Raleigh Market Update – September 2020
With fall in full swing and winter quickly approaching, let’s not forget to pay attention to the changing Raleigh market! Take a look at our Raleigh market update for the month of September 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!
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The Hard Facts – Raleigh Market Update
- Number of active listings was down 55% from one year earlier, and down 16% from the previous month
- Compared to last year, the average number of days homes spent on the market was down 31% at 33 days
- The median sales price in September was at $322,000
- The number of units sold increased 20% year over year, and decreased 4% month over month
What does this mean for you?
Buyers, this smaller number of active listings may signals that those who waited to buy may have had a smaller selection to choose from. The increase in the number of units sold is a plus for buyers. Higher year over year figures indicates more buyer were able to find what they were looking for compared to the previous year.
Sellers, the decrease in the number of active listings year over year means that there is less competition in the market. The average number of days home spent on the market decreased from 48 days last year to 33 days this September. This lower number of days 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.
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 real estate market now and get your home sold FAST! Contact us today to get a head start.