The Raleigh Rob Report
Raleigh Market Update Report For First Quarter Of 2023
By Rob Campbell | Principal & Assoc. Broker
The real estate market in Raleigh, North Carolina continues to thrive. The city has experienced significant growth over the past several years, attracting businesses, young professionals, and families alike. In this Raleigh market update as we embark into the second quarter of 2023 and the “Spring Market”, we are noticing that the overall market in the greater Raleigh area continues to stay healthy. Inventory remains low and compared to the fourth quarter of 2022 the number of total homes sold was 1,406 homes which was 24% less. Home prices remain steady with slightly increasing by 2.5% compared to the previous quarter. There has been a bump in days on market increasing to 34 Days compared to 21 Days on average from last quarter.
Despite the market slowing down you would think this market will shift to a buyer’s market. Not so fast…Buyers are still out there, but taking their time and when the right property comes along (recently renovated) they will move on it, and in some cases making multiple offers, even though rates hoover above the 6% mark. My consensus is that the remaining buyers, including the move up and/or empty nesters (critical for inventory), are waiting for rates to drop below the 6% before they make the move to list their homes and find that replacement.
Despite the market slowing down you would think this market will shift to a buyer’s market. Not so fast…
Raleigh is the home to many tech companies, healthcare providers, and other industries that are thriving. As we move into the spring, we should continue to see an influx of young professionals and families relocating here from other parts of the US, who are seeking a high quality of life, great schools, and job opportunities.
The luxury market ($1 Million – $2 Million) is leveling off with an average day(s) on market inching up to 26 days an increase of +117% YoY, with a Avg. Price Per Sq Foot at $341 up +7.6% YoY, and Avg. Sales Price of $1,349,400 up +0.5% YoY plus new listings hitting the market in Q1 at 132 up +7.3% also month(s) supply increasing to 3.4 double than it was year ago, tells me more luxury homes coming to market giving buyers more options while prices remain consistent.
STAT QUARTER | Q4 | Q1 | % CHANGE YOY |
Average Sales Price | $516,307 | $507,373 | +2.5% |
Month(s) Of Supply | 1.70 | 1.20 | +200% |
Days On Market (DOM) | 21 | 34 | +209% |
Price Per SQ FT (PPSF) | $235 | $232 | -2% |
No. Of New Listings | 1,499 | 1,748 | +16.8% |
1st Qtr. results – ALL HOMES (COMBINED) – Raleigh NC | Source via Infosparks as of March 30, 2023
DID YOU KNOW...
Raleigh Ranks in the Top 5 best places to Live per Bank rate.
Bankrate’s best place to live in North Carolina is also one of the best places to live in the entire country. As one of the three corners of the state’s famed Research Triangle, Raleigh has made a name for itself as an East Coast center of innovation, and there are plans for a billion-dollar Apple campus coming soon. Even if you aren’t chasing career ambitions in the tech or research sector, this state capital is equally appealing due to a mild year-round climate, a blossoming foodie scene and plenty of opportunities to cheer for the hometown NC State Wolfpack. |  |
If you’re thinking about making a move in Raleigh, North Carolina; Contact Us today and we’ll help SELL. BUY. DESIGN™ or schedule a 20-Minute call with us!
About The Author
Rob began his career in real estate more than 20 years ago. Having sold over $150M in real estate and facilitating hundreds of successful transactions, he has an extensive network of local business contacts, including upscale clientele, that continues to grow. Upon relocating to Raleigh he continues to work alongside his wife as the co-founder of LINEN + ORCHID interior design studio, bringing their unique full service real estate centric brand to life with their SELL.BUY.DESIGN™ focus.
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