Navigating the Raleigh Summer Housing Market
Trends, challenges, and opportunities in the Triangle real estate market
Local homeowners and hopeful relocators have similar questions: what’s going on in the Raleigh housing market, and where is it headed? Find out what the data suggests about the current reality for buyers and sellers, and learn about the best options for Triangle-area buyers this summer.
Is the Raleigh Market Slowing Down?
While the Raleigh real estate market is moving a bit more slowly than last year, the market remains competitive. Because interest rates haven’t dropped, many homeowners are staying put.
In fact, June of 2023 saw only 4,014 new home listings in the Raleigh/Durham area compared to 5,401 in 2022. Homes are also staying on the market slightly longer, at a median of 19 days on the market in June of 2023 compared to 9 days on market in June of 2022.
At the same time, the Triangle market still sees incredible demand and competition among buyers. The average sale price for the Triangle area increased by 2.5% year over year, and Raleigh has seen an increase in average sale price of 11.7%. Interestingly, median sale prices in both areas remain steady year over year, pointing to an uptick in interest in luxury and high-end homes this year.
Overall, while the Triangle market is moving at a slightly slower pace this summer than last, sellers continue to keep the edge as demand for housing remains steady and inventory stays low.
What Can Buyers and Sellers Expect?
Raleigh still sits squarely in seller’s market territory — in fact, 45% of homes sold above list price in May. While the market is getting slightly easier for buyers, strategic sellers still hold the upper hand. With the slight cooldown comes a renewed necessity for sellers to choose the right list price for their home, and to ensure the space is truly list-ready when they go live.
Buyers should prepare to move quickly on homes that they’re excited about, since many homes are still seeing multiple offers in the first weekend listed. At the same time, buyers can rest assured that a slight shift in negotiating power leaves them able to ask for important repairs in many cases. The sight-unseen, objection-skipping trends of 2021 are a thing of the past for now.
It’s also important to note that some areas pose larger challenges for buyers than others. For example, Cary and Apex see more competition and a higher rate of multiple offers thanks to their proximity to Research Triangle Park.
Notable Trends
Recent data reflects two trends worth noting. First, migration data suggests that demand for Raleigh homes will continue to increase. Raleigh is one of the U.S.’s fastest-growing cities, with a 3.4% growth rate per year. Not only are plenty of people moving into Raleigh from out of state, but current residents also tend to stay: 73% of Raleigh homebuyers look to remain in town.
Second, the luxury market is seeing a marked increase in demand. While average home prices continue to rise, median prices are quite stable, which suggests outliers in the upper price ranges.
Best Buying Options
While buyers are enjoying a bit more negotiating power this summer, the reality remains: housing is incredibly competitive in the Triangle area, especially in high-demand spots like Apex and Cary. This continued competition leaves buyers with a few key options. They can stick it out and battle through the bidding wars for desirable locations and amenities. They can choose a compromise: switch to a second-choice location, resign themselves to performing renovations and repairs on a not-quite-perfect home, or settle for a house that doesn’t quite meet their criteria.
Or, our personal favorite option: they can choose to build a custom home. While the process of building a custom home has intimidated hopeful buyers for decades, the reality is becoming more and more accessible. With Atmos, buyers enjoy a low-stress, streamlined process with the help of a dedicated Project Manager at every step of the journey.
Building custom doesn’t have to eat away at your free time, and buying a home shouldn’t become a labyrinth of compromises. Build a home that responds to your location preferences, your lifestyle, and your needs. Whether you’re looking for luxury or keeping it simple, Atmos has options to fit your style. Get started today!
