The Raleigh, NC metro area housing market is currently experiencing a complex set of dynamics as we enter 2025. The Median Sales Price for homes in this region stands at $436,500, reflecting a slight decrease of 0.5% year-over-year. In contrast, the Median List Price has increased by 1.8% to $432,700, indicating a divergence between seller expectations and actual sale outcomes.

When examining Price Per Square Foot, the median price has risen by 1.7% to $210.61, while the Median List Price per square foot also increased by 1.7% to $220.23. This suggests a steady appreciation in property values, albeit at a modest pace.

Sales activity presents a mixed picture. The number of Homes Sold has increased by 5.9% year-over-year, totaling 1,286 transactions. However, Pending Sales have declined by 7.3%, with 1,704 homes currently under contract. This decline in Pending Sales could signal a potential slowdown in future closings.

New Listings have surged by 11.4%, reaching 2,018, while inventory levels have expanded significantly by 42.2% to 3,908 homes. This increase in supply is further reflected in the Months of Supply, which has risen by 70.0% to 3.0 months, indicating a shift towards a more balanced market.

The Median Days on Market have increased by 13.0% to 53 days, suggesting that homes are taking longer to sell. The average sale to list ratio has slightly decreased by 0.3% to 98.3%, and the percentage of Homes Sold above list price has dropped by 2.7% to 14.1%. These metrics indicate a cooling in competitive bidding scenarios.

Price reductions are becoming more common, with 59.3% of listings experiencing Price Drops, a significant increase of 20.7% year-over-year. Additionally, the percentage of homes going off the market within two weeks has decreased by 2.5% to 33.0%, further highlighting a slowdown in market velocity.

Overall, the Raleigh housing market is characterized by increasing inventory and longer selling times, coupled with modest price adjustments. Buyers may find more opportunities as the market shifts towards equilibrium, while sellers may need to adjust expectations in response to changing conditions.