“We’re so used to comparing it to the last 18 or 24 months that we’ve lost some perception in really what a healthy market is,” he said. Here in the Triangle, we’ve become accustomed to soaring home prices and soaring home values, said Kogok. “The housing market was going 100 miles per hour and now it’s down to 80,” said Fairweather in the report. The chief economist at national real estate brokerage Redfin, Daryl Fairweather likened the real estate market to a change of speed on a highway in a report issued earlier this month that sought to explain why some local markets might see a softening of sales or a dip in median or average home sale prices. “We were running at 1,000 degrees for quite some time, and now I think we’re running at 800 degrees, so we’re still super on fire,” he said.Įxperts say in comparison to how the market has been growing in the past couple years, the Triangle’s real estate market is still fairly healthy and only shows signs of improving. Kogok has been working in the Triangle real estate market since 2002. “We’re still seeing multiple offers on a good number of properties, and the real dilemma that we’re in is we don’t have enough supply,” said Jason Kogok, co-owner of Coldwell Banker HPW/Luxury Movers Real Estate, told WRAL News this week. Local real estate agents say that’s likely not going to happen, and definitely not going to happen in the Raleigh-Durham area.
Raleigh, Charlotte homes among most ‘overvalued’ in U.S., report finds
That’s down from the median sale price of $426,000 across all transactions in the county that closed during April 2022. Still, homes averaged just four days on the market in May 2022, compared to six days on market in May 2021, when the median sale price in Wake County was $389,900.Īnd in Durham County, the median sale price in May 2022 was $424,250, according to the TMLS report. The median sale price in Wake County during May 2022 was $485,000-the same median sale price observed in the market during April 2022.
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