August Market Update: Raleigh
The month of August is coming to its end! The summer real estate market has ended, a new school year has started and cooler weather is approaching. As we head into September, let’s not forget to recap August! We have provided an update of the Raleigh market for the August real estate market. Knowing these trends can ensure you can make well-informed decisions and stay in the know this fall!
The Hard Facts
- The current median price sold for a home is up 4.8% from this time last year, jumping from $270k to $282k
- The supply of available homes is down by 3.7% from this time last year, with inventory decreasing from 13,619 to 13,119
- A home’s average days on market has increased from this time last month and is currently residing at 48 days
What Does This Mean For You?
Sellers, median sold prices are up! This is a great time to sell and capitalize on your maximum return on investment. According to ATTOM Data Solutions, average profit margins for homeowners is up. Although there is an increase in the days on market, it’s nothing to be concerned over. This is simply a natural result of the market slowing as families begin to prioritize new school schedules.
Buyers, inventory is down across the Raleigh market for several reasons. Raleigh is continuing to experience new construction challenges, regulatory measures, as well as zoning and government fees. Despite that, this season has seen mortgage rates fall to the lowest they’ve been in nearly three years, it’s an excellent time to buy a home and secure a low mortgage. The increase in days on market means you have plenty of time to start your search and snag your dream home!
Does this market update have you 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.
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