"Raleigh, NC, celebrated for its bustling tech industry and Southern charm, witnessed exciting shifts in its housing market during December. The city's enduring allure drew in both residents and investors, while the latest data spotlighted changes that beckoned potential buyers to seize the moment. In December, Raleigh experienced a remarkable increase in active listings, with a 25.5% year-over-year surge to 1,577 homes on the market."
"Remarkably, despite the boost in inventory, Raleigh's median listing price decreased by 9.3% year-over-year to $447,500, aligning with the trend of more price reductions. This decrease was notably more pronounced than the slight 0.6% drop seen nationally. With 14.5% of listings experiencing price reductions, up by 2.3 percentage points from the previous year, buyers found themselves in a position to negotiate and capitalize on the evolving market conditions."
Active listings rose 25.5% year-over-year to 1,577 homes, outpacing national growth of 12.1%. Newly listed homes increased 16.7% year-over-year while national new listings slightly declined. Median listing price fell 9.3% year-over-year to $447,500, a steeper drop than the national 0.6% decline. Price reductions affected 14.5% of listings, up 2.3 percentage points from the previous year. Median days on market increased 6.3% to 72 days, slightly below the national median of 73 days, which rose 5.0%. Increased inventory, price declines, and longer market times improved buyer negotiating leverage and heightened seller competition.
Read at SFGATE
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