Raleigh Real Estate Market Trends
Whether you are planning to sell a home in Raleigh, North Carolina or purchase a home it pays to stay on top of Raleigh real estate market trends. Understanding where Raleigh home prices are likely heading in the near future can tell you if you are operating in a buyer’s market or a seller’s market. Along with Raleigh home prices, other figures can also provide valuable information. For example, data relating to the amount of inventory currently available as well as the number of days homes stay on the market can tell you a lot about Raleigh real estate market trends.
Starting with Raleigh home prices we see a four percent positive change from this time last year. According to the ZipRealty Housing Trends Report, in October-November of last year the median home price was $197,687. That same time period this year saw a median sales price of $206,000. Home prices alone, however, don’t provide us with the entire story. For that, we have to look at inventory and days on the market as well. During the October-November time period in 2012, total inventory was 11,272 compared to 10,333 for the same time period this year. That reflects an eight percent negative change year over year. Finally, the median number of days on the market for October-November of last year was 82 days. This year, the same time period showed a median number of days on the market of just 66 days, reflecting a 20 percent decrease in the number of days the average home in Raleigh stays on the market before sale.
So what do all these figures tell us about Raleigh real estate market trends? Typically, all three of these indicators move together. When median sales prices start to rise, the inventory of homes available tends to decrease as do the number of days a home stays on the market. If you are a seller, this means that your home is likely to sell faster and for a higher sales price. As a buyer, this means you may have fewer homes from which to choose and you may pay more for your home today than you would have just a year ago.
Whether you are a buyer or a seller, you should work closely with an experienced real estate professional. When the real estate market is in flux, as it has been in recent months , the value of a home can change dramatically in a short period of time. From a seller’s perspective, this means you could lose money by not realizing the current value of your home. As a buyer, this means you could have a difficult time finding what you are looking for without assistance due to the shrinking inventory. A real estate professional has the ability to pull up to the minute “comps”, or comparables, to determine the current value of a home. In addition, a real estate agent has access to the latest listings and information about homes for sale, making a search in a tight market easier for a buyer.