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February Sales Numbers Tell Intriguing Story

Be the first to know about the latest home sales in Wake County/Raleigh area! February's numbers are in, and they have a lot to say. Here are the key takeaways:

1. The number of MLS residential sales was up by 3 from a year ago, with a total of 1,109 sales in 2024 compared to 1,106 sales in 2023.

2. The average sales price for all MLS residential sales is up by 4.2%, with prices at $533,851.00 in 2024 compared to $512,336.00 in 2023.

3. Existing detached single-family homes (not condos or new builds) saw a year-over-year price increase of 12.12%, with prices at $576,232.00 in 2024 compared to $513,529.00 in 2023. See Graphic.

4. Attached existing homes (condos, townhomes) saw flat to down 1.3% year-over-year prices, with prices at $368,222.00 in 2024 compared to $373.636.00 in 2023.

5. Wake County's inventory is tighter than a year ago, with 23% fewer homes on the market in February and only 4% fewer showings.

All of these items point to a low-key 2022 situation. While we may not see the same lunacy in regard to price increases as we did in 2022, we will see its little brother. Waiting for rates to drop 1% or 1.5% is going to cost you 15% in sales price. Be smarter and don't rely solely on macro numbers from the media.

And for some exclusive information, the average list price of existing detached single-family homes not closed but under contract in Wake County right now is $629,000.00, with only 18 of those pending transactions under $500,000.00. Stay ahead of the game.

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