Triangle housing market 'getting back to normal,' ahead of spring

RALEIGH, N.C. (WTVD) -- In the nine years that Melissa Geiseman has lived in Raleigh, she's seen people come and go in her neighborhood off Lead Mine Road, sometimes for double the price.

"I couldn't believe that the houses in our neighborhood are selling for what they're selling for at this point," Geiseman said.

New data from Rocket Mortgage shows the median home price in Raleigh is $400,809, which is a 12% increase since last year.

While experts say the home buying frenzy has calmed down, homes are still in demand.

"It really does depend on the location, and the condition of the house unique specifically to that home," Mark Parker of Coldwell Banker Howard Perry and Walston said. "The homes that are priced right, that show spectacularly well, those are the ones that we're seeing multiple offers and over asking price and high due diligence money."

Realtor Adam Grossman said it's still more of a seller's market, but for homeowners like Geiseman, it's not enticing enough to move.

"It's nice for us because we have a lot of equity in our house, but I don't know where we would go with the equity because we couldn't afford to buy," Geiseman said. "It's a good problem to have but at the same time, it makes me sad for first-time homebuyers."

Grossman said buyers are concerned about the interest rates and inflation that have had an effect on real estate.

"There's a lot of gray area right now," Grossman said. "The lower-price-point stuff is typically more competitive. When you start to get above that average home price of 450 (thousand dollars) or so, you don't see as much demand."

However, the housing market is still relatively healthy, according to Grossman.

"It's definitely steady," Grossman said. "You still have people moving to the area for jobs, so they're always going to want to be close to those jobs."