Raleigh, NC housing market

In Raleigh right now, nearly a quarter of homes for sale, about 23 percent, have already cut their asking price. That is the real story this month. Sellers are still aiming high in a market that has cooled, and buyers are making them pay for it in time. Homes are sitting around fifty-six days before going under contract, close to two months of waiting. Part of the problem is the gap between hope and reality. The median list price is about five hundred sixty-five thousand dollars, while the typical home value has slipped to roughly five hundred seven thousand dollars, down about 1.4 percent over the past year. Meanwhile buyers have real options, with around one thousand nine hundred homes on the market and about 734 fresh listings arriving this month. More choice plus more time equals more negotiating power, and the sellers who overprice are the ones cutting later. The takeaway for Raleigh homeowners: price to today's value, not last spring's, and you can still sell without the long sit.