ERA Live Moore Raleigh & Triangle Q3 Market Report

Q3MarketReport &AreaResults

Prepared

Issue 4, Q3 2022 Serving Charlotte Region Raleigh, Durham & Triangle Area Winston Salem & Triad Region Asheville Hendersonville

Dear Friends, Clients, Colleagues,

It is with great pride I officially welcome you to our Q3 Market Report as ERA Live Moore Real Estate! Our much anticipated and long awaited rebranding from Wilkinson ERA was successfully launched at our Fall Sales Rally in Charlotte this past September Together, we celebrated the power of our vision and values, joined together under one ERA LIVE MOORE brand

What else has us excited? Fall has arrived here in the Carolinas. From our mountains market to the Triad, Triangle, and Charlotte area With it comes much speculation about the current state of our housing market There's no question we are in a period of change

While we've seen the effects of the slowdown in many aspects of real estate, we can also point to areas that will appeal to buyers and sellers alike. Sellers can take comfort in a consistently rising Median Sales Price, while buyers will like the additional 32 5% increase in inventory (Charlotte Region) and 25 4% increase in Days on Market (Charlotte Region)

While we are confident the market trends we have seen in the third quarter will continue into the fourth quarter, it is important to note we are still ahead of what we were seeing in 2019 before the pandemic caused a global shift

Throughout our markets this year, we will continue to instill our commitment to our agents and consumers, celebrating our vision, "We Empower Dreams Through Real Estate," and our company values; Empower. Excellence. Belong.

It's important for us to understand your needs and help make your real estate dreams a reality

When considering your real estate needs as we move closer to 2023, you may have questions about making a move, what your home might be worth, or what is involved in putting a home up for sale

Let our professional REALTORS® here at Wilkinson ERA guide you through the entire process we are always available to answer any questions you may have!

Eb Moore, President & CEO ERA Live Moore Real Estate & Our Family of Companies.

"While we are confident the market trends we have seen in the third quarter are carrying into the fourth quarter, it is important to note we are still ahead of what we were seeing in 2019 before the pandemic caused a global shift."Eb Moore, President & CEO, Wilkinson ERA Real Estate

RESIDENTIAL SALES SUMMARY

At the end of September, 2022 the Triangle Area's residential real estate market has begun to paint a picture of a market in transition from record low inventory and unprecedented buyer demand, to a more balanced market benefitting both buyers and sellers. Throughout the Raleigh area, buyers continue to compete for homes, however selection of homes to choose from has increased with a growing inventory and a longer period of days on market

Key observations from September, 2022 are:

Homes in Raleigh sold for 97 8% of the asking price in this active seller's market during

September A 5 7% decrease from the previous month

September's sales results saw inventory in all of the markets we serve, surge forward more than 70%! This represents a dramatic turn from the previous quarter.

The shortest average time to have an offer accepted on a home in Raleigh is 22 days, over 144% faster than September 2021 results!

Closed sales are down 20 8% in September 2022, likely due to continued interest rate hikes, economic & geo political instability

RESIDENTIAL SALES SUMMARY

Raleigh’s real estate market has been red hot, with prices at record highs. Home values however are beginning to hold steady, rising slower this quarter, pushing the Average Sales Price of Raleigh homes to $516,551 marking a year of Raleigh average home prices exceeding $500,000

The Median Sales Price in September, 2022 for a single family home in Raleigh is $404,435 for a year over year increase of 10.1%*

As September, 2022, the Average Month's Rent in Raleigh is $1,267**

Raleigh Occupied Housing Units**

49% of homes in Raleigh are renter occupied households

The Median Sales Price in September, 2022 for a single family home in Durham is $410,000 for a year over year increase of 12.3%*

THE

RESIDENTIAL SALES SUMMARY

Triangle Area real estate markets remain active, with the areas of Durham and Wake County showing particular demand That's still positive news for sellers, for now For buyers, rising inventory and longer days on market will add more balance to this highly competitive market.

SALES SUMMARY

Fall's arrival brings more change in a market experiencing the after effects of unprecedented demand during the pandemic years We continue to see a reduction in Closed Sales across the Charlotte region, with buyers taking their time before deciding to buy. Greater inventory has contributed to the longer Days on the Market. Mortgage rates trending upwards bodes well for buyers, while sellers can take comfort in the 15 6%+ increase in Median Sales Price A move toward a more balanced market is the theme of Q4, as we expect the demand from homebuyers to remain strong.

