In the past two years, the entire country has been seeing unprecedented growth in the housing market. Home prices were dramatically increasing, rent was skyrocketing, and houses were not staying on the market for more than 3-4 weeks.
Today, while rent and homes are certainly still much more expensive than they were in 2019, we are starting to come down from the abnormal peak that we experienced. Median home prices are still increasing in Cary, but homes in Cary are spending an average of 15 days more on the market, a 46.9% decrease in homes sold above the listing price, and homes in Cary experienced a nearly 20% increase in the number of price drops.
Here are a few examples from Zillow showing homes for sale that have recently lowered prices inside of Cary.
- 312 Howland Ave, Cary, NC 27513 (click to view Zillow listing)
Price when listed in July: $500,000
Today’s price: $460,000
This home is about one mile from downtown and includes .47 acres of land. It has a spacious finished basement that the listing mentioned would be perfect for an in-law suite and a large wrap-around porch.
This home was listed for $500,000 on July 22nd, 2022. This price was later decreased to $485,000 in August and is now listed at $460,000.
2. 801 Churton Pl, Cary, NC 27518 (click to view Zillow listing)
Price when listed in November: $575,000
Today’s price: $559,000
This 3 bed 3 bath is part of a duplex off Regency Forest Dr, near the Koka Booth Amphitheatre. It’s in a lovely neighborhood where many homes have been recently built (this particular one was built in 2021). The unit was sold in 2021 for $449,000, and again for $454,900 just a few months later. It was listed about a year and a half afterward at $575,000, but it was recently lowered to $559,000.
3. 214 Sonoma Valley Dr, Cary, NC 27518 (click to view Zillow listing)
Price when listed in December 2022: $765,000
Today’s price: $743,000
This home is over 3000 square feet and is located in the southern part of Cary. It has five bedrooms and lots of room for activities. The listing price has decreased by $22,000 in the last month, though it still is at the higher end of the housing market.
While these are all anecdotal examples, the data shows the beginning of a shift in the housing market in the area. Home prices are still increasing in general, but they are taking longer to sell, and fewer are getting offers above the listing price.