RALEIGH & TRIANGLE AREA RESIDENTIAL SALES SUMMARY

At the end of March, 2023 the Triangle Area's residential real estate market remains steady, with continued buyer demand and low inventory putting pressure on home prices. Will 2023 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. Buyers can expect greater choice in homes on market, but mortgage rates won't be revisiting rates seen post-pandemic. Prices will likely stay strong compared to a national home price decline. Single-family homes and townhomes have never been more popular throughout the Triangle Area.

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 March, 2023 are:

Homes in Raleigh sold for 99 3% of the asking price in this active seller's market during December A 6 7% decrease from the previous year

March's sales results saw housing inventory in Raleigh's market, surge forward more than 76 2% on 2022's results! This represents a steady inventory of homes staying on market longer

The shortest average time to have an offer accepted on a home in Raleigh is 38 days, a staggering 322.2% increase on March, 2022 results!