July Market Update: Raleigh
July is coming to a close! We are seeing the end of the summer real estate market approaching, with a new school year starting soon and the fall season just around the corner. As we head into the month of August, let’s not forget to recap the month of July! We have summarized the key trends of the Raleigh July real estate market for you. Knowing these trends can ensure you can make well-informed decisions and stay in the know this summer!
The Hard Facts
- The current median sold price for a home is up 3.6% from this time last year, with a jump from $275K to $284K
- The supply of available homes is down by 3.6% from this time last year, a decrease from 14,029 to 13,540 homes
- A home’s average days on market is down by 1.7% from last month, going from 46 to 45 days
What Does This Mean For You?
Sellers, median sold prices are up! In addition, the average profit margins for homeowners who sold in the second quarter have increased by nearly 34%. This is an increase from 31% in the first quarter, according to ATTOM Data Solutions. Home owners wanting to sell, this is great news for you in terms of equity and owner accumulation! There is also strong buyer demand which accounts for the lower days on market from last month, and since school starts soon, we’re experiencing one last push for listings and sales. There’s plenty of time left to sell before school starts back, so make the move and start the season fresh in your new home.
Buyers, supply is down across the Carolinas for several reasons. Raleigh is going through many changes such as new construction challenges, regulatory measures, cost of materials, as well as land costs, zoning, and government fees. With homeowners staying put for longer periods of time, not to mention the influx of new residents searching for places to live, this is the time for buyers to wait to purchase their dream home until the fall real estate market is here. The autumn transition is coming soon, so get ready!
Thinking about moving? Navigating the real estate market can be difficult, and you don’t want to do it alone. At Mark Spain Real Estate, we are here to help! Contact us today to get a head start.