Triangle Real Estate Market Recap 20022

Triangle Real Estate Market

2022 Recap

    All across the country we are hearing speculation of what is to come for the real estate market.  Interest rates doubled during the past year topping out at almost 8%.  They have since dropped into the mid 6’s and seem to be stabilizing.  At the beginning of the year, homes were selling in a matter of hours or a few days at most and now at the end of the year we are seeing things get back to a little more normal.  Buyers can actually not only look at a home but in a lot of cases, they have time to go back and see them for a second time…..something unheard of in the first 6 months of 2022.  You may hear that pricing has decreased.  That is all about perspective.  At one point in time, we were seeing home valuations going up 1-2% a month.  That rate of increase has definitely decreased however Triangle home owners are still enjoying a nice appreciation in value year over year (YOY).  The real estate market in the Triangle area of North Carolina was PHENOMENAL in 2022 and here is a quick recap.

    To give you a little perspective on things and to have some basis of comparison, lets give a little bit of historical data for Wake County…..

2019 - 21,401 total homes sold averaging 21 days on market and an average sales price of $359,000

2020 - 22,916 total homes were sold averaging 16 days on market and an average sales price of $383,400 (6% increase of 2019)

2021 - 22,860 homes sold averaging 7 days on market and an average sale price of $453,500  (18% increase over 2020)

    Now we come to the year that was 2022.  As of the date of this blog (12/19/22), Wake County has seen 18,228 homes closed with an average Days On Market at 10. The average sale price skyrocketed to an astonishing $542,300 (approximately 20% increase in valuation over 2021values)  

Most Expensive Homes Sold in 2022

**Detached Single Family Home - 1212 Barcroft Place (Raleigh)  Click Here to View Listings  

**Townhome - 224 Saint Marys (Raleigh)  Click Here to View Listings

** Condo - 2721 Glenwood Gardens (Raleigh)  Click Here to View Listings

The Kima Real Estate Group is committed to help as many families/individuals as possible in 2023.  If you are looking to sell your current home and/or interested in buying a home in the Triangle area (Raleigh, Cary, Wake Forest, Holly Springs , Fuquay Varina, Apex,.......) then give us a call (919-300-5421) or send us an email (chad@peterkima.com).  We will most happy to guide you through the process and help you achieve your real estate goals.