Raleigh’s real estate market is cooling off at one of the fastest rates in the country, according to a new Redfin report.
Almost all of the other cities Redfin identified as cooling off quicker are on the West Coast.
Raleigh buyers have more homes to choose from, they’re taking longer to sell and prices are much lower than last year, the report shows.
“The housing market has changed very quickly in buyers’ favor,” Las Vegas Redfin agent Tzahi Arbeli said in the report.
“Not only have prices fallen in recent months, but sellers see the market cooling, and they’re more open to negotiating prices, giving concessions and paying closing costs. They may accept an offer that’s $20,000 below the asking price and pay for repairs the buyer found during an inspection,” the report said.
Raleigh ranks #12 for US housing markets cooling off the fastest as of 2022. Seattle took the top spot.
The report’s 20-spot rankings are based on changes in year-over-year housing market statistics between February and August 2022.
Here are Raleigh’s housing market stats, per Redfin:
Median sale price: $435,000
Change in price per square foot: A 10.7-point decrease, year-over-year.
Change in inventory: A 59.8-point increase, year-over-year.
Change in price drops: A 29.9-point increase, year-over-year.
Change in pending sales: A 6.4-point decrease, year-over-year.
Change in sale-to-list ratio: A 6.4-point decrease, year-over-year.
Change in share of homes off market in two weeks: A 22.8-point decrease, year-over-year.
Here are the 12 US housing markets cooling off the fastest, according to Redfin:
1. Seattle, Washington
2. Las Vegas, Nevada
3. San Jose, California
4. San Diego, California
5. Sacramento, California (tied with Denver)
6. Denver, Colorado (tied with Sacramento)
7. Phoenix, Arizona
8. Oakland, California
9. Northport, Florida
10. Tacoma, Washington
11. Austin, Texas
12. Raleigh, North Carolina
Median home prices in Raleigh
Raleigh’s median home prices are considerably lower than they were just earlier in the year, Redfin data shows.
• The median price of a home in Raleigh was $470,000 towards the end of July, the highest price in 2022.
• The median price of a home in Raleigh was $380,000 at the very beginning of the year, the lowest price of 2022.
• The median price of a home in Raleigh, as of early September, was $410,000. This is almost 9% higher than the lowest price of 2022, but nearly 13% lower than the highest price.