Raleigh Housing Market Cools, Sellers Cut Prices

0:00From the Daily News Now Network, this is Corey with Derm News Today. Raleigh's housing market is cooling off with sellers cutting prices on many listings. A downtown condo recently dropped $25,000 to $490,000. Nearby, a 2168 square foot home with an extra 500 square foot unit came down $12,300 to $835,000. The median sale price across all homes hit $395,000 in January down 1.2% from last year. Sales plunge 15.3% over the same period. Mortgage rates are easing while incomes climb and new builds flood in, pushing the market toward balance. Experts say spring buying remains slow despite these shifts. Local agents point to late-genuary ice storms that froze showings and deals. Buyers now hold stronger cards, especially with builders dangling perks like 4.99% rates on quick move homes.

1:01Others toss in up to $100,000 off upgrades and $10,000 for closing. These incentive squeeze resale sellers to match. Homes price right and in top shape still fly off the market, with 28% gone and 10 days or less. Inventory is climbing and days on market stretch longer overall. Some neighborhoods cool faster, like Central Raleigh down 13% to $440,000 or downtown off 16.6%. Percent. North Hills bucks the trend, up 10.8% to $925,000. Million dollar spots still spark abidding wars when properties shine. D&N is sponsored by our partner. Your favorite podcasts, music or sleep sounds coming from your pillow. No earbuds, no distractions, just listen and relax. S-O-L-L-I, soleypillow.com