Key observations from the third Quarter of 2022 are:

Homes in the Charlotte region have, on average, sold for 98.7% of the asking price in this active seller's market during the third quarter of 2022. Down 2.7% on Q3 2021.

Third quarter sales results saw inventory in the Charlotte area rise a staggering 32.5%, with Month's Supply at 1 6, a 49% increase year over year!

The shortest average time to have an offer accepted on a home in Charlotte (on average) is 19 days, over 25 4% higher than 2021 results

In both Charlotte City and Mecklenburg County, home prices continue to rise in double digit percentages over last year's Q3 results Charlotte's Average Sales Price is now $455,356 an increase of more than 16%!

RESIDENTIAL SALES SUMMARY

Another double digit Median and Average Sales Price increase, a jump in inventory, and a slow down in Closed Sales define much of the Charlotte Region and establish a baseline for our other markets.

RESIDENTIAL SALES SUMMARY

Charlotte's home county is also experiencing double digit Median and Average Sales Price increases, year on year, with a rise in inventory and a reduction in Closed Sales. The county, once a respite for buyers seeking affordability, now holds a higher Average Sales Price than the Charlotte Region.

RESIDENTIAL SALES SUMMARY

Cabarrus County is one of Charlotte's largest neighboring counties and home to the county seat of Concord and the pretty towns of Mt Pleasant, Midland, & Kannapolis Union County features the charming and in demand town of Waxhaw growing in both popularity and a double digit increase in Median and Average Sales Price

Cabarrus Co.

Union Co.

CHARLOTTE-AREA

RESIDENTIAL SALES SUMMARY

The major metro area surrounding Charlotte includes seven different counties, each with its distinctive towns, cities, and townships Charlotte’s surrounding counties provide greater inventory at various price points with something for everyone from charming rural communities to vibrant market towns and commercial areas

York Co.

Lancaster Co.

THE

WINSTON SALEM

RESIDENTIAL SALES SUMMARY

In Q3 of 2022, the Median Sales Price in Winston-Salem, NC was $275K, trending up 18.5% year-over-year. This laid-back city poised for continued growth is located in Forsyth County in the north-central part of North Carolina. The metro area lies along the Carolina Core in the heart of North Carolina, a 120+ mile stretch running between Winston-Salem, Fayetteville, Greensboro, & High Point. The Triad's big draw? Affordability!

RESIDENTIAL SALES SUMMARY

U.S. News and World Reports ranked Greensboro #94 in the nation for Best Places to Live and #71 in Best Places to Retire. Part of the Piedmont Triad, with a low cost of living and a Q3 2022 Median Sales Price of $305,000, it's one of North Carolina's more affordable metro areas. Like the rest of the Piedmont Triad, there's approximately one month of inventory available!

THE

HIGH POINT

RESIDENTIAL SALES SUMMARY

High Point is located alongside Greensboro and Winston Salem in the Piedmont Triad region of North Carolina, the nation’s 33rd largest metro area with a population exceeding 1 7 million Home of High Point University and the famous annual High Point Market, the world's largest home furnishings trade show High Point offers outstanding value for homebuyers, while sellers can expect to receive 99 9% of List Price

COUNTY

RESIDENTIAL SALES SUMMARY

Wilkes County is widely known for its county seat, Wilkesboro, and its largest town, North Wilkesboro The area is widely known for MerleFest, an annual "traditional plus" music festival held in Wilkesboro each spring Wilkesboro home buyers enjoy a relatively low sales price compared to larger metro areas in North Carolina and a reduction in the number of homes available for buyers seeking value and proximity to Winston Salem

RESIDENTIAL SALES SUMMARY

Asheville continues to see Average and Median Sales Prices increase with Month's Supply starting to gain. With such a low inventory, it's no surprise that Closed Sales have dropped more than 13.6% on Q3 2021 figures. Expect more of the same in Q4 2022, with prices continuing to rise and both inventory and Days on Market continuing to drop, unlike other NC metro areas.

Asheville (Region)

IIn the pastoral setting of Buncombe County, Asheville's home county, the Q3 Average Sales Price for homes was up 12.9% year-on-year. On average, homes in Buncombe County are on the market for 23 days, more than 10.8% slower than this time last year. While Buncombe County offers greater selection and opportunities for first-time buyers, its new developments and luxury communities have put upward pressure on home prices, outpacing Asheville.