The S&P CoreLogic Case-Shiller National Home Price Index rose 3.8% in January 2023 from a year ago. House prices have continued to fall national for the last six months and are now below the June 2022 peak by 3%.
Locally, the median sale price in Triangle MLS* has dropped from $370,000 in January of 2022 to $350,000 in January 2023. That is a 5.7% drop in the last 12 months.
Supply is still low across the country and in North Carolina thanks to the robust demand of home buyers. Buyers are in a better position to negotiate than they have been in the last 4 years although some areas are starting to see multiple offers on listings again here in the Raleigh/Durham area.
In the Triangle MLS* as of Wednesday April 12, 2023, active listings were down 28.4% since January 1, 2023 while pending listings were up by 44.1% in the same time frame.
* Data based on Triangle MLS data for the core 16 counties of the Raleigh, Durham and Chapel Hill Market. Including Chatham, Durham, Franklin, Granville, Halifax, Harnett, Johnston, Lee, Nash, Orange, Person, Vance, Wake, Warren, Wayne and Wilson counties.