Median home price in Raleigh tops $430,000, new Redfin report finds
RALEIGH, N.C. (WTVD) -- The latest Redfin data for Raleigh shows sales were on the upswing in January, climbing to almost same level as this time last year when interest rates were much lower.
High home prices, though, remain a problem.
"I'll probably just end up staying with the townhouse and it is what it is. (I'll just) utilize a park instead of a backyard," said Raleigh resident Jasmine Griggs.
She bought her place in 2013.
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Griggs would love to move into a single-family home with extra square footage and a personal outdoor space, but feels it's cheaper to do some renovations if she wants to stay in her highly desirable North Hills neighborhood.
"Realistically, I would have to pay twice or three times as much to get a slightly bigger house or one extra bedroom. So I'll probably stay put in the house I have now for quite some time," Griggs said.
The Redfin report highlights that the median home price in the City of Oaks is now around $438,000.
This is coming as Freddie Mac reports that mortgage rates are creeping up for the second consecutive week.
Erica Sizemore, a broker and the Director of Luxury at Keller Williams Raleigh, said the affordability factor is swaying some buyers and they can be hesitant.
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"We're seeing that folks are reconsidering their budget. They look at that first, but what we find is that instead of just buying more -- which we were able to do when it cost less -- we're buying what we could have been buying already in the same sense of valuation," said Sizemore. "Now we're back to what that money was really worth."
The spring housing market is on the horizon. Sizemore expects it will be robust, meaning houses are going to spend fewer days on market and the prices could tick up slightly but not make staggering jumps.
