housing market

Opportunity could be knocking for buyers going into spring housing market

ByElaina Athans WTVD logo

Monday, March 13, 2023

There could be 'opportunity' for buyers in spring housing market

Raleigh and Durham, are both still seller's markets, but some things are easing up, a Rocket Homes report shows.

There's going to be a big shift for buyers looking to purchase a home this spring.

Keller Williams Raleigh Broker and Director of Luxury Erica Sizemore says people will see a shift in price and terms.

"They're going to have some more opportunity than they had in recent years," said Sizemore. "With sellers having longer days on the market than we've been accustomed to in recent few years, getting a little antsy and we're finding as some of the buyers jump in, they're able to get more attractive terms."

Folks looking in a lower price point, though, are struggling.

"It feels like I probably have to move further out of town than I want," said Raleigh resident Ben Delgado.

He's been searching in the City of Oaks for himself and his dog Pope.

"It's been relatively difficult. I think i had probably the best year professionally last year and still, it feels out of reach for me."

A recent report from Rocket Homes shows Raleigh, as well as Durham, are both still seller's markets, but some things are easing up.

Prices remain high. The median home price in the City of Oaks is coming in at a bit more than $400,000, which is a 12.3 percent increase since last year ago. The median home price in the Bull City is lower at $395,000.

Inventory is up in both cities. There's an 8.4 percent increase in Raleigh and 10 percent in Durham.

Fifty-seven percent of the homes in Raleigh were sold under the asking price.

That's a big change from 2022 when a real estate investment firm found almost 75 percent of homes were sold above the listing price.

Sizemore says buying remains hard for first-timers.

"I think the interest rate situation is hurting the entry-level buyers more than it has the at the upper levels, and what we're also seeing is home buyers that are waiting to come in and see if they're going to get a deal are often met with multiple offers on the backend," she said.

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