May Market Update: Raleigh
The month of May is coming to a close! We’ve seen warmer weather, longer days and the beginning of the summer market. While we’re excited for the arrival of June, let’s not forget about the changes seen in May! We’ve summarized the key trends of Raleigh’s May real estate market to ensure you can make well-informed decisions and stay in the know.
- The median sold price of homes in Raleigh is up 5.7% from last year’s may market and currently resides in the $257,000 range.
- Available homes have increased by .7% from this time last month.
- Days on market have decreased by 5.3% from last month and currently average around 46 days. ( A Mark Spain listing averages around 37 days on market)
What does this mean for you?
Buyers, don’t let fewer days on the market scare you! Interest rates are down, so there’s been a natural increase of demand. Your dream home is out there and will be available for you. Don’t miss out! It’s a great time to begin accruing equity.
Sellers, the increase of inventory indicates we are continuing into a balanced and normal market. People are still looking to buy, it’s best to list now and start the process before the lull of late summer strikes!
As summer settles in, the most activity will be seen in June, July, and August. The best time to get into the real estate market is now before the natural dip in the 4th quarter. Whether you’re buying or selling, you can be settled by the new school year and spend the holidays in your new home!
Whatever chapter of life you find yourself in, be it needing to sell or buy for the first or tenth time, make sure you are represented by a professional, full-time agent with years of closing experience under their belt!
Thinking about moving? Navigating the market can be difficult, and you do not want to do it alone. Contact us today to get a head start!