The housing market may finally be cooling off after years of inflated prices and ultra-competitive bidding wars, according to the latest monthly report by Triangle MLS.
Although Raleigh, Durham, and Chapel Hill each still face housing shortages, numbers show that the market is gradually becoming friendlier to buyers. While the number of new listings was down in October from a year ago, the number of homes on the market grew by 93 percent, giving buyers substantially more choice. The average number of days from 10 in 2021 to 24 in 2022, giving buyers more time to look around and place bids. Pre-COVID, on average, homes spent more than a month on the market before being sold, which gave buyers hefty negotiating power.
The median sales price is still on the rise (up 8 percent over last year), but many are hoping the increase in housing stock will lead to a slowdown of the massive price increases the Triangle has seen in the past few years.
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