Happy Holidays! Don’t miss today’s monthly real estate market update, the last monthly update for 2023.
Real estate trends in Raleigh, Cary, and Durham:
– Home prices are up in Raleigh, Cary, and Durham when compared to last year.
– Inventory is below a 2-month supply in Raleigh, Cary, and Durham, and inventory is down when compared to the same time last year.
– Days on market are 22 days or less in the 3 cities.
– Homes for sale and new listings are down when compared to the prior year.
What is going on today in the real estate market in Raleigh, Cary and Durham?
– 1666 homes are currently available for sale, and almost 603 are new construction.
– 1323 homes are currently under contract, and 636 under contract is new construction.
– 258 homes have sold as of December 14, and 34 are new construction.
What is going on nationally?
– Mortgage rates have dropped below 7% for the first time since August!
– Buyer demand is still strong despite higher rates.
– Homes that sold in October 2023 averaged 2.5 offers.
– Inventory levels are still well below pre-pandemic levels. However, inventory is inching up when looking at year-over-year and month-over-month data through November.
– 5 of 7 experts are projecting an increase in home price appreciation in 2024.
If you have questions on the real estate market, don’t hesitate to reach out.
Wishing you and your family Happy Holidays and a Happy New Year.
Liz Toth is a dedicated residential real estate agent with EXP Realty, and can help you through the process of buying or selling a home.
✨ View my community guide: https://liztothcommunityguide.com/
🔎 Search for 🏡 homes: http://liztothproperties.com/
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Phone: 919-538-1784
Email: Liz@LizTothProperties.com
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