings: Active listings rose strongly this month. Listings rose 105.4% from last year in September Wow! September had an inventory of 2,870 homes for sale.

According to the Triangle MLS, "The U.S. real estate market continues to slow as we move into fall, as rising consumer prices and higher mortgage interest rates squeeze homebuyer budgets and cool activity. With inflation showing little sign of abating, the Federal Reserve implemented another 75-basis-point hike in September, marking the third such rate increase this year. The cost of borrowing has reached multi-year highs on everything from credit cards to auto loans in 2022 as mortgage interest rates topped 6% for the first time since 2008, causing existing home sales to decline for the seventh consecutive month.

Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments more than 55% higher than a year ago, according to the National Association of REALTORS. Inventory remains lower than normal, and as the market continue to shift, experts project homes will begin to spend more days on market and price growth will slow in the months ahead."

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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