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

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Raleigh Housing Market
December 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

December
2022
1,305
$537,934
34
2,528

December
2023
1,069
$549,574
28
1,832

Annual
Change
-18.1%
+2.2%
-17.6%
-27.5%

December in the NC Triangle Real Estate Market

• Raleigh Closed Sales: Home sales fell this month compared to last December. Sales were down by 18.1% over December of last year.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last December. The average price of homes sold in December was $549,574. That was an increase of 2.2% over last year in December.

• Days On Market: The average days on market before a sale fell this month. The average days on market for December was 28 days.

• Raleigh Active Listings: Active listings fell this month. Listings dropped 27.5% from last year in December. December had an inventory of 1,832 homes for sale.

According to the Triangle MLS, "U.S. sales of new residential homes sank 12.2% from the previous month to a seasonally adjusted annual rate of 590,000, the lowest level since November 2022, according to the U.S. Census Bureau, as decades-high mortgage rates continue to impact buyer affordability. The National Association of Home Builders cautioned the drop is only temporary, however, with sales of new homes expected to rise in the months ahead due to falling mortgage rates, which have retreated more than one full percentage point from their peak of 7.79% in October. For the 12-month period spanning January 2023 through December 2023, Under Contract Sales in Triangle area were down 4.3 percent overall. The price range with the largest gain in sales was the $245,000 to $344,999 range, where they increased 0.7 percent.

Market-wide, inventory levels were down 3.4 percent. The property type that lost the least inventory was the Single Family segment, where it decreased 4.0 percent. That amounts to 2.3 months supply for Single Family homes and 1.5 months supply for Townhouse-Condo."

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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