Since 2020, the housing market in the United States has been growing more competitive and expensive. This statement especially applies to Cary, which has been feeling the effects more than the majority of the rest of the country. However, as interest rates rise, home prices and rent are beginning to flatten and even fall in some spaces.
According to the August Triangle MLS report, the average sales price in Wake county was $546,569. The September report shows the average sales price is $536,503. While this may seem like a slight difference, this is the second time this year that the price did not increase, which could be an early indicator of the real estate market not continuing its dramatic increase.
Redfin, which uses data from MLS as well as public information, shows that 100.3% of homes sold for the listed price (with the number being more than 100% because they sold above the listing price). While this is still impressive, it is 5.6 points lower than last year.
For renters, we can look at some anecdotes from Zillow and observe how the prices have lowered during the past few months.
This beautiful single-family home on Melvin Jackson Dr (in western Cary) was listed for rent at $4,260/month in August. After multiple price changes, the listing is $3,800/month as of October 8th. You can view all of the price changes and the unit itself on the Zillow page here.
This home, located on Rosepine Dr (in the northwest part of Cary), was listed for rent in June at $2,850. It is currently listed at $2,650, notably the same price it was in May 2021. You can view the price changes and the home on its Zillow page here.
If we look at apartments, a similar picture can be painted.
This unit, located near North Cary Park, was listed in June for $3,200. Today, the same unit is listed for $2,795. You can view the listing here.
There are many different factors when determining the price of a home. It is impossible to predict whether this downward trend will continue, but all eyes are on Cary to see how its scorching market will eventually simmer.