RALEIGH, N.C. (WTVD) — “This time last year it didn’t matter what the house looked like, or where it was located. They were selling significantly over the list price.”
Dean Scolavino feels like he has more power buying now in the Triangle housing market than when he first relocated from New Jersey before the pandemic.
He bought his current home in North Raleigh a year ago.
“Especially a year or two ago, you had houses going for $50,000 over ask (or) $100,000 over ask,” said Scolavino
He’s getting ready to upgrade to a single-family home and says the experience is better overall, even with a 6.5 percent locked-in interest rate.
“Luckily now you have a lot more inventory, more options,” said Scolavino. “I think the strategy is to buy in now why things are a little bit low, accept the high-interest rate and the big payment and then in a few years just refinance and just hope the market comes back around.”
April 2023 data from Rocket Homes shows Raleigh, Durham, Cary and Chapel Hill are still seller’s markets, but homes are sitting longer and many are closing under the asking price.
- 49 percent of Cary homes were sold below the listed price and 40 percent in Raleigh.
- The number of days on the market nearly tripled in the City of Oaks and Cary.
- The data also shows prices are soaring in Cary as a major development project is underway there right now.
After 20 years of planning, a seven-acre urban oasis in the heart of downtown is getting closer to completion.
It’s coming as April numbers show the median home price in Cary is $550,000. That’s up almost $51,000 or 10 percent from last spring.
“If a home is in the right area that’s super desirable, it’s priced right, and it’s ready to go – move-in ready – we’re still seeing multiple offers,” said Realtor Hilary Kennedy. “But this time last year it didn’t matter what the house looked like, where it was located. They were selling significantly over list price with multiple offers.”
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