Raleigh, NC Metro Area Housing Market Analysis - August 2024
The Raleigh, NC metro area housing market in August 2024 presents a complex landscape with varying trends across different metrics. While some indicators show positive growth, others reflect a more challenging environment for both buyers and sellers.
The Median Sales Price for homes in the Raleigh metro area stands at $437,500, representing a slight decrease of 0.6% year-over-year (YoY). In contrast, the Median List Price has seen a modest increase of 0.9% YoY, now at $449,855. This divergence suggests that while sellers are optimistic, buyers are negotiating prices down slightly.
Price Per Square Foot metrics also show an upward trend. The median Price Per Square Foot has risen by 2.1% YoY to $217.39, and the Median List Price per square foot has increased by 3.0% YoY to $221.90. These figures indicate a steady appreciation in property values on a per-square-foot basis.
However, the number of Homes Sold has declined significantly, with 1,800 Homes Sold in August 2024, marking a 10.3% decrease YoY. On the other hand, Pending Sales have surged by 14.4% YoY, reaching 1,815. This increase in Pending Sales could signal a potential rebound in closed transactions in the coming months.
New Listings have remained relatively stable, with a slight decrease of 0.6% YoY, totaling 2,149. Inventory levels have increased by 1.7% YoY to 4,225 homes, providing more options for prospective buyers. The Months of Supply metric, which indicates how long it would take to sell all current listings at the current sales pace, has risen by 20.0% YoY to 2.3 months. This increase suggests a shift towards a more balanced market.
The Median Days on Market have decreased by 12.0% YoY, now at 28 days, indicating that homes are selling faster than they were a year ago. The average sale to list ratio has slightly declined by 0.6% YoY to 99.0%, showing that homes are selling very close to their list prices.
Notably, the percentage of Homes Sold above list price has dropped by 8.3% YoY to 21.7%, reflecting a cooling in competitive bidding. Additionally, Price Drops have increased by 12.3% YoY, now at 36.5%, suggesting that sellers are adjusting their expectations to align with market conditions. The percentage of homes going off-market within two weeks has decreased by 13.2% YoY to 36.9%, indicating a slower pace of quick sales.
In summary, the Raleigh, NC metro area housing market in August 2024 exhibits a mix of positive and negative trends. While property values per square foot are appreciating, the overall number of Homes Sold has declined. Inventory levels and Pending Sales are on the rise, suggesting potential future growth. Sellers may need to adjust their strategies to align with the evolving market dynamics, as indicated by the increase in Price Drops and the decrease in Homes Sold above list price.
