Greetings to you, all my folks that are closely watching the Raleigh real estate market to see what in the world is going to happen. Is it a buyer's market? A seller's market? Are rates at 20% yet? Tell me, tell me, tell me! Ok, sit tight. I've got you covered.

Today, let's delve into the intricate details of the housing scene in the vibrant Triangle region, where the real estate market is pulsating with unique dynamics. 

To set the stage, it's essential to acknowledge the broader context of the national housing market, which currently resembles a rollercoaster ride, having recently hit a 13-year low. The confusing interplay between fluctuating interest rates and divergent home prices has created a challenging landscape for prospective homeowners nationwide. 

Fear not, for the Raleigh area stands as a beacon of distinctiveness amid these national fluctuations. It's different here. Always has been. We have too many reasons why our market is a little better insulated. Things like 60 families a day move to the area, a huge tech presence at the Research Triangle Park, awesome universities like NC State, Duke, UNC, Shaw, Meredith, Campbell, NCCU, and so many more. Sorry if I left you out. Because of all of that and I'm sure a whole bunch more...our market is still strong...but still fluctuating. 

The Raleigh housing market is witnessing a boom of new listings with a notable increase of 6.9%, bringing the total to an impressive 3,509. Part of that comes from new home builders getting more homes under way and on the ground. And another part of that is that more sellers that weren't thinking of selling while interest rates were climbing uncontrollably, have now recognized that it could still a great time to sell. Simultaneously, home sales have surged by 11.8%, reaching 2,828. Again, another reflection of confidence or maybe rather a lack of total fear, in the mortgage rate world allowing buyers to start buying again. However, an intriguing twist comes into play – the overall number of homes on the market has decreased by 11.9%, resulting in an inventory of 6,484 units. Low inventory and a growing demand will likely send home prices back up higher again so many buyers that can get qualified for a mortgage now are sensing the urgency to buy before competition increases and therefore prices go so high they may not qualify any longer.

How about those prices? Where are we right now? Let's talk dollars and cents, shall we? The median sales price in Raleigh is a noteworthy $400,000!  This figure, coupled with the fact that homes are selling in approximately 24 days, highlights the robust nature of the seller's market. It's a testament to the continued allure of Raleigh as a real estate hotspot, showcasing its resilience in the face of national trends. Raleigh is awesome. Just sayin. 

In essence, Raleigh maintains its status as a real estate hotspot, demonstrating a unique rhythm that diverges from the national narrative reminiscent of the tumultuous times of 2008. I remember when I first started real estate in September of 2008 and the fear, long days on market, plummeting pricing that was going on all around the country but not as much in Raleigh. It wasn't "as bad." While the national housing market may seem reminiscent of that era's chaos, Raleigh's real estate scene remains relatively stable – crazy, but not THAT crazy. Again, much like it was before. 

Whether you're actively considering a home purchase or merely curious about the intricacies of the housing market, stay tuned for more enlightening data on Raleigh's real estate landscape.  #RaleighRealEstate #HomeSweetHome