RALEIGH – Even with multiple signs that Wake County’s real estate market may have seen a slowdown in June, the region still saw an increase in the median sale price of residential property, new reports from the Triangle Multiple Listing Service show.

According to data obtained by WRAL TechWire, the median sale price of real estate sold in June 2022 was $493,161 and the average sale price was $563,911 in Wake County.

That’s up from the previous high of $485,000 in May 2022 for median price, though the average sale price in May 2022 was higher than in June 2022 at $567,681, according to the data.

And, compared to June 2021, Wake County has experienced a price appreciation of 22.2%, according to TMLS data.

A slowing of the real estate market is not atypical at this time of year, said Matt Fowler, executive director of Triangle Multiple Listing Service, in an interview with WRAL TechWire this week.

Signs of a slowing market

But while the rate of sales appears to have slowed, marginally, the total number of available listings has increased, Fowler told WRAL TechWire.

Still, said Fowler, the number of listings that are active for the typical homebuyer who is looking to purchase a home within a price range around the median sale price remains very, very low.

Yet, there are signs that the market locally may be slowing, a bit.  That includes an increase in inventory, a measure tracked by TMLS, which has been at historic lows for nearly two and a quarter years following the onset of the COVID-19 pandemic.

And in June, one in every four homes for sale in the Raleigh metropolitan area saw the home seller drop the asking price at least once, according to recent data from Redfin.  That’s more than 20% higher than the prior year, according to the Redfin data, which showed only 5.5% of homes with a price drop in June 2021.

Further, Redin also analyzed the number of homes that fell out of contract, and though Raleigh remains among the top 10 metropolitan areas for the number of deals that are completed upon original contract, there was a month-over-month increase in the number of contracts that fell through in June.

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A pause in the market

While home equity remains high, the region may see a slowdown of price appreciation, said Courtney Brown, a licensed real estate agent with Hunter Rowe, in an interview with WRAL TechWire.

Still, even with a dip in home values, that’s likely to be short-term, and it won’t affect most homeowners, said Brown.

“There are starting to be some deals to be had out there, if you wanted to take advantage of them,” said Brown.

That’s because some homes that came on the market were listed at prices that made sense at the time, at the top of the market for similarly sized homes, said Tony Fink, a licensed real estate agent with Linda Craft & Team REALTORS.

“People are still trying to figure it out, right now,” said Brown.  “There’s always a slowdown right around the 4th of July,” noted Brown, as folks tend to take summer vacations around the holiday and buyer and seller activity slows somewhat.

“And as you get later in July, and you’re hitting against the start of school, following closing, there’s a slowdown, because no one wants to be moving while school is starting,” said Brown.

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Buyers can find deals

And the slowdown itself may be temporary, because potential buyers may re-enter the market as concerns about rising mortgage interest rates are once again percolating given the latest inflation data from the U.S. Bureau of Labor Statistics.

But for now, more listings are coming available on the market, and mortgage rates, though they’ve increased this week, remain below 6%.

And with more sellers dropping prices to induce offers, there are still deals for homebuyers, even while some homes remain very competitive, said Brown.

“If a house is priced right, for the condition of the home, it is still going to sell within four days, possibly with multiple offers,” said Brown.  “If something is on the market, and it’s the first weekend, and it’s priced appropriately, I’m going to advise my clients to come in at list price or over list price.”

But homes that are overpriced for their current condition?  That’s where a deal may be found, said Brown.

Prices are dropping for many homes in Raleigh area; listings are growing, too