October Market Update: Raleigh
The month of October is rapidly coming to a close! With all the excitement of Trick-or-Treating and the upcoming Thanksgiving holiday, let’s not forget to pay attention to the changing market. Mark Spain Real Estate has summarized the key trends of the Raleigh October market. Our goal is for you to stay well-informed on current trends!
The Hard Facts:
- The current median list price is currently residing at 385k, up slightly from this time last month
- Inventory has shown a decrease from last month by 6% and currently is at 4,576 units
- A home’s average days on market is currently 41, up 11% from this time last year
What Does This Mean For You?
Sellers, an increased amount of days on market is simply indicative of the time of year. The 4th quarter of the year can show less sales than the 3rd quarter. However, we see many people close on their homes in December as they prepare for the new year. November is still a great time to sell so we can expect a large amount of activity.
Buyers, inventory continues to increase which means you have plenty of options! You’ll continue to have ample time to make a decision on your dream home with the current days on market.
Great economic prospects are on the horizon. 2019 is projected to have a strong finish that will carry into 2020. Overall, the upcoming month of November is a great time to take advantage of the Raleigh real estate market!
Does this October 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.