Raleigh Housing Market Update: September 2023

All real estate markets are LOCAL. This means that even within a small geographic area like the Triangle, there isn’t just ONE real estate market. There is a market for every price point, in every town, and they’re all different!

Here were our 2023 Market Predictions.

Median Price Change & Competing Offers

Median prices can frequently increase and decrease by month. If we see multiple months in a row with a consistent increase or decrease, that can tell us the market is shifting. The percent of competing offers is the strongest indicator of market competitiveness. Sign up for our newsletter to be kept in the loop.

Scroll past the chart to see my take on the numbers.

Triangle Area Town	Median Price	% Change: Year over Year	% Competing Offers
Apex	577,500	2.85	19.77
Cary	601,250	11.16	27.46
Chapel Hill	577,500	1.32	31.08
Clayton	365,000	-5.26	12.47
Durham	410,000	0.0	24.49
Fuquay-Varina	435,728	-8.27	10.34
Garner	428,160	5.72	11.63
Holly Springs	647,000	9.66	17.64
Morrisville	470,000	-12.11	28.29
Raleigh	415,000	2.61	23.84
Wake Forest	517,000	2.53	13.23
Wendell	400,000	.63	9.28
Zebulon	338,900	-3.43	6.74

Expired Listings

Keep in mind that when you see a negative percent in the expired listings table, that means the market has LESS inventory and more competition in the market. A positive percent means there are more properties listed that expire without selling. (See my notes for comments specific to this month’s data.)

Triangle Area Town	Expired Listings 2022	Expired Listings 2023	Percent Change
Apex	5	4	-20%
Cary	25	3	-88%
Chapel Hill	6	4	-33%
Clayton	13	9	-30%
Durham	26	23	-11.5%
Fuquay-Varina	4	20	+400%
Garner	7	8	+14%
Holly Springs	6	3	-50%
Morrisville	2	4	+100%
Raleigh	39	29	-25%
Wake Forest	11	4	-64%
Wendell	3	3	no change
Zebulon	1	4	+400%

My thoughts on the numbers. . .

Median Prices and Competing Offers

Morrisville – I don’t believe the decrease in median sale price is indicative of a decrease in value. Morrisville is a very small area compared to the rest of these towns. The number of closed sales is always much smaller, and in this case not statistically significant. There were only 21 homes that sold in Morrisville in September.

Zebulon & Fuquay-Varina – These two towns have 50% of their housing inventory that is new construction. In changing markets like we have, builders will tailor their builds to the current market. Because interest rates are so high, buyers are more interested in less expensive homes. So builders are building smaller, cheaper homes. The size has decreased as well as the price. We also see a significant impact on expired listings due to the high rate of new construction….

Expired Listings

In most cases, expired listings in 2023 have been much lower than in 2022. In those cases where there is an increase, two things are happening. 1) the real numbers are so low that they aren’t statistically significant. If we had 1 expired listing last year and 2 this year, it’s still just one more expired listing… even though it’s a 100% growth. And 2) there is a large percentage of new construction. Almost all of the new construction expired listings, had not actually been built. They were listings for properties that *could* be built, but because demand dropped, the builders never built them. This is how builders keep the ratio of inventory to buyers in alignment, preventing market crashes.

View homes for sale in each Triangle Town, City, or County HERE.

Just Listed Homes in the Triangle