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Raleigh housing market: Everything you need to know

Nestled in the heart of North Carolina, Raleigh offers a unique blend of cultural richness, educational excellence, and technological innovation. Together with Durham and Chapel Hill, it forms the renowned Research Triangle, home to prestigious universities like Duke, NC State, and UNC, along with a thriving high-tech industry. With its mild climate and proximity to stunning beaches and mountains, Raleigh has become an attractive destination for both residents and newcomers.

Affordability and Taxes

One of Raleigh’s most appealing aspects is its affordable cost of living. The absence of state property tax and a relatively low state sales tax rate of 4.75 percent make it an economical choice for homeowners. This financial advantage is a significant draw for those considering a move to this vibrant city.

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Raleigh Housing Market Overview

In recent years, Raleigh’s housing market has experienced a remarkable surge in prices. According to Redfin data, the median sale price in May 2023 reached $415,000, surpassing the national median price of $396,100. This figure represents a substantial increase from just a few years ago, when homes were selling for a median price of $280,000 in May 2020. However, despite the long-term upward trend, there has been a slight dip in prices year-over-year, and homes are taking a bit longer to sell.

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Key Statistics

  • Median sale price in May 2023: $415,000 (2.4% decline YoY)
  • Sale-to-list ratio: 100.4%
  • Median days on market in May: 34 days (12 days longer than last year)
  • Closing costs average around 1.1% of the home’s sale price

Should You Buy or Sell in Raleigh?

For Sellers:

Raleigh is currently a seller’s market, with homes receiving an average of three offers. Remarkably, about 45 percent of homes sold in May went for above the list price. Spring and summer are traditionally the best times to sell, offering an even more favorable environment for sellers. However, it’s crucial to work with a seasoned local real estate agent to accurately gauge your house’s value and set an appropriate price.

For Buyers:

While sellers have the upper hand, the housing market in Raleigh is becoming increasingly favorable to buyers. Home prices have dipped slightly compared to the previous year, and with homes spending a median of 34 days on the market, buyers have more time to make informed decisions. Additionally, more than 22 percent of homes that sold in May dropped their price to achieve a sale. Getting preapproved for a mortgage can give you a competitive edge in negotiations.

Raleigh Housing Market Predictions

Experts predict a stable housing market in Raleigh, with corrections in pricing unlikely to lead to a crash akin to the Great Recession. The city’s wealth of amenities and job opportunities, combined with a rapidly growing population, suggest continued strength in the housing market.

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Conclusion

Whether you’re considering buying or selling a home in Raleigh, it’s essential to navigate the market with knowledge and expertise. Working with an experienced real estate agent can make a significant difference in achieving your goals. With its unique blend of opportunities and lifestyle offerings, Raleigh stands as a compelling choice for those seeking a place to call home.

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