Mar 21

End of Year Report: Raleigh, NC Metro New Construction Median Sale Price Per Square Foot (Jan-Nov 2023)

End of Year Report: Raleigh, NC Metro New Construction Median Sale Price Per Square Foot (Jan-Nov 2023)

Raleigh, NC Real Estate Market Analysis 2023

Introduction:
The Raleigh, NC real estate market experienced fluctuations in median sale prices per square foot for newly constructed houses throughout 2023. This report aims to provide a comprehensive analysis of the trends and fluctuations in the market, highlighting highs and lows, quarterly averages, annual averages, and predictions for the market in 2024.

Analysis and Trends:
The data collected from Zillow for the period January to November 2023 reveals fluctuations in the median sale price per square foot for newly built homes in Raleigh, NC:

Month Median Sale Price Per SF (US$)
January 199.57
February 191.99
March 193.53
April 200.25
May 199.08
June 200.70
July 203.56
August 200.35
September 205.01
October 204.36
November 204.27

Trends and Relationships:

  • The median sale price per square foot saw fluctuations throughout the year, with a general upward trend.
  • The highest median sale price was observed in September at $205.01 per square foot, while the lowest was in February at $191.99 per square foot.
  • Despite fluctuations, there is a clear overall trend of increasing median sale prices over the year.

Monthly Percentage Changes:
To better understand the monthly fluctuations, let’s calculate the percentage changes between consecutive months:

Month Percentage Change (%)
January –
February -3.81
March 0.79
April 3.46
May -0.59
June 0.81
July 1.43
August -1.57
September 2.33
October -0.27
November -0.04

Annual and Quarterly Averages:

  • The annual average median sale price per square foot for 2023 is $200.53.
  • Quarterly averages:
    • Q1: $195.36
    • Q2: $200.01
    • Q3: $202.64
    • Q4 (until November): $204.03

Closing and Ending Figures:

  • The closing median sale price per square foot in November 2023 is $204.27.
  • The ending median sale price per square foot in November 2023 is $204.27.

Conclusion and Market Advice:
Based on the analysis of the Raleigh, NC real estate market for 2023, it can be concluded that the market experienced overall growth in median sale prices per square foot for newly constructed homes. Despite some fluctuations, the market showed resilience and maintained an upward trend throughout the year.

For clients considering buying or selling a new home in Raleigh, NC in 2023, it would have been a good time to enter the market, as the overall trend suggests increasing property values. However, clients should also be mindful of the fluctuations and conduct thorough market research before making decisions.

Market Prediction for 2024:
Looking ahead to 2024, it is anticipated that the Raleigh, NC real estate market will continue to show signs of growth. With a strong economy and increasing demand for housing in the area, median sale prices per square foot are expected to continue their upward trajectory. However, it is essential for buyers and sellers to stay informed about market dynamics and seek professional advice to make well-informed decisions in the dynamic real estate landscape of Raleigh, NC.

In conclusion, the real estate market in Raleigh, NC remains robust, offering opportunities for both buyers and

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