The Triangle Market Mid 2022

Every day the world is changing.  Dynamics of economics are changing.  The stock market is fluctuating and has seen better days recently.  Gas prices seem to have finally stabilized and created somewhat of a new normal above $4/gallon.  Mortgage interest rates are now back to historic normals around 6%.  The housing market is finally taking steps to get back to a more “normal speed”.  We are still very much in a sellers market with inventory levels well below where they would have to be for the market to be considered even however we have seen an uptick in overall inventory levels.  

Areas around Wake County are still seeing strong home sales and a lot of times homes are still receiving multiple offers.  They may not be getting 15-20 offers in the first 48 hours but on average, they are selling within a few days and may be getting 3-5 offers.  This creates a situation where homes continue to sell at or above list price (assuming the home is in good condition and was priced appropriately for market conditions).  Let's take a look at the stats over the last 6 months in some of the areas surrounding Raleigh and see what is happening.

Cary/Apex   # of Homes Sold—Days on Market— % of List Price —Median Price

Dec. 2021           384                               2                           103%                $517,312

Mar. 2022           319                              1                            108%                $535,000

June 2022          300                              3                            105%                $595,530

Wake Forest   # of Homes Sold — Days on Market —  % of List Price – Median Price

Dec. 2021             182                                1                              100%                $463,475

Mar. 2022             155                                 0                              103%                $525,000

June 2022            142                                 3                              102%                $541,500

Fuquay Varina

Holly Springs    # Homes Sold — Days on Market —  % of List Price – Median Price

Dec. 2021                251                            1                              100%                $474,704

Mar 2022                 233                            0                              101%                 $468,357

June 2022               206                            2                              104%               $510,340

What does all of this data mean to you as a buyer??  Homes are still selling quickly so you still need to see it quickly once it hits the market if it is a property you are interested in.  Values continue to increase and we anticipate that this will continue…maybe not as quickly as they have been but increase none the less.  Real estate continues to be one of if not the best places to park your money.  Historically during rises in inflation, real estate values go up as well (typically doubling the inflation rate).  

Don’t waste another day and sit on the sideline.  Talk to a mortgage broker and find out where you stand in regards to your ability to buy.  Call our team today and let us discuss the market, the buying process and let us help you find out where you fit into the picture.  We are here to help with your Triangle Real Estate needs.