Balance between buyers, sellers in the Triangle housing market starting to level

0
9

WRAL News has reported on the hot housing market in the Triangle for some time.

That meant it was a great time to sell a home, but a new report suggests the tables are starting to turn.

For a while – it was a particularly good time to have a for sale sign in your front yard.

Home sellers benefited from a market with low supply and high demand.

“There has been a shift in the housing market,” said Parker.

A report from brokerage firm Redfin shows – in the fourth quarter of 2022, nearly half of Raleigh home sellers made at least one concession to buyers.

That is up from that same time in 2021, when only around 38% of sellers made a concession.

“Those scales are starting to tip back to a more neutral market. Or a more balanced market where buyers and sellers, on average, are on more of an equal footing,” said Parker.

Concessions sellers are more likely to make include paying for closing costs or repairs and accepting a lower price.

Speaking of price, there is movement there as well.

According to the Triangle Multiple Listing Service – in December, the median price of a home in our region was $395,000, down $5000 from the month before.

“But those were still up year over year,” said Parker.

Nearly 7% higher than December 2021; As we move through the new year, we could see more turns ahead.

“That could change in the Spring market,” said Parker. “Raleigh is still in about the middle of the pack when it comes to who it is better for: buyers or sellers.”

Source