The Fonville Morisey Market Minute

Focus On: Raleigh Area Housing Market May 2022

Zip Code(s): 27601, 27603, 27604, 27605, 27606, 27607, 27608, 27609, 27610, 27612, 27613, 27614, 27615, 27616 and 27617
Units Sold
751
Active Inventory
503
Median Sale Price
$432,500
Days On Market
10
Down -17%
Vs. Year Ago
No Change
Vs. Year Ago
Up 17%
Vs. Year Ago
Down -47%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 751 sold this month in Raleigh Area versus 736 last month, an increase of 2%. This month's total units sold was lower than at this time last year, a decrease of 17% versus May 2021.

Active Inventory
The total number of homes available this month is 503 units, which is similar compared to a year ago. This month's total of 503 is higher than the previous month's total supply of available inventory of 437, an increase of 15%.

Median Sale Price
Last May, the median sale price for Raleigh Area was $370,000. This May, the median sale price was $432,500, an increase of 17% or $62,500 compared to last year. The current median sold price is 2% lower than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
909
Current Contracts
782
Sold Vs. List Price
106.2%
Months of Supply
0.7
Down -1%
Vs. Year Ago
Down -22%
Vs. Year Ago
Up 3.2%
Vs. Year Ago
Up 22%
Vs. Year Ago

Months of Supply
In May, there was 0.7 months of supply available in Raleigh Area, compared to 0.6 in May 2021. That is an increase of 21% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 909 homes newly listed for sale in Raleigh Area compared to 917 in May 2021, a decrease of 1%. There were 782 current contracts pending sale this May compared to 1,000 a year ago. The number of current contracts is 22% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Raleigh Area was 106.2% of the average list price, which is 3.3% higher than at this time last year.
Days on Market
This month, the average number of days on market was 10, lower than the average last year, which was 19, a decrease of 47%.
 The Fonville Morisey Market Minute Raleigh Area are defined as properties listed in zip code/s 27601, 27603, 27604, 27605, 27606, 27607, 27608, 27609, 27610, 27612, 27613, 27614, 27615, 27616 and 27617.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by TRIANGLE and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TRIANGLE or Long & Foster Real Estate, Inc.