'We've seen a little bit of a cool off': More sellers are cutting prices on Triangle homes for sale

Anyone who has recently searched the list of homes for sale in the Triangle may have noticed price drops.

However, the figures are higher than the $400,438 median sales price in September 2021 and $402,978 median sales price in August 2021.

“We’ve seen a little bit of a cool off,” said Luxury Movers co-owner Jason Kogok.

Kogok said he’s noticed price drops.

“Some sellers were still trying to get maybe last May prices, so we’re seeing some price drops because they’re starting to realize the market has shifted a little bit,” he said.

In May, 11.9% of listings on Zillow saw a price cut. The figure jumped to 35.5% in September.

Zillow shows the average price cut last month was 2.7%.

“We still don’t have a lot of supply, so while you do see those price adjustments, we’re not seeing it in a grand scale,” Kogok said.

However, Triangle MLS’ report shows the entire Triangle region had 1.8 months of supply in September 2022 compared to 0.9 the year before.

“The expectation of selling at 5% and 10% over list price has shifted,” said realtor Ida Terbert of Coldwell Banker’s Ida Terbert Group.

Terbert has sold homes in Raleigh for 35 years. She said prices are more realistic today than six months to a year ago.

“It’s not going to be, ‘Oh, I want to try this number,’” Terbert said. “It just doesn’t work like that anymore.”

There's less competition since rising interest rates have forced some house hunters out of the market.

“I’m happy for the buyers,” Terbert said. “Buyers now can put an offer in and they’re not competing with so many other offers.”

Alyssa Upchurch is waiting for a buyer to make an offer on a Raleigh home she and her husband flipped as an investment property.

“It’s not going to sell for what it sold for six months ago,” Upchurch said

They've already dropped the price by $10,000, something she never would have dreamed of doing when they bought it.

“I do believe we’re not going be in that fairytale anymore,” Upchurch said. “As you see, everything’s changing.”

The realtors WRAL News spoke with said anyone looking to sell should make sure their home is in tiptop shape because buyers can be pickier right now.