Raleigh home prices dipped slightly last month
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Raleigh home prices climbed in January compared to the same time last year, but declined slightly compared to December.
Why it matters: Any relief from sky-high home prices is welcome, especially as mortgage rates creep up.
By the numbers:
- Raleigh's median home sales price hovered around $428,000 in January, up nearly 7% from last year and down less than 1% from December.
- Inventory was down less than 1% from last year.
- Homes sat on the market for a median of 65 days in January, more than twice as long as last January.
Zoom out: Nationally, median home sales prices have barely budged from one year ago and activity fell for the 12th month in a row, according to the latest from the National Association of Realtors.
- Sales are down 36.9% from the previous year.
- As demand falls, homes sit on the market a little longer, which gives buyers a little more room to negotiate.
What’s next: Spring, which is typically marked by high demand, more competition and higher home prices, is right around the corner.
- Yes, but: Experts predict 2023 will see a far less frantic housing market than in 2022.
What we're watching: In February, mortgage rates have risen to their highest levels since November, pushing many would-be homebuyers back out of the market, Axios reported.