February Market Update: Raleigh
The month of February is reaching its end! As spring approaches, let’s not forget to pay attention to the changing Raleigh market! Mark Spain Real Estate has summarized the key real estate trends of the February Raleigh market so you can stay well-informed!
The Hard Facts
- Active inventory listings are down by 10% from the previous month
- A home’s average days on market is down by 1% compared to last year
- The number of units sold has increased 18% year over year
- The median sale price of a home is $298K, an increase from last year’s sale price of $279K
What Does This Mean For You?
The decrease in active inventory listings in the Raleigh market means that buyers who waited to buy, may have had a smaller selection to choose from. This smaller level of inventory makes for greater competition between buyers to find their perfect home. However, the increase in number of units sold could indicate that buyers have been easily finding exactly what they are looking for in a home!
Sellers, the lower number of days on market may signal a slight positive trend in the local inventory turn over rate. This may indicate that you will be able to sell your home faster than the previous year. In addition, the increase in the median sale price means that you may be able to get a better offer on your home than in previous months!
Does the February Raleigh market update have you thinking about moving? Navigating the real estate market can be difficult, and you don’t want to do it alone. With Mark Spain Real Estate, you’ll get maximum exposure to your Raleigh home. Our team knows this city and surrounding neighborhoods and your experience is our top priority. Contact us today to get a head start.