As the leaves change colors and the air turns crisp, the real estate market is also experiencing a transformation this October. The world of real estate continues to evolve, shaped by economic shifts, housing trends, and the ongoing impact of a global pandemic. Whether you’re a buyer, seller, or simply someone interested in the dynamic world of real estate, our monthly market update provides valuable insights to help you navigate this ever-changing landscape.

 

In this edition, we’ll explore the latest trends, challenges, and opportunities in the real estate market. From the resilience of certain housing segments to the impact of technology on the buying and selling process, October’s update offers a comprehensive look at what’s happening in the world of real estate. So, let’s dive in and uncover the key factors influencing this month’s real estate market.

 

5 Key Highlights:
  • Months Supply of Inventory decreases in September.
  • New Listings in September show a decrease of -14.6% in Wake County.
  • With interest rates jumping higher, both supply and demand appear to be decreasing.
  • Wake County + the Triangle Region as a whole is showing healthier signs than the national housing market.
  • Jobs coming to RDU. Is RTP set to become the new prominent East Coast tech hub?
Here’s the data for Wake Country and the Triangle Region below. Beneath the data I will dive into it a bit more analysis.
Months supply of inventory refers to the number of months it would take for the current inventory of homes on the market to sell given the current buyer demand and sales pace. It’s one of the best leading indicators for which way prices will head. Historically, six months of supply is associated with moderate price appreciation, and a lower level of supply suggests prices should rise more rapidly. Wake County showing 1.7 months of inventory and the Triangle Region showing 2.1 months of inventory is significantly less than the 3.3 months of inventory we are seeing on a national level.

New listings for the month of September 2023 decreased when compared to September 2022 in Wake County by -14.6%. This is something to keep an eye on with historically low inventory levels. Stay tuned for next months email as we will again analyze and keep you up to date on what to expect.

Interest rates ticked up 0.5% in September which has caused sellers to hold on tight to their low interest rates and made things more challenging for buyers. The big question now is will there be any sort of relief on rates?
Local vs National is one of my favorite things about the Raleigh-Durham area. We are fortunate to be in one of the top housing markets in the country. One of the best values when it comes to real estate.
Especially, when you consider the tech companies moving here: Apple, Microsoft, Advanced Auto Parts, Egnyte, PolicyGenius and more have all announced they will be opening their headquarters or satellite offices in the Raleigh area. These companies will bring high paying jobs further fueling the Research Triangle as a prominent tech hub.
Real Estate is hyperlocal and hyper-situational so please reach out if you have questions or want to chat more about your specific situation.
In conclusion, the October real estate market update reflects a dynamic landscape where opportunities and challenges intersect. As we’ve seen, the housing market remains resilient, adapting to the changing needs of buyers and sellers. Technology is shaping the industry in innovative ways, making the buying and selling process more efficient and accessible.

However, uncertainties still loom, including economic factors and the ongoing influence of global events. It’s crucial for both industry professionals and consumers to stay informed, remain flexible, and approach real estate transactions with a strategic mindset.

As we move further into this October and beyond, staying attuned to market insights and being prepared for various scenarios will be key. The real estate market, like the seasons, is in a constant state of change. By staying informed and making informed decisions, you can confidently navigate the path ahead, whether you’re looking to buy, sell, or invest in the real estate market.

 

 Source: TMLS