Raleigh real estate market swings towards buyers
RALEIGH- An updated analysis of the top 100 housing markets in the United States shows that Fayetteville is still the nation’s best-selling market, while the Winston-Salem housing market ranks second in the nation in terms of decline in home selling prices since the beginning of this year. and yet remained the second best housing market for sellers in the United States.
Both of these housing markets should continue to favor sellers, according to a forecast released alongside the current index compiled by Knock.
But forecasts call for Raleigh’s housing market to move away from the seller’s market by the end of September 2023.
The Raleigh-Cary Metropolitan Statistical Area is ranked the 31st best real estate market in the nation when it comes to promoting sellers, but a company forecast predicts the real estate market will be neutral by next fall, where neither buyers nor will the sellers have the upper hand. in negotiating a home purchase.
And while Durham-Chapel Hill ranked as the 37th best market for sellers in the most recent analysis, the company’s forecast for this market predicts that sellers will still be in a better position to negotiate than buyers will. next fall.
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What is happening
Nationally, 98 of the top 100 real estate markets have fallen below their price peak recorded earlier this year, including all North Carolina markets tracked by the company.
“Based on our findings, the transition to a more balanced market is still in its early stages. We expect this much-needed reset to persist for much of 2023, and while prices will begin to rebound again, they are unlikely to return to their highs for the foreseeable future,” said Knock Co-Founder and CEO Sean Black. in a report. “While many drivers of the housing market, such as demographics and record high unemployment, have not changed, the combination of higher rates and house prices has put affordability at the worst level in 30 years, with entry-level monthly payments expected to be 34% higher in 2022 vs. 2021.
But North Carolina real estate agents say these price declines may just be a return to cyclical and seasonal trends, and while mortgage interest rates have risen this year and could continue to rise as the Federal Reserve is expected to raise interest rates again this year. week and again next month, this could be the best time to buy a house in the Triangle.
“The good news is that as prices move lower and rates stabilize once the Fed completes its aggressive rate hike campaign, hopefully after its November meeting, buyers will be ready to re-enter the market. market and sellers will retain the majority of the equity gains they’ve seen over the past two years,” Black said.
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A Look at North Carolina Real Estate Markets
According to a Knock spokesperson, seven North Carolina markets were included in the analysis. Details of the company’s analysis are provided below, as the spokesperson shared with WRAL TechWire, although they have been lightly edited for clarity.
- Asheville is still a seller’s market ranking 41st among sellers’ markets in the analysis.
- Asheville is expected to rank as the 9th best-selling market in September 2023.
- It will continue to favor sellers with 400 homes sold and a median sale price of $475,000. The median days on the market will be 17.
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- Classified as neutral currently (it strongly favored sellers in September 2021).
- Charlotte is one of 27 markets expected to transition to a buyers’ market by September 2023.
- It is expected to be the 17th largest buyer’s market.
- The index predicts that 1,600 homes will be sold, the median days on market will be 16, and the median sale price will be $403,000.
- Charlotte is the only market in North Carolina expected to be a buyer’s market in September 2023.
- Durham-Chapel Hill ranked 37th out of 51 sellers’ markets. The median sale price was $425,000 and 1,045 homes were available for sale, up 3.1% from a year ago. The average days on market was 18 and 715 homes sold.
- By 2023, Durham will rank 19th on the list of 43 sellers’ markets. Currently rated as seller-friendly, it will continue to be rated as seller-friendly next year.
- 200 homes are expected to be sold, spending 17 days on the market. The median sale price is expected to be $462,000.
- Durham favored sellers in September 2021.
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- Fayetteville topped the list of 51 sellers’ markets in September, strongly favoring sellers.
- With a median sale price of $215,000, only 434 homes were available for sale, down 20.7% from September 2021. The median number of days on market was seven and 793 homes were sold .
- It should be the best sellers market in September.
- We forecast 900 homes for sale with a median price of $235,000 and 7 days on the market.
- Greensboro is a seller’s market, ranking sixth among sellers’ markets in the analysis. Indeed, house prices remain relatively affordable and sell quickly in a median of 8 days. Inventories are up 5% year over year.
- Will rank 12th in the sellers’ market in September 2023 and will continue to favor sellers with 400 homes sold and a median sale price of $277,000. Homes will spend an average of 8 days on the market.
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- Raleigh-Cary ranked No. 31 in 51 sellers’ markets in September, with a media sale price of $435,000. The number of homes for sale was 2,660, up 15.6% from a year ago.
- The homes spent a median of 18 days on the market and a total of 2,177 homes were sold.
- Raleigh is expected to shift to neutral favoring neither buyers nor sellers by September 2023.
- Winston-Salem ranked #2 of the 15 markets with the biggest price drop from their price peak.
- Prices peaked at a median price of $282,000 in June; the median sale price fell 13.1% to $245,000 in September.
- Despite falling from its price peak, Winston-Salem ranked second in sellers’ market in September, favoring sellers.
- Factors contributing to seller status… low inventory – a total of 829 homes were listed for sale in September, down 3.4% year-over-year. Median days on the market were just seven, compared to a national median of 20 days.
- We expect Winston-Salem to be the #5 best sellers market by September 2023. It will continue to strongly favor sellers with 400 homes sold and a median of 7 days on the market.
- In September 2023, the median sale price is expected to decline to $270,000, up 10.3% year-over-year and down 4.2% from its peak. (It will have one of the strongest price rallies of the 15 markets with the biggest declines).