Raleigh’s red-hot housing market is ultimately cooling off. Homes are now selling for about 2% below list price, with properties sitting on the market for up to 42 days. The shift comes from increased inventory, reduced bidding wars, and a market correction that’s giving buyers more control. Even hot spots like Cary and Apex are feeling the chill. While national prices climb 4.8%, some Raleigh areas saw listing prices drop 7.8%. There’s more to this market’s transformation than meets the eye.

Eventually, some good news for Raleigh home buyers. Homes are now selling for about 2% below list price, and sellers can’t get away with those sky-high demands anymore. The market’s finally cooling off, and buyers are grabbing back some control. Yeah, you read that right – the tables are turning.

The numbers tell the story. With median home prices hovering around $400,000 and the average value at $440,127, Raleigh’s still not exactly giving properties away. But here’s the kicker: values dropped 0.4% year-over-year. Not exactly a crash, but hey, any dip is better than another spike, right? The increased competition is largely due to strong migration from DC and NY. Thanks to Zillow’s monthly tracking, we can see these value changes in real time across the region.

Home prices in Raleigh remain strong at $400,000 median, but a slight 0.4% value drop signals a shift from the seller’s paradise.

The real game-changer? Inventory. There are more homes on the market now, and they’re sitting there longer – anywhere from 20 to 42 days. Remember when houses would vanish in hours? Those days are gone. Sellers are actually having to negotiate now. Imagine that. Many sellers are opting for cash buyers to avoid the extended market exposure and uncertainty.

The Triangle area’s seeing some interesting shifts. Sure, hotspots like Cary and Apex are still moving properties faster than a caffeinated real estate agent, but even they’re feeling the cool-down. Each neighborhood’s got its own story, though. Some are holding steady, others are dipping their toes in buyer-friendly waters.

Let’s put this in perspective: nationally, median home prices jumped 4.8% to $396,900. Raleigh’s still running above that, but the local market’s showing signs of fatigue. The median listing price dropped 7.8% year-over-year in some areas. Not too shabby for buyers who’ve been waiting on the sidelines.

The bottom line? Raleigh’s real estate market isn’t exactly having a fire sale, but it’s definitely cooled off. Buyers have options now. They can actually think about a purchase instead of making split-second decisions.

And sellers? Well, they’re learning that the days of naming any price and watching the bidding war explode are over. Welcome to the new normal, folks.