RALEIGH & TRIANGLE AREA RESIDENTIAL SALES SUMMARY

At the end of June, 2023 the Triangle Area's residential real estate market remains steady, with continued buyer demand and low inventory putting pressure on home prices Presently, 2023 doesn't look to be the year the Triangle housing market cools off New inventory is still increasing and home prices are still rising, so buyers shouldn't be too discouraged

For the remainder of 2023, buyers can expect continued choice in homes on market, with a leveling of mortgage rates likely. Prices should stay strong compared to the current national home price decline. Singlefamily homes and townhomes have never been more popular throughout the Triangle Area, while new construction works to meet demand.

In the Raleigh area, buyers continue to compete for homes Take note: The selection of homes to choose from has decreased year-over-year, with a growing inventory and a longer period of days on market

Key observations from July, 2023 are:

Homes in Raleigh sold for 100 7% of the asking price in this very active seller's market This marks a 4% decrease over the previous year

Closed Sales results are down year over year, largely due to a market slowing its pace (relatively speaking--

Average Sales Prices are now over $600K--a regional record

July's sales results saw housing inventory in Raleigh's market dip slightly, with just over 756 homes available for sale, an 8.7% decrease.

The shortest average time to have an offer accepted on a home in Raleigh is 17 days, a 142.9% increase (but just half of Q1's 322% increase). We can interpret this to demonstrate a market that is beginning to show signs of catching it's breath from a frenetic few years of demand