Here were our 2023 Market Predictions.
Our final market update for the year shows the most important thing to remember about monthly market updates.
Most reports will track median prices as their primary metric of market health. While they are a good way to keep an eye on trends…they don’t really tell us much about value.
The median home price tells us what price point is the most popular right now. It does not tell us the value of an individual home.
This is a graph of median prices over the past 10 years:
Median Price Change & Competing Offers
Median prices go up and down month to month.
If we see multiple months in a row with a consistent increase or decrease, that can tell us something. But the percent of competing offers is the strongest indicator of market competitiveness.
That gives us information about how many buyers are in the market in relation to how many properties are for sale. Where there are a large percentage of competing offers, the market is more competitive, even if the median sale price decreased.
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Scroll past the chart to see my take on the numbers.
| Triangle Area Town | Median Price | % Change: Year over Year | % Competing Offers |
|---|---|---|---|
| Apex | 540,000 | -4.33% | 15.13% |
| Cary | 650,000 | 37.70% | 20.93% |
| Chapel Hill | 695,000 | 10.32% | 28.07% |
| Clayton | 374,950 | -0.36% | 8.05% |
| Durham | 405,000 | 1.50% | 16.58% |
| Fuquay-Varina | 505,180 | 8.64% | 5.71% |
| Garner | 385,550 | 1.98% | 4.55% |
| Holly Springs | 601,000 | -6.87% | 14.29% |
| Morrisville | 498,750 | 2.84% | 42.86% |
| Raleigh | 543,734 | 39.42% | 14.55% |
| Wake Forest | 469,240 | -17.68% | 7.09% |
| Wendell | 399,900 | -9.93% | 9.84% |
| Zebulon | 341,950 | -5.35% | 4.76% |
Expired Listings
Chart Below!
Expired listings are higher in December of 2023 than they were in December of 2022, for every town except Zebulon.
However, for the last 3 months, almost every one of these towns had a decrease in year over year expired listings.
Here is what I think is happening.
The Federal Reserve has 3 interest rate drops penciled in for 2024. Some investors are predicting they will actually drop rates 6 times. I think some sellers are expecting prices to be a little better in the spring and will re-list their homes, hoping to get a better price.
If I were selling my home, that’s probably what I would do.
If you want information about your specific town or neighborhood, feel free to reach out at the link below!
Thinking of Selling?
Don’t Sell Your Home for Less Than You Deserve!
| Triangle Area Town | Expired Listings 2022 | Expired Listings 2023 | Percent Change |
|---|---|---|---|
| Apex | 11 | 25 | 127.27% |
| Cary | 24 | 38 | 58.33% |
| Chapel Hill | 20 | 35 | 75.00% |
| Clayton | 16 | 50 | 212.50% |
| Durham | 81 | 118 | 45.68% |
| Fuquay-Varina | 23 | 28 | 21.74% |
| Garner | 14 | 17 | 21.43% |
| Holly Springs | 14 | 18 | 28.57% |
| Morrisville | 5 | 6 | 20.00% |
| Raleigh | 104 | 210 | 101.92% |
| Wake Forest | 20 | 64 | 220.00% |
| Wendell | 7 | 24 | 242.86% |
| Zebulon | 20 | 19 | -5.00% |
View homes for sale in each Triangle Town, City, or County HERE.
Just Listed Homes in the Triangle
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