Welcome to the October 2024 SW Raleigh real estate market update!
Real estate market conditions are shifting in Morrisville, Cary, Apex, Holly Springs, and Fuquay-Varina. This October, these areas have seen steady growth in the months of supply, giving buyers more choices and a bit of breathing room compared to earlier this year.
In Morrisville, Cary, and Apex, months of supply increased from 0.9 in April to 1.7 by September. List-to-sales price ratio has decreased from 102% in April to 99.2%, indicating buyers may have more negotiation power. Currently, 54% of homes are selling below list price, 27% at list price, and 19% over list price.
Similarly, Holly Springs and Fuquay-Varina are experiencing an increase in supply, from 1.5 months in April to 2.2 months in September. The list-to-sales price ratio has also dipped to 99.4%. In this area, 57% of homes are selling under list price, 27% at list price, and 16% over list price.
Days on market have also shifted, reflecting a cooling trend. Morrisville, Cary, and Apex homes are now taking an average of 13 days to sell, up from 4 days in April, while Holly Springs and Fuquay-Varina homes are averaging 18 days on market.
Overall, while list prices have softened, year-over-year values remain steady. For buyers, this fall season offers less competition; for sellers, active buyers tend to be more motivated, creating a balanced market.
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