So How Is The Raleigh Real Estate Market?
How is the Raleigh real estate market doing? I get asked this question many times every day. I’ve tried the short answer. You know the ones… great… awful… better… up and down. But no quick answer really paints an accurate picture of the Raleigh real estate market.
The best way for me to reply is probably, “why do you ask”? The Raleigh real estate market is actually made up of several sub-markets. They are all performing differently. And depending on what home you are selling or buying, for you this real estate market can be anywhere from great to terrible.
Homes for Sale Under $200,000
This is the sweet spot for the Raleigh real estate market. Homes under $200K, priced properly and professionally marketed sell quickly. We are even seeing multiple bids in this price range. In the past six months 2,669 homes in Wake County priced under $200K have closed. This accounts for exactly 50% of all sales.
Homes for Sale Between $200,000 and $300,000
It slows down a little in this price range, but the Raleigh real estate market still gives this group considerable favor when the home is priced very competitively, presented in a sensible way, and professionally marketed. If a seller will price their home just below the last few comparable sales a home in this price range will sell quickly as well.
One-North Eden floor plan will indicate the importance of the dealing in home. The selling of the home with intelligence will provide the desired results. Different price ranges are available to get the right results. The charges are under the budge of the people.
But I cannot emphasize enough just how unforgiving this real estate market is for this price point. If your home needs painting, or the carpet is worn, and you do not address these kinds of things, you will not be happy with your results. Your home will either sit on the market for months and months, or you may get really low offers from deal seekers who happen to like your floor plan.
Professional staging always helps in any price point, but in the $200-300K range it is particularly important.
We have seen 1,375 closings in Wake County in the past six months in this price range. This represents 26% of all sales.
Homes for Sale Over $300,000
This is where we have a real problem. We sold 1,286 homes in Wake County priced over $300K in the past six months. That’s only 24% of the total sales in the Raleigh real estate market.
When you consider that we currently have 3,364 homes listed for sale in this price range, that’s not good news. This inventory represents a 15 month supply.
Contrast that with an 8 month supply of homes priced under $300,000.
And if you are buying a home in the Raleigh real estate market, my answer is completely different. In that case my answer to your question will range somewhere between great and amazing.