The number of homes in Raleigh selling below asking price grows
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Three springs ago, more than 70% of houses that sold in the Raleigh metro area went above asking price, as low interest rates and a surge of transplants led to bidding wars.
State of play: In recent months, however, that proportion has flipped, with most homes in the area selling for below asking price, according to a data analysis from Redfin.
The big picture: Nationally, as inventory grows and buyers regain negotiating power, more homes are selling for less than their original listing price than a year ago, Sami Sparber writes.
Between the lines: After soaring in the years after the pandemic, home prices have slowed in the past year across the South and declined in places like Florida and Texas, The Wall Street Journal reported.
- The median price of a home in the Triangle ($455,000) was flat in April compared to the previous year, according to data from Doorify MLS.
- The Journal attributed at least some of that stagnation in the South to a surge in home construction raising supply as well as a slowdown in migration from high-cost metro areas.
Raleigh has continued to see growth in new arrivals to the Triangle, though the rate has slowed somewhat.
- The inventory of homes for sale is also growing — but at the same time, high mortgage rates are keeping many would-be homebuyers on the sidelines.
What they're saying: "Many home sellers shoot for the moon when pricing their homes and end up getting less money than they hoped for," Redfin's Lily Katz and Asad Khan write.
- "That's increasingly the case today because 2025 is shaping up to be a buyer's market."
The latest: The spring home-buying season is off to a sluggish start, with mortgage rates remaining stubbornly high.
- Existing home sales fell 5.9% in March from February, after seasonal adjustments, the biggest monthly drop since 2022, per the National Association of Realtors.