Raleigh – The Triangle real estate market continues to shift towards a more balanced market for buyers and sellers. That’s according to new data showing that the median sale price of all properties in Wake County dropped more than $10,000 in his August. analysis Of the 51 metropolitan areas, Raleigh is one of the top five metropolitan areas nationwide with the worst decline in one key bargaining power indicator last year.
According to the National Housing Report, conducted by RE/MAX, a real estate brokerage firm, across the 51 metropolitan area statistical areas surveyed, the Raleigh metropolitan area has a near list price ratio measure of 4% year-over-year. second largest decline, 3.6% between August 2021 and August 2022.
“Patient buyers were rewarded in August as prices softened from July. It wasn’t. RE/MAX President and CEO Nick Bailey said in a RE/MAX statement:
there are still signs Triangular real estate market is stable It may also be more resilient than other metropolitan areas, WRAL TechWire reported earlier this month.
Bailey said recent sales activity showed the resilience of the housing market across the country, adding that demand for home purchases remained strong.
The only other markets in which this price ratio indicator declined further were Washington, DC (-16.5% change YoY), San Francisco, CA (-6.3% change YoY), and Seattle, Washington (-5.5% YoY change). ).
In Greater Raleigh, the near list price ratio in Greater Raleigh in August 2021 was 104.3%, but fell to 100.5% by August 2022, according to the RE/MAX report.
A gap that existed a year ago, when homes in Durham and Wake counties sold for an average of 104% of list price and homes across the Triangle area sold for 103.1% of list price, is now closed.
The RE/MAX report points out that “the close to list price ratio is calculated by dividing the average selling price by the list price of each transaction.” “If the number is above 100%, the home closed above list price. If it is below 100%, the home is selling below list price.”
Triangle Homes For Sale Below List Price
RE/MAX reports that homes in the Raleigh area are still selling above list price, but data show a 3.6% year-on-year decline.
But across the triangle, the most recent data is Triangle Multiple Listing Service indicates that the August 2022 sale price was 99.8% of the original list price.
This was also the case for Wake County and Durham County, where the August 2022 list-to-sale price ratio was 99.9% and Durham County, where it was 100.6%, and for August 2021, both Durham County and Wake County had a ratio, according to TMLS data. is 104%.
Also, according to the latest data from the Wake County Register of Deeds, the median sale price of Wake County real estate parcels fell in August, from $465,750 in July 2022 to $455,000 from $470,000 in June 2022. fell. According to Deeds data, the median sale price of properties in the county was $462,000 in May and $454,000 in April.
In other words, Triangular housing boom is over.
Or at least the dramatic price increases seen in 2021 and early 2022 may have slowed. That means homes may be more likely to sell below asking price than they were just a few months ago.
Triangle, NC, and Nation?
Charlotte homes ranked as the metropolitan market with the 4th highest year-over-year price increase, measured by comparing August 2022 and August 2021 median sales prices. It’s true throughout North Carolina, including markets.
“Buyers are no longer bidding to the extreme and sellers are not seeing the same level of price gains as they have in the past year or two, but we expect continued low single-digit gains in the coming months and year. “All the signs point to many opportunities for buyers and sellers,” Charlotte-based RE/MAX Executive Realty real estate agent Gina Mayes Harris said in a statement. It represents a more balanced market that offers
But good condition, affordable Triangle homes are still expected to sell, said John Wood, a real estate broker and owner of Raleigh real estate firm RE/MAX UNITED, in an interview with WRAL TechWire on Monday. Told.
“Homes that are priced right and are in the right condition for the price sell quickly,” says Wood.
And in terms of the recent slump in home sales and the drop in median home sales prices, the Triangle “does no worse than the national situation,” said Taylor Marr, deputy chief economist at Redfin, a national real estate brokerage firm. I have not. compared to all-time highs set earlier this year.
While some parts of the US are currently seeing the impact of mortgage rates above 6%, Maher said, “We’re not seeing as dramatic a reduction in the Raleigh and Durham areas.”
“Current [Triangle] Markets are returning to more normal or historically typical market trends,” said Wood. “We had a strong spring market as interest rates climbed sharply, but there was no plunging.”