Raleigh Housing Market Update: March 2024

Median Price Change & Competing Offers

Median Price

It’s always great to keep in mind that median prices change a lot, especially when looking at small sample sizes. For example, only 14 homes sold in Morrisville this March. The smaller the town, the less significant the information is. Cary, Apex and Durham are large enough towns that those median home price increases should be taken seriously.

Competing Offers

And it’s not surprising with those price increases that we’re seeing a large percentage of competing offers. That’s what we are seeing in our practice as well. It’s a competitive market right now!! Sign up for our newsletter to be kept in the loop.

Triangle Area Town	Median Price	% Change: Year over Year	% Competing Offers
Apex	680,000	21.80%	24.75%
Cary	645,000	17.27%	30.36%
Chapel Hill	735,000	20.87%	32.65%
Clayton	360,000	0.00%	9.60%
Durham	409,322	2.36%	21.79%
Fuquay-Varina	444,455	-1.23%	8.40%
Garner	393,000	3.43%	9.84%
Holly Springs	579,000	-4.69%	28.57%
Knightdale	437,000	10.63%	6.12%
Morrisville	532,000	13.19%	50.00%
Raleigh	433,500	9.75%	18.62%
Wake Forest	539,000	19.91%	12.20%
Wendell	397,500	-0.38%	3.26%
Zebulon	344,500	-1.56%	9.68%

Expired Listings

Expired listings are a key metric in determining the health of the real estate market. And this months data is very interesting. Like the data above, the smaller the number of listings, the less valuable the information is. However, we ARE seeing an increase in expired listings. The highest year for expired listings in March after the 2008 crash was 2009. Raleigh had 229 listings expire without selling in March of that year. About 3x less than this year. And while expired listings all but went away during the Pandemic, these current numbers are looking more similar to 2013 – 2015. This is something to keep an eye on. We will see what happens next month.

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Triangle Area Town	Expired Listings 2023	Expired Listings 2024	Percent Change
Apex	6	10	66.67%
Cary	10	19	90.00%
Chapel Hill	7	8	14.29%
Clayton	17	11	-35.29%
Durham	16	46	187.50%
Fuquay-Varina	8	13	62.50%
Garner	5	9	80.00%
Holly Springs	5	4	-20.00%
Knightdale	1	6	500.00%
Morrisville	3	3	0.00%
Raleigh	40	74	85.00%
Wake Forest	10	12	20.00%
Wendell	5	11	120.00%
Zebulon	16	11	-31.25%