The Cary Home Report is a weekly column that checks in on Cary’s real estate market. A new report is published each Sunday.
What changed this week
- Mortgage rates dipped again: the 30-year fixed averaged 6.56% on August 28, the lowest in ten months. While the decrease is welcome, payments remain elevated compared with 2020–2022 levels.
- Contracts are wobbling: a record 15% of U.S. home-purchase agreements fell through in July, which can translate into more back-on-market listings and leverage points for active buyers.
- Inventory is higher than a year ago: nationally, active listings were up 24.8% year over year in July, and the Raleigh metro was among the fastest risers at +45.4%. More choices generally temper bidding pressure, and we have been consistently seeing homes sell at or below asking.
- Pace is easing nationally: Redfin’s July read shows a small 0.1% month-over-month dip in a national price index and the slowest summer selling pace in years, which aligns with longer local days on market.
Takeaways for Cary
- Buyers: slightly lower rates plus higher inventory can open room for credits, repairs, and rate-buydown concessions. Watch for back-on-market listings created by canceled contracts.
- Sellers: pricing close to market and strong week-one presentation still matter. With fewer above-list closings than last year, accurate pricing and clean condition are outperforming wishful list prices.
On the market this week
Moving forward, The Cary Home Report will begin showing active listings instead of recently sold homes.
103 Bonnell Ct, Cary, NC 27511
Listed for $360,000. 3 bed, 3 bath, 1,435 sq ft single-family home in central Cary. Good entry-level option near established amenities.
302 Caraway Ln, Cary, NC 27519
Listed for $684,999. 4 bed, 3 bath, 2,558 sq ft single-family home with a saltwater pool and a noted $10,000 seller concession in the remarks. Mid-range pick with outdoor appeal.
1990 Cameron Pond Dr, Cary, NC 27519
Listed for $1,215,000. 5 bed, 4 bath, 4,085 sq ft in Cameron Pond. High-end home with community amenities and strong school access.
About Article Author
