Raleigh Housing Market Update: Second Quarter 2024

Median Price Change & Competing Offers

Median Price

Year over year median price changes are listed by town in the graph below. The big story with prices is that they haven’t come down in the way people continue to hope for. Economists are saying interest rates will likely remain high and there will continue to be a “lock in effect” preventing homeowners from listing their homes, not wanting to lose their 2% and 3% mortgage rates. The downside to the lock in effect is it prevents needed inventory from hitting the market, which is what is keeping prices elevated.

Holly Springs had the highest year over year appreciation, at 20%. Cary had the largest share of listings with bidding wars, with 34% of sales receiving multiple offers.

Expired listing data also had some interesting twists… see below.

Triangle Area Town	Median Price	% Change: Year over Year	% Competing Offers
Apex	615,072	2.68%	27.82%
Cary	650,000	7.44%	34.57%
Chapel Hill	667,500	-1.84%	26.54%
Clayton	370,000	0.00%	9.58%
Durham	430,000	3.61%	23.81%
Fuquay-Varina	475,000	5.46%	7.38%
Garner	410,000	-0.34%	9.95%
Holly Springs	687,488	20.87%	20.18%
Knightdale	419,000	13.68%	16.36%
Morrisville	500,750	-6.05%	31.08%
Raleigh	455,000	4.60%	21.19%
Wake Forest	515,000	3.03%	12.01%
Wendell	391,075	-4.61%	7.83%
Zebulon	343,097	-4.69%	4.60%

Expired Listings

Cary had a 121% increase in expired listings from spring of 2023 to spring of 2024. Remember that means that a lot more homes were listed but didn’t sell before the listing agreement expired. An increase in expired listings is generally a sign of a weakening housing market. And spring is the most active time of the year for the real estate market so to have so many properties expire without selling is a big deal. But, as usual, there is often something else at play when we see surprising statistics. If I see rising expired listings at the same time that I see rising prices, that tells me I need to dig deeper. In 2023, there were 19 properties that expired during this period and in 2024, there were 42. I dug into the details a little bit and found that for the properties that expired, 59% of them were either condos or townhomes. When I looked at properties that actually closed in Cary during that same period, only 25% were attached housing. This tells me that while land is getting more expensive and denser housing is being built in Cary, people would rather live in Apex, Holly Springs or Fuquay Varina, in a single family home, than live in Cary in an attached house. Apex, Cary and Holly Springs didn’t have those jumps in expired listings like Cary did. And these suburbs have similar access to great parks, greenways and other amenities, but they didn’t see nearly the rate of expired listings as Cary did. See additional data in the graph below.

If you’re thinking of buying or selling a home in Cary, I would expect to still see competing offers on many single family homes. Cary had one of the highest rates of competing offers in the Triangle. But if you’re offering on an attached home, you’ll be less likely to see that competition.

If you’re thinking of buying or selling in another area, feel free to reach out to discuss the data in your area of interest. You can contact me here anytime!

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Triangle Area Town	Expired Listings 2023	Expired Listings 2024	Percent Change
Apex	20	14	-30.00%
Cary	19	42	121.05%
Chapel Hill	14	33	135.71%
Clayton	27	32	18.52%
Durham	67	112	67.16%
Fuquay-Varina	27	28	3.70%
Garner	16	9	-43.75%
Holly Springs	12	11	-8.33%
Knightdale	3	9	200.00%
Morrisville	3	9	200.00%
Raleigh	115	202	75.65%
Wake Forest	25	43	72.00%
Wendell	3	18	500.00%
Zebulon	18	20	11.11%