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August Thoughts, Wake County, NC Market

Updated: Sep 24, 2023

August was a crazy month for a lot of reasons, but the biggest has to be that we are seeing a huge spread in listing performance. There were a very large number of price drops, but also had 466 homes, or 30% of the homes sold, sell for at least $1,000.00 over ask. What is crazier than that? The median over asking price for these 466 homes was over $11,000 a piece.

Average sales price increased from August of 2022 by $21,000.00 to $568,900.00.

Showings per listing was up from last year to 7.7 showings per listing in August.

Average Cumulative Days on Market was up to 16 for sold listings. This number is a little deceiving as it does not take into consideration unsold listings or expired/canceled/withdrawn listings.

Unit sales were down, as more closed transactions are reported over the next week. I anticipate total closings in the 1470-1500 range down from 1800 in August of 2022. This decrease is due to lack of inventory as there is still only a 1.4 month supply of homes on the market county wide.

Months Supply by City/Town

Cary 1 mos

Raleigh 1.4 mos

Apex .8 mos

Holly Springs 1.3 mos

Garner 1.2 mos

Fuquay Varina 2.2 mos

Wendell 3.1 mos

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