Raleigh Area Housing Market Data

There was an increase in total units sold in August, with 653 sold this month in Raleigh Area versus 608 last month, an increase of 7%. This month's total units sold was lower than at this time last year, a decrease of 14% versus August 2022.

Versus last year, the total number of homes available this month is lower by 298 units or 26%. The total number of active inventory this August was 837 compared to 1,135 in August 2022. This month's total of 837 is higher than the previous month's total supply of available inventory of 787, an increase of 6%.

Last August, the median sale price for Raleigh Area was $415,000. This August, the median sale price was $438,000, an increase of 6% or $23,000 compared to last year. The current median sold price is 2% higher than in July.

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

In August, there was 1.3 months of supply available in Raleigh Area, compared to 1.5 in August 2022. That is a decrease of 14% 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.

This month there were 680 homes newly listed for sale in Raleigh Area compared to 886 in August 2022, a decrease of 23%. There were 546 current contracts pending sale this August compared to 676 a year ago. The number of current contracts is 19% lower than last August.

In August, the average sale price in Raleigh Area was 99.1% of the average list price, which is 1.5% lower than at this time last year.

This month, the average number of days on market was 32, higher than the average last year, which was 15, an increase of 113%.





Focus On: Raleigh Area Housing Market			August 2023

Zip Code(s): 27601, 27603, 27604, 27605, 27606, 27607, 27608, 27609, 27610, 27612, 27613, 27614, 27615, 27616 and 27617
Units Sold 653	Active Inventory 837	Median Sale Price $438,000	Days On Market 32

Down -14% Vs. Year Ago	Down -26% Vs. Year Ago	Up 6% Vs. Year Ago	Up 113% Vs. Year Ago


		Units Sold There was an increase in total units sold in August, with 653 sold this month in Raleigh Area versus 608 last month, an increase of 7%. This month's total units sold was lower than at this time last year, a decrease of 14% versus August 2022.
Active Inventory Versus last year, the total number of homes available this month is lower by 298 units or 26%. The total number of active inventory this August was 837 compared to 1,135 in August 2022. This month's total of 837 is higher than the previous month's total supply of available inventory of 787, an increase of 6%.
		Median Sale Price Last August, the median sale price for Raleigh Area was $415,000. This August, the median sale price was $438,000, an increase of 6% or $23,000 compared to last year. The current median sold price is 2% higher than in July. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 680	Current Contracts 546	Sold Vs. List Price 99.1%	Months of Supply 1.3

Down -23% Vs. Year Ago	Down -19% Vs. Year Ago	Down -1.5% Vs. Year Ago	Down -15% Vs. Year Ago


		Months of Supply In August, there was 1.3 months of supply available in Raleigh Area, compared to 1.5 in August 2022. That is a decrease of 14% 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 680 homes newly listed for sale in Raleigh Area compared to 886 in August 2022, a decrease of 23%. There were 546 current contracts pending sale this August compared to 676 a year ago. The number of current contracts is 19% lower than last August.
		Sale Price to List Price Ratio In August, the average sale price in Raleigh Area was 99.1% of the average list price, which is 1.5% lower than at this time last year. Days on Market This month, the average number of days on market was 32, higher than the average last year, which was 15, an increase of 113%.


	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.
	Information 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.