Most Raleigh homes lost value this year
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A majority of homes in the Raleigh metro area (around 67%) lost value in the past year, according to Zillow.
Why it matters: That's higher than the country as a whole, where 53% of homes lost value, Axios' Sami Sparber writes.
- Nationally, that's the highest share since 2012, but the vast majority of homeowners still "have plenty to feel good about," the real estate site reports.
Driving the news: It's a sharp change from previous years, according to the data. In 2023, just 16% of homes in the Raleigh metro area lost value.
The big picture: It's a homebuyer's market right now, if you can afford it. Persistently high mortgage rates and prices have sidelined many.
- Nationwide, sellers outnumber buyers by a record 37%, Redfin estimates.
Zoom in: One potential reason for a softening of home prices in North Carolina is a surge in supply. Both Raleigh and Charlotte ranked in the top 10 for new home construction this year, according to Realtor.com.
- In November, the Raleigh metro area's active inventory was up more than 21% compared to the same time last year, and homes were staying on the market 44% longer, according to Doorify MLS.
- The median sales price last month was nearly $450,000, up 1.4% year over year.
Zoom out: The West and South, where there are more available homes for sale and being built, saw the most widespread losses over the past year.
- Most major metros in those regions saw at least half of homes lose value, led by Denver (91%), Austin, Texas (89%), Sacramento, California (88%), Phoenix (87%) and Dallas (87%), Zillow found.
Reality check: There's a difference between taking a loss and being "underwater," or owing more money to your lender than the house is worth.
- Far fewer homes are underwater today compared to 2019, Zillow chief economist Mischa Fisher says.