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The Triangle real estate market is changing

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Raleigh – For those wondering what will happen to the Triangle real estate market for the rest of the year, the latest data available Triangle Multiple Listing Service It could indicate a market slowdown, at least for price increases.

However, multiple real estate agents told WRAL TechWire this week that the market slowdown in terms of median home sales prices could have been predicted and, in fact, is the historically observed seasonal downturn. It could be the resumption of the trend.

Still, no one is certain.

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Latest Triangle Real Estate Market Data

Here are the latest:

According to Triangle Multiple Listing Service (TMLS) data obtained by WRAL TechWire, the median sales price for all homes sold in Triangle in July 2022 was $420,000.

This is down from $421,706 in June 2022.

Also, median sales prices fell in both Wake and Durham counties. It was about 5% in Durham compared to the previous month.

Here are the differences: Durham County median home sales price in June 2022 was $430,000 across 552 closed deals, according to TMLS data. However, in July, the median selling price dropped to $410,600, with 443 deals closed.

And in Wake County, the median sales price in July 2022 was $490,000 with 1,703 closed transactions, down from $493,081 in June with 1,970 closed transactions. .

However, in Johnston and Chatham counties, median sales prices increased. Chatham County median home sales prices jumped in July, up more than 10% from the previous month.

The median home sale price in Johnston County rose to $380,000 in July from $375,000 in June, and the median home sale price in Chatham County is now $662,500, up from $600,500 in June. increase. However, the median property sales price for Chatham County in May was $650,750, the highest ever for the TMLS data set.

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what this means

“This year has been really strong,” said Seth Gold, a REALTOR licensed real estate agent and broker for Bold Real Estate and Governors Club Realty, who specializes in housing throughout Chatham County and the Triangle. increase. “But little by little we are starting to see changes.”

Still, Gold said historically July is usually the slower month in terms of sales volume and buyer demand.

In July 2020 or July 2021, low inventory, high buyer demand and ongoing changes in homebuying and migration have made the Triangle one of the hottest housing markets in the country. It didn’t happen because of the frenzy, Gold said.

Tony Fink, Licensed Real Estate Agent and REALTOR for Linda Craft & Team REALTORS in Raleigh, said: “This was expected.”

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Fink pointed out in an interview that most property indicators that have been made publicly available are actually retrospective, but it’s entirely possible that we’re seeing a slowdown in price gains.

But that’s not to say it’s a bad thing, Fink said.

“There is a high rate of home sales below list price,” says Fink. “These are signs of a healthy market, not stress, given what was a very supply constrained market in early 2022 and into 2021.”

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So… What’s Next for the Triangle Real Estate Market?

Overall, Gold said buyers’ confidence in the economy may be shifting.

“People are becoming a little more reserved,” Gold said.

This was due to continued concerns about the future direction of the local, state and national economies, as well as recent volatility in mortgage rates, which actually fell for the second straight week and the first time since April 1 It’s been below 5% for the week. According to the latest data from Freddie Mac, it will end on August 4th.

But these shifts to buyer reservations won’t affect the market in the long run, Gold said.I have growth that comes in a trianglehe said this week, including technology companies, life sciences companies and, of course, VinFast’s decision to build a $4 billion auto assembly plant in Chatham County. bought the land On top of that, we plan to build a factory for about $44 million.

“These types of companies don’t just pick a location for no reason, they have a lot of money and resources to put where they want to land,” said Gold. “That should give buyers in our market a lot of confidence.”

Chatham County juggles job growth with growing pains as VinFast builds $4 billion SUV factory

Price growth has slowed, but home prices have not fallen

There may be signs of a market slowdown, but Fink noted that this slowdown could return to seasonal norms.

“I don’t think it’s a bad thing,” Fink said. “The seasonality has been ruined in 2020 because of COVID.”

One of the things that happened to the market in 2020 and 2021 was that inventories remained subdued, prices continued to rise, and inflows continued into the triangle, Fink said.

“Agents representing sellers had a hard time predicting what would happen in the market,” says Fink.that’s why it was house bidding warIncludes many homes that sold earlier this year for over $100,000 above asking price.

However, seasonality is likely to return, with activity peaks expected in September and October in the fall. best to buyholiday slowdowns, and another peak in spring from April to the end of June, Fink said.

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