Home News Wake County median home sale price climbs to new high in June: $493,161

Wake County median home sale price climbs to new high in June: $493,161

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RALEIGH – Median residential real estate prices have risen in the region, even with multiple signs that the Wake County real estate market may have slowed in June. New report From the Triangle Multiple Listing Service show.

According to data obtained by WRAL TechWire, real estate sold in June 2022 had an average selling price of $ 493,161 and Wake County had an average selling price of $ 563,911.

Data show that the average selling price in May 2022 was higher than June 2022 at $ 567,681, up from the previous median high of $ 485,000 in May 2022. ..

Also, according to TMLS data, there was a 22.2% price increase in Wake County compared to June 2021.

In an interview with WRAL TechWire this week, Matt Fowler, executive director of Triangle Multiple Listing Service, said the real estate market slowdown was not unusual at this time of the year.

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Signs of market slowdown

However, while the percentage of sales seems to have slowed slightly, the total number of available lists has increased, Fowler told WRAL TechWire.

Still, according to Fowler, the number of active lists remains very small for a typical homebuyer looking to buy a home in a price range near the median selling price.

nevertheless, Signs that the local market may be slowing down,a bit. This includes an increase in inventory. This is an indicator tracked by TMLS, which is at the lowest level in history for about two and a half years after the COVID-19 pandemic occurred.

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And in June, 1 in 4 of the house Home sellers have lowered their asking prices at least once for sale in the Raleigh metropolitan area. Recent data From Redfin. This is more than 20% higher than the previous year, according to Redfin data showing only 5.5% of homes price cuts in June 2021.

In addition, Redin also Out of contractAnd while Raleigh remains in the top 10 metropolitan areas in terms of the number of transactions completed in the original contract, the number of failed contracts in June increased from the previous month.

Prices for many homes in the Raleigh area are declining.The list is also increasing

Pause in the market

In an interview with WRAL TechWire, Courtney Brown, a licensed real estate agent at Hunter Row, said housing fairness remains high, but price increases could slow down in the region.

Still, even if home prices fall, it’s likely to be short-term and won’t affect most homeowners, Brown said.

“If you want to take advantage of them, there are some deals starting to happen,” Brown said.

Tony Fink, a licensed real estate agent at Linda Craft & Team REALTORS, was listed at the top of the market for homes of similar size at a meaningful price at the time among the homes on the market.

“People are still trying to understand that,” Brown said. “There is always a slowdown around July 4,” says Brown. People tend to take summer vacation before and after vacation, which slows down the activity of buyers and sellers.

“And in late July, we hit the beginning of school, and after school, we’re slowing down because no one wants to move while school is starting,” Brown said.

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Buyers can find deals

Also, the slowdown itself may be temporary, as concerns about rising mortgage rates are re-emerged and potential buyers may re-enter the market. Latest inflation data From the US Bureau of Labor Statistics.

But so far, more lists are on the market, with mortgage rates rising this week but below 6%.

According to Brown, sellers are dropping prices and triggering offers, and while there are still deals for homebuyers, some homes are very competitive.

“If the price of the house is right, there are probably multiple offers, depending on the condition of the house, and it will sell within four days,” Brown said. “If something is on the market and it’s the first weekend and it’s the right price, I advise clients to enter at or above the list price.”

But homes that are overpriced for their current condition? A deal may be found there, Brown said.

Data show that the triangle housing market may have cooled in June – excluding renters

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