The real estate market in Raleigh is currently in a state of flux. After years of rapid appreciation, home prices have begun to cool in recent months. The median sale price in June 2023 was $425,000, down 2.3% from the previous year. This is still a significant price tag, but it is a welcome relief for buyers who have been priced out of the market in recent years.

There are a few factors that are contributing to the cooling of the Raleigh housing market. First, interest rates have been rising, which makes it more expensive to borrow money to buy a home. Second, the supply of homes for sale has increased slightly, giving buyers more options. And third, some buyers are simply waiting to see what happens with the economy before they make a major purchase.

Despite the recent cooling, the Raleigh housing market is still considered to be a seller’s market. Homes are still selling quickly, and sellers are often getting multiple offers. However, the market is starting to become more balanced, and buyers are starting to have more negotiating power.

What does the future hold for the Raleigh housing market? It is difficult to say for sure, but most experts believe that the market will continue to cool in the coming months. However, they also believe that the market will remain strong, and that home prices will continue to appreciate.

If you are thinking about buying a home in Raleigh, now is a good time to start your search. The market is still competitive, but there are more options available than there were a few months ago. And with interest rates rising, it is likely that home prices will start to appreciate again soon.

Here are some tips for buying a home in Raleigh:

• Start your search early. The best homes tend to sell quickly, so it is important to be prepared.
• Get pre-approved for a mortgage. This will show sellers that you are a serious buyer.
• Be prepared to act quickly. When you find a home that you love, be ready to make an offer.
• Be realistic about your budget. The Raleigh housing market is still expensive, so it is important to set realistic expectations.

Buying a home in Raleigh can be a daunting task, but it is also an exciting one. With careful planning and preparation, you can find the perfect home for you and your family. RDURealtorNC can help you in your home search. Please feel free to contact us for a free non-obligation consultation in buying home or relocating to Triangle Area.