As we move closer to the final quarter of 2024, the real estate market in Raleigh, Wake County, and the greater TMLS area is showing some interesting trends. Both buyers and sellers are facing a shifting landscape shaped by changes in home values, inventory, and fluctuating mortgage rates. If you’re considering making a move before the year wraps up, here’s what you need to know about the market, as well as some actionable insights for timing your purchase or sale.
The median sales prices across the Triangle are showcasing minor dips as we transition from summer to fall. In June 2024, the median sales price in TMLS sat at $416,150, while Wake County homes held a median price of $502,000. For Raleigh, the median sales price came in at $467,790.
However, by July 2024, we saw the median sales prices decline:
While prices have decreased slightly, this is not a cause for panic. Historically, the summer months are typically more competitive for buyers, and slight cooling off is expected as we head into the final quarter.
What this means for buyers: If you’re in the market to buy, now could be the perfect time to start looking. As prices soften slightly, you may find more negotiating power and less competition, especially in higher price brackets where Raleigh homes priced between $1M-$2M currently have 193 active listings, and homes above $2M have 84 active listings.
Looking at the broader year-over-year trends, the Raleigh market remains robust. Median sales prices in Wake County have risen by 5.5% compared to this time last year, with Raleigh showing a similar 5.5% increase. Interestingly, the average sales price in Raleigh has jumped 9.5%, indicating that while median prices reflect the middle of the market, higher-end homes are selling well, boosting overall averages.
Meanwhile, the months of supply has remained stable at 2.5 months for the TMLS area and Raleigh, indicating a balanced market. However, a longer supply might indicate more choices for buyers and a less intense competition.
What this means for sellers: Sellers still hold an advantageous position in the market, especially in areas like Raleigh, where demand for homes continues to push prices upward. If you’re considering selling, take advantage of the 5.5% year-over-year price increase to maximize your sale price. However, be mindful that as we head into fall, the market will likely continue to cool, so listing sooner rather than later could yield better results.
As of late, mortgage rates have continued to fluctuate, creating a challenging environment for many buyers. Higher rates may limit purchasing power, and the resulting impact on affordability could keep some would-be buyers sidelined.
However, with the decline in median prices and an uptick in active listings in key price brackets, there are still opportunities. Buyers may find greater flexibility in negotiating prices or securing deals on homes priced under $400k, where Raleigh has 404 active listings, and Wake County holds 829 active listings.
What this means for buyers: Pay close attention to interest rates. If you’re planning to buy this year, watch for potential dips in rates, or consider adjustable-rate mortgages (ARMs) that offer lower initial rates. Some buyers may choose to wait and see if rates improve in Q4, but others may act now to lock in prices before any further market shifts.
As we approach the final quarter of 2024, expect the market to continue softening slightly, but don’t anticipate a dramatic downturn. While buyers may benefit from lower competition and more active listings, sellers are still in a strong position due to sustained year-over-year growth.
For both buyers and sellers, Q4 offers a unique opportunity to make strategic moves in the market. Whether you’re looking to buy before prices climb again or sell while the market is still favorable, keeping an eye on local trends and mortgage rates will be essential to making the most of the remainder of the year.
Stay informed and proactive, and you’ll be well-positioned to navigate the dynamic real estate market as 2024 winds down.
Sources:
Data provided by TMLS, Wake County, and Raleigh July 2024 Market Reports.
