Raleigh Housing Market Update: 2023 Year in Review

2023 was a crazy year for the real estate market. We had the fewest number of listings sold since 2015. And Raleigh has grown by almost half a million people since 2015. People were definitely sitting on the sidelines in 2023, waiting out high interest rates.

Here were our 2023 Market Predictions.

Median Price Change & Competing Offers

In 2023, the median home price in most towns in the Triangle either slightly increased or slightly decreased from the year before. See below. To get data for the area overall, I had to do a little dancing. In 2023, the Triangle MLS added the Longleaf Pines MLS to the Triangle MLS. Longleaf Pines includes the 17 counties surrounding Fayetteville, NC. If I wanted to compare apples to apples, I couldn’t look at all inventory to get a year over year comparison. But when I looked at the largest counties in the Triangle: Wake, Durham, Orange, Chatham, Johnston and Franklin, the median price for those areas had a very slight increase from 2022-2023 of less than 1%, going from 430,000 in 2022 to 433,000 in 2023.

Triangle Area Town	Median Price	% Change: Year over Year	% Competing Offers
Apex	575,000	1.28%	17.62%
Cary	575,000	3.60%	27.15%
Chapel Hill	642,500	6.20%	29.17%
Clayton	370,000	-3.90%	12.07%
Durham	410,000	0.00%	23.49%
Fuquay-Varina	448,683	-2.42%	10.09%
Garner	407,000	0.49%	11.04%
Holly Springs	590,000	0.00%	17.13%
Morrisville	515,000	-0.08%	30.12%
Raleigh	420,000	0.24%	24.08%
Wake Forest	515,000	-4.63%	12.43%
Wendell	400,000	-3.61%	9.16%
Zebulon	349,990	-1.37%	6.33%

Expired Listings

Expired listings are a great metric to give us a general idea of market health. Is it moving more towards buyers (more properties expiring without selling) or is it moving more towards sellers (Fewer properties expiring without selling). Scroll down to the graph below to see the data. My analysis is below the data.

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Triangle Area Town	Expired Listings 2022	Expired Listings 2023	Percent Change
Apex	71	92	29.58%
Cary	138	149	7.97%
Chapel Hill	88	112	27.27%
Clayton	132	165	25.00%
Durham	318	393	23.58%
Fuquay-Varina	101	159	57.43%
Garner	53	86	62.26%
Holly Springs	46	64	39.13%
Morrisville	28	30	7.14%
Raleigh	467	650	39.19%
Wake Forest	83	162	95.18%
Wendell	32	58	81.25%
Zebulon	63	78	23.81%

We had more listings expire without selling in the Triangle in 2023 than in the previous year. Expired listings usually mean that there are more homes for sale than there are people looking to buy homes. And the showing data backs up that idea. In 2020-2022 we had some of the highest showings per listing in history. But showings in 2023 looked a lot more like the pre-Covid era. In Raleigh in 2019, we 765 expired listings, which is higher than 2023. So it appears that the increase in expired listings may just be going back to some kind of less competitive market.