Raleigh Real Home Prices on the Rise!
The Raleigh real estate market has gone through some significant changes recently, and fortunately for home sellers, Raleigh home prices have gone up during the past year. Whether you plan to purchase or sell a home in Raleigh in the near future it is a good idea that you understand the market climate.
When evaluating the real estate market you typically want to look at three important benchmarks to get an idea of how the market is performing. By comparing the median sales price, inventory, and the number of days the average home stays on the market from last year to this year, it is possible to predict how the market will perform in the near future. Looking at the Raleigh real estate market using those three benchmarks it appears as though the market is trending toward a seller’s market.
According to ZipRealty's Housing Trends Report:
· Median sales price – the median sales price for a home in February of 2013 was $186,500. By February of 2014 that figure had increased to $203,000, a nine percent increase.
· Inventory – the number of homes available at any given time is a good indicator of the overall market. When more homes are available it tends to push prices down. Conversely, when there is a shortage of homes available Raleigh home prices should theoretically go up. In February of 2013 there were 10,036 homes available compared to just 9,448 homes available in February of 2014, reflecting a six percent decrease.
· Days on the market – as a general rule, the longer a home stays on the market the less it ultimately sells for. Therefore, when the average “days on the market” goes up it typically indicates a buyer’s market. When the average number of “days on the market” begins to go down it usually forecasts an impending seller’s market. Year over year, the average “days on the market” has changed from 44 to 33 in Raleigh, marking a significant 25 percent decrease.
Taking all of the data into account it seems that the Raleigh real estate market is moving towards favoring the seller. If you are planning to purchase a home in the near future this means that now is might be a good time to do so before Raleigh home prices climb even higher during the peak season. If selling your home has been a consideration in recent years it may be time to speak to a real estate professional. By working with an experienced real estate agent you can be certain that you will list your home at the optimum time, thereby ensuring that you receive top dollar for your home.