A MarketWatch article on the national housing inventory crunch featured the trends in the Raleigh market as part of its report.
The piece analyzed more than five years of monthly housing inventory and data. MarketWatch found that Raleigh was one of three metro areas in the country that has seen a drop in housing listings of 70% or more. The other two markets that had seen similar dropoffs are El Paso, Texas and Las Vegas, Nevada.
According to the article, in March 2017 there were 5,020 home listed for sale in Wake County. Five years later that number dropped to 1,407 homes listed. That was the second biggest inventory plunge any US metro area experienced in that time span.
Matt Fowler, Executive Director of the Triangle MLS, says those numbers can be misleading. "There are more houses selling in the Triangle than at almost any time in history. While the number of listings appears low, the system is actually processing a near record number of transactions," responded Fowler.
Triangle MLS data from April 2022 shows that 3,753 sales closed in that month. That was the second-highest total in April for monthly sales in the past 20 years. In 2021, the total sales in April were 4,035.
RRAR Executive Assistant and Facilities Manager Samantha Soss shared her recent experience as a first-time home buyer with MarketWatch. "You don't even realize just how fast-paced and frustrating buying a house can be until you're actually in it," Soss said.
You can read the entire MarketWatch article here.