Raleigh Market Update – August 2020
As the fall season starts, let’s not forget to pay attention to the changing Raleigh market! Take a look at our Raleigh market update for the month of August to understand residential real estate activity in your area. Mark Spain Real Estate has summarized the key real estate trends of the Raleigh market so you can stay well-informed!
To learn more real estate market trends, tips, and information, visit our blog!
The Hard Facts – Raleigh Market Update
- Number of active listings was down 52% from one year earlier, and down 21% from the previous month
- Compared to last year, the average number of days homes spent on the market was down 18% at 36 days
- The median sales price in August was at $328,000
- The number of units sold increased 4% year over year, and decreased 12% month over month
What does this mean for you?
Buyers, the decrease in active inventory listings in the Raleigh market means you have a smaller selection to choose from that before. However, the decrease in the number of units sold is a plus for buyers. Fewer sales could indicate an opportunity for buyers to negotiate better terms! In addition, the higher number of units sold year over year indicates that more buyers have been finding what they are looking for.
Sellers, the decrease in the number of active listings means that there is less competition in the market. The average number of days home spent on the market decreased from 44 days last year to 36 days this August. The decrease in days on market signals a positive trend in the local inventory turnover rate! Sellers are able to sell their home faster than before. The number of homes sold decreasing month over month is simply indicative of the unprecedented time we are going through. The August market trends indicate that we are in a seller’s market right now!
Mark Spain Real Estate is here to help you make smart and informed real estate decisions. Navigating the real estate market can be difficult, and you don’t want to do it alone. Mark Spain Real Estate gets you maximum exposure to Raleigh coupled with an unparalleled level of customer experience. Our team knows the Raleigh market well, and your experience is our top priority. Take advantage of the seller’s market now and get your home sold FAST! Contact us today to get a head start.