The real estate market is slightly cooling across the country, but data shows that Raleigh’s housing market is holding steady and quite desirable among buyers. WRAL data journalist Ali Ingersoll reports.
CHARLOTTE. LOVE TO SAY AT THIS TIME OF YEAR. THANK YOU, CHRIS. >> A LOT OF PEOPLE ARE MOVING THE RALEIGH TODAY, EVEN AS HOUSING PRICES SOARED, INVENTORY REMAINS LOW. >> THERE ARE SIGNS THE MARKET IS SLOWING DOWN. BUT AS ALI INGERSOLL REPORTS, WE ARE BETTER POSITION THAN OTHER COMPARABLE CITIES >> THE REAL ESTATE MARKET IS STARTING TO COOL A LITTLE BIT. BUT DATA SHOWING THAT RALEIGH IS HOLDING STEADY MEANING THAT WILL KEEP SEEING A LOT OF SIGNS LIKE THIS. >> RALEIGH OVERALL IS, YOU KNOW, STILL DOING TOWN. THAT’S TAYLOR MARR WITH REDFIN. HE SAYS ECONOMIC FACTORS LIKE HIGHER MORTGAGE RATES ARE CAUSING THE HOT REAL ESTATE MARKET TO COOL REDFIN RANKED 90 METRO AREA SCENE WHICH ARE SLOWING DOWN THE FASTEST WHILE THERE ARE SOME METROPOLITAN REGIONS THAT HAVE BEEN HIGHLY REACTIVE TO RISING INTEREST RATES CAUSING A SIGNIFICANT COOL DOWN IN THE INDICATORS TRACKED BY REDFIN. >> RALEIGH IS NOT AMONG THEM. RANKING 42ND. >> OTHER MARKETS AND MORE RESILIENT IN THE MIDWEST. FOR EXAMPLE. BUT RALEIGH’S PRETTY MUCH RIGHT IN THE MIDDLE. >> RALEIGH’S HOUSING MARKET IS SHOWING SIGNS THAT BUYERS MIGHT BE BETTER POSITIONED THAN THEY WERE JUST A FEW MONTHS AGO AS MORE HOMES BECOME AVAILABLE AND THE NUMBER OF SELLERS DROPPING THEIR ASKING PRICE IS INCREASING. COMPARING OUR AREA TO OTHER MARKETS LIKE AUSTIN AND CHARLOTTE. RALEIGH HAS HAD A HIGHER PERCENTAGE OF ACTIVE LIST TEENS WITH THE RECENT PRICE DROPS OF ALL THE MARKETS. WE LOOKED AT DURHAM AS THE AREA WHERE THERE HAVE BEEN THE FEWEST HOMES, LOWERING THEIR PRICES. AND DURHAM IS ALSO MOST LIKELY TO SEE A HOME GO UNDER CONTRACT WITHIN 2 WEEKS OF BEING LISTED FOR SALE. ANOTHER BENEFIT CONSTRUCTION CONTINUES AS THE TRIANGLE REMAINS A DESIRABLE PLACE FOR MANY TO MOVE. THAT’S PARTLY PROBABLY WHY RALEIGH IS A BIT MORE RESILIENT, NOT COOLING DOWN AS MUCH THOSE OTHER PLACES. >> AND ALSO LOOKING AHEAD HAS A STRONGER OUTLOOK TO BE A BIT MORE STABLE. A BIT MORE RESILIENT THAN SOME OF THE OTHER ROOM >> MIGRATION FOR THE PANDEMIC AND WHY THE MARKET HAS SLOWED DOWN JUST A BIT. THE MEDIAN HOME PRICE CONTINUES. INCREASING THE AVERAGE HOME IN RALEIGH NOW SELLING FOR JUST UNDER HALF A MILLION DOLLARS
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