Some Raleigh sellers lowering price to meet housing market: 'Challenging'

RALEIGH, N.C. (WTVD) -- Will Alphin lives in a modern build not far from the Village District. The home is three floors and is filled with floor-to-ceiling windows. There's a sleek outdoor space perfect for entertaining.

He's been trying to sell it for months, and after little movement, Alphin is getting ready to come down in price to meet Raleigh buyers where they are.

"It's been challenging," said Alphin. "The market has just sort of settled down, kind of getting a little chillier, so we haven't seen as much activity as we were hoping to see."

Paul Corsa of Cambridge & Associates Real Estate Group said there's more negotiating room than a few years ago for buyers, and this past January, the average home in Raleigh sold for 5% below the original list price.

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The latest MLS data shows that in Raleigh, homes are sitting on the market longer. The average for January was 46 days, which is longer than the same period last year, and in 2024 it was 32 days.

MLS also finds that Wake County inventory has increased, and the latest data from Zillow shows the average Raleigh home is valued at nearly $425,000, nearly a 3% drop from this time last year.

"We had the weakest fourth quarter in almost 10 years," said Erica Sizemore with Keller Williams.

The spring housing market is around the corner, and ABC11 was told that new construction is helping buyers with deals.

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"There are some opportunities with builders' incentives ... that's going to help your buyers come back in, but they're also going to be met with competition with the market moving up in spring. So it's going to be a mixed bag," said Sizemore.

Alphin developed his property and moved into the space to save money while he waits to see whether the price adjustment works.

"We're hoping that that will help move the needle," he said. "It's a lesson in why small developments don't happen as often because it's so cost-prohibitive."